{"id":71118,"date":"2018-08-20T12:05:12","date_gmt":"2018-08-20T10:05:12","guid":{"rendered":"https:\/\/tcm.be\/the-new-reformed-bankruptcy-law\/"},"modified":"2025-11-26T19:57:44","modified_gmt":"2025-11-26T18:57:44","slug":"the-new-reformed-bankruptcy-law","status":"publish","type":"post","link":"https:\/\/tcm.be\/en\/the-new-reformed-bankruptcy-law\/","title":{"rendered":"The new reformed bankruptcy law"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"406\" src=\"\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1.jpg\" alt=\"new bankruptcy law belgium\" class=\"wp-image-13808\" title=\"\" srcset=\"https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1.jpg 799w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-768x390.jpg 768w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-480x244.jpg 480w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-640x325.jpg 640w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-720x366.jpg 720w\" sizes=\"auto, (max-width: 799px) 100vw, 799px\" \/><\/figure>\n<\/div>\n\n\n<p>The<strong>law of August 11<\/strong>, 2017 introduces some innovations in<strong><a href=\"https:\/\/tcm.be\/en\/bankruptcy\/\">bankruptcy<\/a>law<\/strong>with the dual objective of better protecting third parties from failing companies and allowing those in temporary difficulty to recover better. What are the main changes that this law, which came into force on<strong>1 May 2018<\/strong>, will make to the procedure as we know it? \u00a0 \u00a0 \u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Extension of the scope of the bankruptcy<\/h2>\n\n\n\n<p>Previously reserved for merchants or commercial companies, the<strong>new law<\/strong>now makes it possible to pursue bankruptcy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>Any<strong>natural person pursuing a professional activity as a self-employed person<\/strong>, including the independent professions;<\/li>\n\n\n<li>All<strong>legal persons<\/strong>excluding those under public law (specified in the law) and financial sector institutions (which are not covered by a judicial reorganization procedure);<\/li>\n\n\n<li>Any<strong>organization without legal personality distributing<\/strong>, de jure or de facto, benefits to its members or to its de jure or de facto officers (ex.: Union).<\/li>\n\n<\/ul>\n\n\n\n<p>This<strong>reform<\/strong>makes it possible to introduce non-profit associations, liberal professions and the self-employed, and de facto associations in order to correspond to the new economic reality of our society.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Deletion replaces excusability<\/h2>\n\n\n\n<p>From now on, if the<strong>bankrupt<\/strong>has not committed a serious and gross fault, he can benefit from &#8220;erasure&#8221;: he will be released from his liabilities and held to be rehabilitated. Whereas before the<strong>bankrupt&#8217;s excusability<\/strong>made it possible to suspend the execution of his debts without erasing them, the new law completely erases them. This innovation is supported by a &#8220;second chance&#8221; objective granted to the<strong>bankrupt<\/strong>that will allow him to rebound more quickly. However, this objective misses its target because the new text contains many possible remedies against erasure which would have much more serious consequences, in the case of a refusal on the part of the judge, than under the system of excusability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Out-of-court settlements<\/h2>\n\n\n\n<p>The new text favors this type of agreement between the parties and will even allow the judge to formalize this agreement later within a judgment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The establishment of a new tribunal<\/h2>\n\n\n\n<p>As of<strong>1 November 2018<\/strong>, the<strong>Commercial Court<\/strong>will be replaced by the &#8220;<strong>Company Court<\/strong>&#8221; in<strong>bankruptcy<\/strong>proceedings. This novelty does not come from the law of 11 August 2017, but from the Law of April 15, 2018 reforming company law. We wanted to point that out in this article.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The active estate of the bankruptcy<\/h2>\n\n\n\n<p>The law now provides that assets acquired during bankruptcy are no longer part of the estate. This includes, for example, donations received or income from work performed after the opening of bankruptcy. This law also announced the entry into force of the<strong>Central Solvency Register<\/strong>(<a href=\"https:\/\/tcm.be\/en\/regsol-the-digital-bankruptcy-platform\/\">RegSol<\/a>). This platform now provides creditors with a clearer view of their current files and facilitates the filing of claims.