Deep Dive Into The New Belgian Restructuring Law

On 1 September 2023, the reformed Belgian Insolvency framework entered into force. This reform amends Book XX of the Code of Economic Law by introducing new reorganisation proceedings and amending the conditions for the application of certain existing procedures. Among other objectives, the reform aims to offer companies in distress a wider array of tailor-made restructuring tools to safeguard their Belgian assets or business. However, other stakeholders, such as (secured) creditors and shareholders, should also carefully assess the impact of the reform. Some of the introduced changes may significantly affect their position within the relevant reorganisation procedure.

In addition to the implementation of the EU Restructuring Directive 2019/23, the law of 7 June 2023 (the New Belgian Restructuring Law) introduces other novelties designed to enhance the existing restructuring tools. Some of these new procedures are accessible to both the distressed company and its