Abstract

Abstract In contrast to other legal systems, Belgium does not have a comprehensive insolvency code that deals with all kinds of insolvency proceedings. Instead, separate legislation exists for each type of insolvency procedure: bankruptcy (Bankruptcy Law of 8 August 1997, hereafter the ‘Bankruptcy Law’), judicial reorganization (Law on the continuity of enterprises of 31 January 2009, hereafter the ‘Business Continuity Law’), debt reorganization for natural persons (articles 1675/2–17 of the Judicial Code), and voluntary winding up of companies (articles 181–196 of the Companies Code).

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