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Temporary changes to book XX Code of Economic Law extended (once again) pending the transposition of the Restructuring Directive

Insolvency & Restructuring

The Law of 21 March 2021 amending book XX of the Code of Economic Law introduced a number of temporary measures for the benefit of firms in difficulty. You can read these measures in our newsletter of 22 March 2021.[1]

16 June 2022


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The measures were originally set to expire on 30 June 2021, yet were extended a first time until 16 July 2022.  This was also the ultimate deadline for the Belgian legislator to implement the European Restructuring Directive (read more about this in this newsletter)[2]. However, Belgium will not meet this deadline. It appears that a number of controversial issues prevent a (timely) agreement on final texts.

 

When the Restructuring Directive will be transposed is not yet clear. The Council of Ministers on 3 June 2022 did approve a draft Royal Decree by which said measures are extended once again (this time until  31 December 2022) to offer a safety net, pending the transposition, to firms in difficulty. As can reasonably be expected, a number of these ‘temporary’ measures will also be maintained in a more definitive form afterwards.   



[1] https://schoups.be/nl/news_items/wat-betekent-de-europese-herstructureringsrichtlijn-voor-het-belgische-wer


[2] https://schoups.be/nl/news_items/wijzigingen-aan-boek-xx-wer-wetgever-zet-nog-meer-in-op-continuiteit

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