ARTICLE · 25 MAY 1995

Financial law - Short-term funding - Promissory notes

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BelgiumEmployment and HR

Corporations wishing to obtain short-term funding in Belgium basically have three options : bonds ("obligation / obligatie"), treasury certificates ("thesauriebewijzen / certificats de trésorie"), and promissory notes ("billet à ordre / orderbriefje"). This report deals with the Belgian legislation with respect to promissory notes (sometimes referred to as "commercial paper"). We shall briefly describe the regime with respect to treasury certificates in a subsequent contribution.

A promissory note is a promise to pay a specific sum. Next to a payment instrument, it is often used as a debt instrument which, if issued in the form required by law, confers on the bearer an unconditional right to receive the amount promised on the maturity date.

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