Insolvency and bankruptcy law

Insolvency law regulates the rights and obligations of companies or businesses in financial difficulties.

The insolvency legislation has been amended several times in recent years and the lagal rules in this filed can be rather opaque.

The ‘Continuity of Undertakings’ Act is meant to offer companies in difficulty maximum opportunities to overcome the difficulties and to rescue the company or a part of it.

The objective of the judicial reorganization procedure may be:

• the conclusion of an amicable agreement with one or more creditors
• the conclusion of a collective agreement
• the transfer of the whole or a part of the enterprise under the judicial authority.

If judicial administration proceedings are opened, all executions of judgments have to be suspended by the bailiffs for at least 6 months.

Moreover, companies in financial difficulty under judicial reorganization can decide freely which creditors they want to pay and whom they won’t.

Your rights as a creditor can be seriously compromised.

Our office can help you get a good understanding of the situation of the company in difficulty and safeguard your interests in the process.

Also in case of bankruptcy of your customer we protect your interests against the claims of the trustee.

For instance, we will assist you if you wish to reclaim from the receiver goods you sold to the buyer before the bankruptcy under retention of title or if you wish to invoke certain legal privileges towards the bankruptcy.