Next Generation Partners

Insolvency and restructuring in Belgium

Allen & Overy LLP

Allen & Overy LLP is strong across the full range of insolvency and restructuring matters, acting for both distressed companies and national and international creditors, including major global banks. The team is jointly led by Thales Mertens, an accomplished litigator with a focus on bankruptcies and contentious insolvencies, and Filip Tanghe, the managing partner of the Antwerp office and banking and finance practice head. Senior associates Bart De Bock and Matthias Purnal are recommended, with Purnal adept in debt restructuring and financing matters and De Bock renowned for his experience in contentious cases.

Practice head(s):

Thales Mertens; Filip Tanghe

Other key lawyers:

Matthias Purnal; Bart De Bock

Key clients

BNP Paribas Fortis







DLA Piper

Under the leadership of ‘brilliant lawyerIlse Van de Mierop, DLA Piper‘s finance, projects and restructuring team covers a wide range of insolvency and restructuring work. Joris De Vos focuses on contentious work, with particular expertise in acting for shareholders. Charlotte Sas was promoted to senior lead lawyer in 2022, and is especially well regarded in judicial reorganisations. Associate Charles Dumont De Chassart is also noted, with a broad practice covering collective debt restructuring and distressed business purchases. Client include both debtors and lenders, and the team regularly handles complex cross-border matters.

Practice head(s):

Ilse Van de Mierop

Other key lawyers:

Joris De Vos; Charlotte Sas; Charles Dumont de Chassart; Jan De Buel


‘The team provides high-quality legal answers and practical solutions. A perfect combination of pragmatism and knowledge of the law.’

‘Ilse Van de Mierop is a brilliant lawyer. At her side is Charlotte Sas, an excellent lawyer who goes the extra mile for clients – a rising insolvency star.’

‘Strong partner and senior lead lawyer duo who know each other, the market, and their practice through and through.’

‘Charlotte Sas clearly stands out as at the top of her field and game. She is very mindful of clients’ needs and knows how to cater to them. She is very enjoyable to work with, responsive and to the point.’

‘Ilse Van de Mierop and Charlotte Sas: outstanding teamwork and knowledge.’

Key clients


Getronics Belgium NV


GLAS Trust Corporation Limited

UGI International LLC

Patronale Life

Sabena (in bankruptcy)

FPIM-International NV/SA

Your Estate Solution (in bankruptcy)

RES Prepaid

Van Kelegom Group

Sign & Facade NV

BS Concept BV

The Centre for the Development of Enterprise (CDE)

CASA International

Ansi Nv

Experience! SA

KBC Asset Management

Work highlights

  • Acted for BASF’s management and legal team in relation to the forced shutdown of the EuroChem plant in Antwerp, in the context of the imposition of European sanctions against Russia.
  • Acting on the judicial reorganisation of Getronics Belgium NV, including in relation to an appeal by the trustees to the Belgian Supreme Court.
  • Assisted a significant Belgian banking group with regard to the bankruptcy of a major company active in the energy sector.


Debtors, creditors, foreign bankruptcy administrators, and investors instruct NautaDutilh on the full range of in and out-of-court insolvency and restructuring matters. The team works closely with its counterparts in the Netherlands and Luxembourg, and is jointly led by Sophie Jacmain and Stan Brijs. ‘Very experienced‘ in contentious work, Jacmain has advised the Belgian government on insolvency code reform and the implementation of the EU restructuring directive. Brijs, meanwhile, is ‘a highly knowledgeable and skilled negotiator‘, with expertise in national and cross-border disputes.

Practice head(s):

Sophie Jacmain; Stan Brijs


‘The best team available on the Belgian market. Strong knowledge of the market and players, high capacity for litigation, and a high level of technicality.’

‘NautaDutilh’s litigation team has a hands-on, business oriented and solution focused approach.’

‘Sophie Jacmain is definitely a market leader in this field. Smart, a very good technician, and keeps very good contact with clients.’

‘Stan Brijs is a highly knowledgeable and skilled negotiator.’

‘Sophie Jacmain is very experienced and approachable.’

Key clients


AOT Energy Belgium

Connectis (part of Getronics)

Liberty Liège-Dudelange

Pimkie Belgium

YSI Capital

Work highlights

  • Assisting Liberty Liège-Dudelange SA (LLD), part of the LIBERTY Steel Group, in relation to the annulment of the dissolution of LLD ordered by the Enterprise Court of Liège and the restart of LLD’s activities.
  • Assisting the Getronics Group with various challenges following its purchase of certain activities from Getronics Belgium (currently Scinorteg) within the framework of its judicial reorganisation proceedings.
  • Assisting Ysi Capital in challenging attachments which the wealthy French Dassault family alleged to have over the client.

