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ARTICLE · 14 OCTOBER 2025

Belgium's Pre-Pack Procedure: A Two-Year Reality Check

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Pre-packaged sales, or "pre-packs," have long been utilized in the United Kingdom and the United States as a restructuring mechanism that enables the sale of a distressed business to be arranged...

BelgiumInsolvency/Bankruptcy/Re-Structuring
Bart Heynickx
Bart Heynickx
Roel Verheyden
Roel Verheyden
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Pre-packaged sales, or "pre-packs," have long been utilized in the United Kingdom and the United States as a restructuring mechanism that enables the sale of a distressed business to be arranged prior to the commencement of formal insolvency proceedings. The objective is to preserve the company's value by facilitating its sale as a going concern, rather than through piecemeal liquidation.

Following previous unsuccessful attempts, the Belgian legislator introduced pre-pack proceedings (or "closed preparation for bankruptcy") through the September 2023 legislative reform of Book XX of the Code of Economic Law (hereinafter "CEL"). This reform implemented European Directive 2019/1023 on restructuring and insolvency, which was itself inspired by Anglo-Saxon insolvency regimes.

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