ARTICLE · 29 NOVEMBER 1995

Corporate Law - Dissolution and Liquidation

Linklaters De Bandt

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BelgiumEmployment and HR

The new Companies' Laws of April 13, 1995, introduce a new procedure of judicial dissolution of a dormant company and impose additional formalities with regard to the liquidation of a company. These new provisions will enter into force on July 1, 1996.

When a company during three consecutive business years fails to comply with its obligation to file its annual accounts with the Belgian National Bank, every interested party and the Ministry Public have the right to introduce a procedure before court in order to obtain the dissolution of the company. Such procedure can only be introduced against the company after a period of seven months following the end of the third concerned business year. Unless such failure to file the annual accounts is timely regularised, the court will pronounce the dissolution and organise the liquidation of the company. This new procedure, set forth in Article 177sexies of the Coordinated Laws on Commercial Companies ("CLCC"), concerns all companies

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