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Bill of 20 April 2017 on insolvency legislation: Codification with some additions
12 May 2017
In an effort to further streamline Belgium’s economic legislation, Minister of Justice Koen Geens introduced a new insolvency proceedings Bill on 20 April 2017. The bill is expected to pass through parliament before the beginning of summer recess and seeks to incorporate the Bankruptcy Law and the Law on the Continuity of Enterprises (LCE) in the Belgian Economic Code.
However, the proposed Bill is not limited to codification, as some of its provisions introduce significant changes to existing legislation. Aside from a chapter dedicated to implementing the provisions of the Insolvency Regulation of 20 May 2015, the major substantive changes include an expansion of the insolvency proceedings’ scope, the introduction of electronic procedures, a shift towards out-of-court settlements for pre-insolvency procedures, the facilitation of a second chance for the bankrupt entrepreneur and the introduction of a ‘silent’ bankruptcy.