This is a special Financial Regulatory Update with regard to the COVID-19 regulatory measures taken to date.
Belgian Companies’ Code
The transposition of the Shareholders’ Rights Directive and the first adaptions of the BCC
While the new Companies’ and Associations’ Code (BCC) has been applicable to new companies and associations since 1 May 2019, amendments to certain provisions are foreseen.
Lack of creditor protection within a private limited liability company in the event of a capital decrease is discriminatory
The Constitutional Court recently ruled that the difference between the protection mechanism for creditors of a private limited liability company and creditors of a public limited liability company in the event of a capital decrease is not reasonable justified and is therefore discriminatory.
Modification of the simplified liquidation procedure
Since a few years it is under specific circumstances possible to dissolve and liquidate a company through a mere decision of the extraordinary general shareholders’ meeting without the obligation to start up the, more time consuming, ordinary liquidation procedure.
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