White & Case LLP

Headed by Thierry Bosly, White & Case LLP‘s financial restructuring and insolvency team has a strong reputation for high-value, complex, cross-border work. Clients include national and multinational private equity and venture capital firms, as well as businesses in sectors ranging from transport and aviation to chemicals. Bosly, as head of the firm’s global private equity department as well as its transactional practices in Belgium and Luxembourg, is a key contact for clients seeking assistance with leveraged buyouts and distressed asset purchases. Associate Elien Claeys is also recommended.

Practice head(s):

Thierry Bosly

Other key lawyers:

Elien Claeys

Key clients

Standard Chartered Group

Hamon & Cie (International)

Le Pain Quotidien

Swissport Group

Hertz Group

Dream Yacht group

Bank Indonesia

Deutsche Bank Distressed Desk

Work highlights

  • Advised listed company Hamon & Cie (International) SA in connection with a complex cross-border restructuring and with formulating a global strategy to recapitalise the group.
  • Advising global banking group Standard Chartered in connection with the complex cross-border insolvency filing of Exelco, an international Belgian diamond group.
  • Advising international bakery chain Le Pain Quotidien, a portfolio company of private equity firm Cobepa, in connection with its complex cross-border restructuring, including the restructuring of its credit facilities and the filing of insolvency proceedings in several jurisdictions, notably Belgium, the UK and the US.


Roel Fransis heads the restructuring and insolvency offering at Liedekerke, where he has particular experience in cross-border litigation. The firm acts for both debtors and creditors across a wide range of industries, from energy and manufacturing to retail, sports and IT, and advises on issues extending to conservatory garnishments and contractual renegotiations. In collaboration with lawyers from the corporate and finance departments, the practice also advises on distressed M&A.

Practice head(s):

Roel Fransis

Key clients

GFG Alliance


Basra Oil Company

Gerard Lopez & Jogo Bonito Group



VSD Trading

Dehaen Paul

Brussels Airlines

Work highlights

  • Assisting Mr Sanjeev Gupta (GFG Alliance), the former ultimate beneficiary of Belgian aluminium manufacturer ALVANCE Aluminium Duffel, in relation to the restructuring and refinancing of the group and in relation to litigation with American Industrial Partners (a private equity firm based in New York) and its affiliate ICP Origination I LLC, acting as lender.
  • Advising Basra Oil Company in relation to a conservatory third-party garnishment levied by BP Iraq NV at the request of Mammoet Salvage BV against the client to secure an alleged claim for €57,808,606.93 and possible opposition proceedings.
  • Assisting VREG in the context of a conservatory third-party attachment on green energy and combined heat and power certificates held by – amongst others – Elexys NV in the database managed by the client.

Loyens & Loeff

Loyens & Loeff‘s restructuring and insolvency team operates across the Benelux states and Switzerland. Financial sector regulation and litigation specialist Vanessa Marquette leads the practice in Belgium, where she acts for creditors and insolvent companies in pre-litigation proceedings and judicial reorganisations and bankruptcies. Banking and finance lead Marc Vermylen, meanwhile, brings expertise in debt restructuring to the table. Senior associate Jens De Winne rounds out the ‘knowledgeable and pragmatic‘ team, with a strong record in contentious insolvency matters.

Practice head(s):

Vanessa Marquette

Other key lawyers:

Marc Vermylen; Jens De Winne


‘Knowledgeable and pragmatic.’

‘Vanessa Marquette provides insightful knowledge in complex matters.’

Key clients

Nordic capital

Aluminium Duffel BV

Pierre & Vacances


Cheyne SVC LLP



Former directors and/or managers of Nyrstar NV

Work highlights

  • Advising private equity fund Nordic Capital with respect to the insolvency of different companies of the FNG Group, including the restructuring of the remaining FNG Group companies and the enforcement of its pledge of Ellos shares.
  • Advising Aluminium Duffel on the urgent refinancing of the business by its main creditor, private equity fund American Industrial Partners and its speciality finance affiliate ICP, and on related insolvency issues.
  • Advised Pierre & Vacances group on the Belgian aspects of its cross-border restructuring in the context of the accelerated safeguard proceedings agreed with the creditor and approved by the general meeting of shareholders of the French holding.


A boutique firm specialising in corporate law, dispute resolution, and competition, Quinz is well regarded for its ‘very dynamic and professional‘ insolvency and restructuring practice. Led by ‘excellent practitionerBenoît Allemeersch, the team focuses on advising creditors, drawing on the firm’s strong relationship with clients in the banking sector. Allemeersch is particularly recommended for litigation, while counsel Stijn De Dier is praised for his deep knowledge of the area.