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"799\" height=\"406\" src=\"\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1.jpg\" alt=\"new bankruptcy law belgium\" class=\"wp-image-13808\" title=\"\" srcset=\"https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1.jpg 799w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-768x390.jpg 768w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-480x244.jpg 480w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-640x325.jpg 640w, https:\/\/tcm.be\/wp-content\/uploads\/TCM-bankruptcy-law-belgium-1-720x366.jpg 720w\" sizes=\"auto, (max-width: 799px) 100vw, 799px\" \/><\/figure>\n<\/div>\n\n\n<p>The<strong>law of August 11<\/strong>, 2017 introduces some innovations in<strong><a href=\"https:\/\/tcm.be\/en\/bankruptcy\/\">bankruptcy<\/a>law<\/strong>with the dual objective of better protecting third parties from failing companies and allowing those in temporary difficulty to recover better. What are the main changes that this law, which came into force on<strong>1 May 2018<\/strong>, will make to the procedure as we know it? \u00a0 \u00a0 \u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Extension of the scope of the bankruptcy<\/h2>\n\n\n\n<p>Previously reserved for merchants or commercial companies, the<strong>new law<\/strong>now makes it possible to pursue bankruptcy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n<li>Any<strong>natural person pursuing a professional activity as a self-employed person<\/strong>, including the independent professions;<\/li>\n\n\n<li>All<strong>legal persons<\/strong>excluding those under public law (specified in the law) and financial sector institutions (which are not covered by a judicial reorganization procedure);<\/li>\n\n\n<li>Any<strong>organization without legal personality distributing<\/strong>, de jure or de facto, benefits to its members or to its de jure or de facto officers (ex.: Union).<\/li>\n\n<\/ul>\n\n\n\n<p>This<strong>reform<\/strong>makes it possible to introduce non-profit associations, liberal professions and the self-employed, and de facto associations in order to correspond to the new economic reality of our society.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Deletion replaces excusability<\/h2>\n\n\n\n<p>From now on, if the<strong>bankrupt<\/strong>has not committed a serious and gross fault, he can benefit from &#8220;erasure&#8221;: he will be released from his liabilities and held to be rehabilitated. Whereas before the<strong>bankrupt&#8217;s excusability<\/strong>made it possible to suspend the execution of his debts without erasing them, the new law completely erases them. This innovation is supported by a &#8220;second chance&#8221; objective granted to the<strong>bankrupt<\/strong>that will allow him to rebound more quickly. However, this objective misses its target because the new text contains many possible remedies against erasure which would have much more serious consequences, in the case of a refusal on the part of the judge, than under the system of excusability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Out-of-court settlements<\/h2>\n\n\n\n<p>The new text favors this type of agreement between the parties and will even allow the judge to formalize this agreement later within a judgment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The establishment of a new tribunal<\/h2>\n\n\n\n<p>As of<strong>1 November 2018<\/strong>, the<strong>Commercial Court<\/strong>will be replaced by the &#8220;<strong>Company Court<\/strong>&#8221; in<strong>bankruptcy<\/strong>proceedings. This novelty does not come from the law of 11 August 2017, but from the Law of April 15, 2018 reforming company law. We wanted to point that out in this article.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The active estate of the bankruptcy<\/h2>\n\n\n\n<p>The law now provides that assets acquired during bankruptcy are no longer part of the estate. This includes, for example, donations received or income from work performed after the opening of bankruptcy. This law also announced the entry into force of the<strong>Central Solvency Register<\/strong>(<a href=\"https:\/\/tcm.be\/en\/regsol-the-digital-bankruptcy-platform\/\">RegSol<\/a>). This platform now provides creditors with a clearer view of their current files and facilitates the filing of claims.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Thelaw of August 11, 2017 introduces some innovations inbankruptcylawwith the dual objective of better protecting third parties from failing companies and allowing those in temporary difficulty to recover better. What are the main changes that this law, which came into force on1 May 2018, will make to the procedure as we know it? \u00a0 \u00a0 [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":["post-71118","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/comments?post=71118"}],"version-history":[{"count":1,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71118\/revisions"}],"predecessor-version":[{"id":72185,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/posts\/71118\/revisions\/72185"}],"wp:attachment":[{"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/media?parent=71118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/categories?post=71118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tcm.be\/en\/wp-json\/wp\/v2\/tags?post=71118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}