Author: Arie Van Hoe

Aan de vooravond van de inwerkingtreding van het Wetboek van vennootschappen en verenigingen is het Koninklijk besluit van 29 april 2019 tot uitvoering van het Wetboek van vennootschappen en verenigingen gepubliceerd in het Belgisch Staatsblad. De hervorming van het vennootschaps- en verenigingsrecht is hiermee definitief afgerond.  Continue reading “Koninklijk besluit van 29 april 2019 tot uitvoering van het Wetboek van vennootschappen en verenigingen”

Artikel 32 WVV bepaalt dat de Koning de verwijzingen in wetten en koninklijke besluiten naar bepalingen die in het WVV werden opgenomen, kan aanpassen, met behulp van de bijgevoegde concordantietabel. De concordantietabel in kwestie werd ten gevolge van een vergetelheid niet in de wet van 23 maart 2019 ingevoegd. Continue reading “Concordantietabel W.Venn. – WVV”

Today, the European Parliament approved the  directive on business insolvency and restructuring procedures.

The insolvency framework covers three main measures:

• preventative restructuring framework: that allows companies in financial difficulty to negotiate a restructuring plan with creditors, while maintaining their activity and preserving jobs
• second chance for honest insolvent or over-indebted entrepreneurs, through full debt discharge after a maximum period of 3 years, with safeguards against abuse
• targeted measures for member states to increase efficiency of insolvency, restructuring and discharge procedures, in particular expedient treatment of procedures

The final text also includes guarantees that workers’ rights, such as collective bargaining and industrial action, right to information and consultation, will not be affected by restructuring procedures.

Requirements on the duties of the company director in insolvency proceedings were also introduced. They include regard to the interest of creditors, other stakeholders and equity holders, taking steps to avoid insolvency and avoiding deliberate or grossly negligent conduct that threatens the viability of the business.

In the final hours before the vote on the Preventive Restructuring Framework, the debate continues in full force. Two blog posts have been posted, urging the legislators to carefully reflect upon the proposed text.

The first post is written by prof. dr. M. Brinkmann (“Die relative Vorrangregel aus Art. 11 (1) (c) der Insolvenzrichtlinie: nicht nur untauglich, sondern brandgefährlich!”) and can be consulted here.

The second post (“Puzzling priorities: harmonisation of European Preventive Restructuring Frameworks”) is written by Anne Mennens and can be consulted here.

Who says insolvency law cannot be thrilling?

Oxford University Press recently published a book on pre-insolvency proceedings (aptly entitled) “Pre-Insolvency Proceedings, A Normative Foundation and Framework”. It is authored by Nicolaes Tollenaar and includes a foreword from Justice Richard Snowden.

The book develops a normative foundation for pre-insolvency proceedings and provides a framework outlining what an ideal pre-insolvency procedure might look like. It discusses the key economic and legal principles underlying restructuring proceedings, the system of voting in classes, the appropriate criteria for cram down and valuation. It further offers a comparative analysis of UK schemes and the Chapter 11 plan procedure with a view to drawing on the lessons learned from each.

The book is an updated translation of the (Dutch) PhD of the author (previously presented on this blog) and is available at:  https://global.oup.com/academic/product/pre-insolvency-proceedings-9780198799924?cc=nl&lang=en&

Yesterday, a political agreement was reached by the European Parliament and EU Member States on a set of European rules on business insolvency. The text must now be formally adopted by the European Parliament and the Council of the EU. Following final adoption, the Directive will be published in the EU’s Official Journal and enter into force 20 days later. Continue reading “Agreement on a new approach to business insolvency in Europe”

The Conference of European Restructuring and Insolvency Law (CERIL) published its report on cross-border restructuring and insolvency post-Brexit today. In its report, CERIL highlights the relationship between the EU and the UK after Brexit in the area of restructuring and insolvency law and seeks to formulate a position on the nature and content of a possible future instrument governing that relationship. The report can be found here.

De gevolgen van een faillissement voor lopende overeenkomsten geven aanleiding tot een veelheid van boeiende praktische en theoretische vragen. Om deze vragen te beantwoorden was tot voor kort geen standaardwerk beschikbaar. Dit standaardwerk is er nu wel, in de vorm van de publicatie van het proefschrift van dr. Florence George.  À ne pas rater.