Practice head(s):

Benoît Allemeersch

Other key lawyers:

Wim De Meester; Thijs Vancoppernolle; Gillis Lindemans; Stijn De Dier; Bart Lintermans


‘Quinz’s team is very reliable and competent in handling insolvency and litigation matters.’

‘Very dynamic and professional team with a very good knowledge of banking law.’

‘Quinz stands out from other law firms because of its direct approach, its high quality legal services, transparency in terms of billing, and how the team treats clients with great respect.’

‘Very available and responsive team.’

‘Benoît Allemeersch is an excellent lawyer who is widely recognised as an authority in his field. Wim De Meester and Stijn De Dier handle matters extremely well and are very available.’

‘Benoît Allemeersch has excellent technical skills and good dialogue with the client on the proposals to be put in place, taking into account the different interests to find a good solution, avoiding conflict if possible.’

‘Stijn De Dier handles his assignments with the greatest care. As a professor in insolvency he masters the subject to work with his colleagues in the most professional way possible.’

‘Benoit Allemeersch leads the team and is an excellent practitioner. His team is also outstanding.’

Key clients



Gemeentelijke Holding/Holding Communal

BNP Paribas Fortis

Work highlights

  • Assisted Euronext-listed Nyrstar in all Belgian procedures relating to its global restructuring, in cooperation with Freshfields’ London and Brussels offices.
  • Representing Belfius Bank in a class action in which several groupings of shareholders of the Arco Group (a former reference shareholder of the collapsed Dexia banking group, now in liquidation) have brought restitution and liability claims for misrepresentation and tort against Belfius Bank, the Arco Group (in liquidation), and the Belgian State.
  • Acting together with KPMG as liquidator (trustee) of the Gemeentelijke Holding/Holding Communal, Dexia’s reference shareholder, as part of Belgium’s largest insolvency and restructuring matter of the last decade.


The insolvency and restructuring team at Stibbe is especially well known for its ‘good work on cross-border cases‘. Paul Van der Putten co-heads the team, with thorough knowledge of restructuring, bankruptcy, and liquidation procedures, while co-lead Oliver Stevens handles dispute resolution for clients, including creditors such as major financial institutions and insurance companies. ‘Very professional and experienced‘ counsel Pieter Wouters is also recommended, with expertise extending to advising on distressed acquisitions.

Other key lawyers:

Pieter Wouters


‘Stibbe is a well known top law firm. Good work on cross-border cases.’

‘Pieter Wouters is a very professional and experienced lawyer. Good commercial understanding. Solution orientated.’

‘The team is strong in determining legal strategies (long and short term). Good focus on all aspects of the case, not just procedural.’

‘Pieter Wouters has very strong knowledge of jurisprudence.’

‘Straightforward advice. Always evaluating multiple options to come to the best advice. Swift response time.’

Work highlights

  • Assisted KBC Bank in the framework of very challenging reorganisation and bankruptcy proceedings pertaining to its borrower, Antwerp diamond trader Exelco.
  • Assisting the National Bank of Belgium after the liquidation of Belgian insurer Apra Leven.
  • Assisted Cegeka in the bidding process on certain assets of Getronics Belgium in the framework of the latter’s judicial restructuring procedure.


Strelia‘s restructuring and insolvency team is led by experienced partner Bart De Moor, and advises creditors and distressed companies on both national and cross-border proceedings, including reorganisations, liquidations, and related disputes. The ‘experienced‘ and ‘ambitious‘ De Moor is regularly appointed as an officeholder, administrator, and liquidator, and has experience in litigation and alternative dispute resolution. Notable support comes from associate Marine Callebaut.

Practice head(s):

Bart De Moor

Other key lawyers:

Marine Callebaut


‘Bart de Moor is always precise and always makes himself available. He is very ambitious and wants the best for his clients.’

‘Perfect focus on the Belgium market.’

‘Always a pleasure to work with Bart de Moor.’


The insolvency and restructuring team at ALTIUS is led by domestic and international dispute resolution specialist Alexander Hansebout and Bart Heynickx, who was made up to partner in September 2022. In collaboration with lawyers in the firm’s corporate and employment departments, the practice provides a multidisciplinary service covering restructuring advice to distressed companies, security reviews for creditors, and litigation.

Practice head(s):

Alexander Hansebout; Bart Heynickx

Key clients

Allsafe Group

Deutsche Invest Mittelstand


FNG Nordic AB (Ellos Group)



De Jong

Izola Bank

Container Centralen



Association European Airlines

Work highlights

  • Advised FNG, a Euronext-listed fashion retail group facing financial difficulties after its Benelux affiliates had been declared bankrupt in the context of a highly publicised scandal.
  • Advised the management of Alvance Aluminium Duffel in the context of disputes with its majority shareholder (Sanjeev Gupta) and creditors aiming at taking over the business.
  • Assisted the Kontron group when confronted with issues in the framework of an important joint venture project, while at the same time resolving corporate and capital concerns to ensure the companies’ continuity.


Independent Belgian firm ASTREA CVBA fields an ‘efficient‘ and ‘available‘ insolvency team. Set within the commercial department, the insolvency practice is skilled in distressed acquisitions alongside restructurings and debt recovery. Team lead Louis Verstraeten is both a ‘trusted adviser‘ and an acclaimed litigator, with clients including business and foreign creditors as well as debtors.

Practice head(s):

Louis Verstraeten

Other key lawyers:

Clara Vanhecke


‘Excellent client service. Always available.’

‘They are all very well educated, and they take the time to help and to find solutions.’

‘Very good team – available and competent.’ 

‘Louis Verstraeten is an impressive lawyer and crisis manager who always knows what to do and to say to calm things down.’

‘Small teams, efficient and very clever.’

‘Louis Verstraeten is extremely reactive and very professional. His advice is accurate and does not only cover legal matters, but also market insights and strategic issues.’

‘Personal engagement and relevant knowledge.’ 

‘Louis Verstraeten is a trusted adviser, and always delivers exceptional legal work. He has a very pragmatic, down to earth approach, and is solution-oriented and able to successfully navigate through complex files.’

Key clients

AB InBev Belgium NV

Airopack BV/ Airosolutions NV

Cargill BV

Cargill NV

Katoen Natie NV

Hoad Holding BV


BERO Monaco Sarl

Blok Pekaar Bol BV

Diagnostics Medical Systems SA

BHP Billiton Marketing AG

Inbev Belgium nv/sa

FORT Advocaten

Mace International Construction Group


Schulze & Braun


Hi-Tech Radiators

Work highlights

  • Obtained a landmark court decision for Medical Devices International SA on the effects of debt cram downs on claims of public authorities for subsidies granted to the insolvent entity.
  • Assisting Fuchs & Associés Finance Sarl in the distressed acquisition of a Belgian competitor in difficult regulatory circumstances.
  • Setting up a restructuring framework for Key Music NV/ Key Music Netherlands BV, combining Belgian judicial reorganisation proceedings together with the Dutch scheme of arrangement (WHOA).


CMS advises on both restructuring and insolvency proceedings, as well as distressed M&A, for domestic and international clients including distressed companies and investors. The team is led by Virginie Frémat in Antwerp and Grégory de Sauvage and Jean-François Goffin in Brussels, and draws on the firm’s employment and commercial departments and global network.

Practice head(s):

Jean-François Goffin; Virginie Frémat; Grégory de Sauvage

Other key lawyers:

Jean-Luc Hagon


‘The team is very responsive and reactive. We receive accurate and informative answers, with very practical insights into all our questions.’

‘The team are very professional and their advice is always appropriate in each specific context. Their knowledge about insolvency, judicial reorganisation procedures, and shareholder rights is really excellent and working with them was very reassuring.’

‘The firm was extremely responsive and available.’

Key clients

Broekman Logistics

Société Générale

GE Healthcare/Medex

Credis (Nethys)

Republic of Albania



AG Real Estate


Circular Interiors (Ahrend group)

Work highlights

  • Advised Broekman Logistics in respect of the sale of the former VLS-Group Belgium to Van Moer Logistics, which was finalised in July 2022.
  • Advised French bank Société Générale on the complex and cross-border judicial reorganisation of the Hamon group.
  • Advised GE HEALTHCARE on recovering a claim in the bankruptcy of one of its partners in proceedings against ING.

Deloitte Legal

The enterprise continuity team at Deloitte Legal is led by Antwerp-based Jürgen Egger and Brussels-based Glenn Hansen, and advises on the range of insolvency and restructuring issues. Also head of the firm’s commercial practice, Egger has niche expertise in the crossover between insolvency and criminal law, while Hansen is strong in providing bankruptcy regulatory advice.

Practice head(s):

Jürgen Egger; Glenn Hansen


‘All the members of the team are brilliant and ready to provide solutions that are oriented to different business scenarios. We have appreciated the responsiveness of the team.’

‘Glenn Hansen is a person and lawyer with great value, availability, flexibility and skills.’

Key clients

Lehman Brothers


Work highlights

  • Advising the administrators of Lehman Brothers on the recovery of assets in the insolvency proceedings of the Belgian portfolio.
  • Represented O’Cool throughout a restructuring procedure where a restructuring plan was voted upon by the creditors.


Under the leadership of experienced court-appointed mediator Cédric Alter and banking and finance partner Dominique Blommaert, Janson‘s insolvency and restructuring team advises on distressed acquisitions and sales, debt restructuring, and transfers under judicial authority. Clients include international funds and investors, especially in the private equity space.

Practice head(s):

Cédric Alter; Dominique Blommaert

Key clients


Flyer Group


Hamon Group

Work highlights

  • Acted as court-appointed mediator to the Hamon Group, an international structure specialised in the field of engineering and project management of industrial thermal systems and industrial smoke abatement.
  • Advising Luxembourg road transport company Lexsis, which is an important supplier and a significant creditor of a Liberty Steel company that is undergoing a judicial reorganisation procedure.
  • Representing Flyer Group, Belgium’s leading online printing group, in a multitude of proceedings against its creditors arising from the restructuring of the group following the economic impact of the Covid-19 crisis.


Lydian is well regarded for its work across corporate restructurings and reorganisations, workforce restructurings, and the recovery of distressed assets. Experienced corporate and commercial partner Yves Lenders heads the practice, with notable support from Kim van Zummeren, a senior associate focused on commercial litigation and insurance.

Practice head(s):

Yves Lenders

Other key lawyers:

Kim van Zummeren


‘Availability, clarity, transparency, and responsiveness.’

‘A hands-on approach and fast reactions.’

Key clients

CASA International

Mathieu Gijbels NV

Berlitz School of Languages

Work highlights

  • Assisting Casa International NV, the Belgian coordinating entity of the Casa group, in its restructuring process necessitated by the economic impact of Covid-19, including financing and representation in judicial reorganisation proceedings.
  • Advising management on the bankruptcy of Berlitz Belgium, the Belgian franchise of the school for languages.


Lawyers from Racine regularly take on roles as court-appointed mediators, while the practice also advises creditors, debtors, and third parties. Joan Dubaere and Stijn Vanschoubroek lead the team, and are capable across restructurings, bankruptcy, and distressed transactions, with counsel Rubben Lindemans also noted.

Practice head(s):

Joan Dubaere; Stijn Vanschoubroek

Other key lawyers:

Rubben Lindemans

Key clients

BESIX Sanotec/Flamant Design

BNP Paribas Fortis Factor

BNP Paribas Fortis Lease

BTR Services

Flamant Group

Global Investments

Goldman Sachs International

Johnson Controls

Majestic Hotels



Getronics Belgium


Work highlights

  • Acted for GETRONICS BELGIUM, as represented by its directors, in several post-bankruptcy litigation proceedings initiated by the trustees.
  • Advised VIRTEO on its filing for reorganisation proceedings and subsequent bankruptcy, with a view to transfer its business.
  • Assisted the trustee of Rolsa in levying attachments on the Belgian assets of the former director of Rolsa to secure a claim valued at €200m.

Seeds of Law

Headed by firm co-founder Leo Peeters, Seeds of Law‘s insolvency offering provides advice and support to clients in sectors including tech, real estate, and banking. It acts for creditors and investors as well as distressed companies, and Peeters has complementary experience in corporate and business law, including in transactions.

Practice head(s):

Leo Peeters

Other key lawyers:

Koen De Puydt; Leila Mstoian; Aurélie Glinne


‘Seeds of Law has a strong reputation when it comes to insolvency and restructuring matters. The team treats all matters as if they were their own business. They work together with their clients to think of solutions, and obtain good results. Every business that they save creates a new partnership for them. Partnership is the key to their success.’

‘Keen, accurate and experienced.’

‘Happy to work with them. Easily accessible. Fair billing. Always available.’

‘Professional team.’

‘Great collaboration, easy to approach, rapid.’

‘Every individual in the team, in particular Leo Peeters, Leila Mstoian and Aurélie Glinne, is a very skilled negotiator and on top of every issue, as it is very important to react quickly in these matters. Moreover, creativity is a must in this practice area. Each team member always goes for the extra mile to search for and find the best possible solution.’

‘Koen De Puydt, Leo Peeters, and Leila Mstoian stand out.’

‘Leo Peeters is very knowledgeable.’

Key clients

Belleheide Center NV

Get Air Belgium

Work highlights

  • Successfully assisted Belleheide NV with its judicial reorganisation.
  • Advised Get Air Belgium with regard to a judicial reorganisation procedure to safeguard its continuity.