Companies in distress

Q: How can I check whether my debtor has been declared bankrupt or is the subject of reorganization proceedings?

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Any business, for a variety of reasons, can face financial difficulties. With the right approach, it is often possible to restore your company’s financial health and ensure its continuity. Our team guides you through restructurings and insolvency proceedings. If recovery is no longer feasible and you are unable to meet your financial obligations, we assist you through the entire bankruptcy procedure.

In addition, we offer counseling for other stakeholders such as creditors, shareholders or customers.

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Legal support for companies in distress

If your company is facing financial challenges, it is important to seek timely professional help, either to safeguard business continuity or to ensure an orderly wind-down.

As a director, you carry significant responsibility towards all parties involved such as creditors, employees, shareholders and customers.

Our experts help you make well-informed choices.

Reorganization

A company in distress has several options for restructuring its operations. These range from the conclusion of amicable or collective repayment agreements with creditors to a sale of part or all of the company.

We guide you in making the right choices throughout your chosen path.

Declaration of bankruptcy

When business continuity is no longer possible, it is crucial to file for bankruptcy in a timely manner. We assist companies and directors both in filing for bankruptcy and during the bankruptcy proceedings.

Deficit liquidation of companies

Companies and NPOs may, under certain conditions, choose to appoint their own liquidator instead of filing for bankruptcy with the court.

We guide you through this process and also take on mandates as (deficit) liquidators ourselves.

Assistance to creditors

We assist creditors and other parties faced with a company in distress.

Among other things, we advise you on whether or not to continue the contractual relationship, recovering outstanding invoices, reclaiming goods and voting on a reorganization plan.

Multidisciplinary and international support for companies in distress

Through our multidisciplinary partnership with Baker Tilly, we support you in the financial aspects of a restructuring such as preparing cash planning, a financial plan and updating your figures.

As part of the international Baker Tilly network, we can assist companies in cross-border restructuring and insolvency proceedings.

Visit the Baker Tilly International website

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Frequently asked questions about companies in distress

When must a company file for bankruptcy?2026-05-04T14:41:32+02:00

When must a company file for bankruptcy?

A company is required to file for bankruptcy within a month after the following conditions are met:

Permanent cessation of payments
The company is no longer able to pay part of its due debts.
Impaired creditworthiness
Creditors with due claims effectively press for payment and tolerate no further delay.

Waiting too long to file for bankruptcy may result in director liability or even criminal charges. Upon applying for reorganization proceedings, the obligation to file for bankruptcy is suspended.

How can I check whether my debtor has been declared bankrupt or is the subject of reorganization proceedings?2026-05-04T14:41:36+02:00

How can I check whether my debtor has been declared bankrupt or is the subject of reorganization proceedings?

You can check this in several ways:

You can access the insolvency register at www.regsol.be.
Extracts of bankruptcy judgments, judgments in the context of reorganization proceedings or transfers under judicial authority are published in the Belgian Official Gazette.
A notification is made in the Crossroads Bank for Enterprises.

Can I initiate bankruptcy proceedings against my debtor?2026-05-04T14:41:40+02:00

Can I initiate bankruptcy proceedings against my debtor?

Yes. A creditor can sue his debtor in bankruptcy. In doing so, the creditor must show that it has:

a claim that is due and payable
which was not paid
and for which no further payment can reasonably be expected.

Can I still collect my debt after my debtor’s bankruptcy?2026-05-04T14:41:44+02:00

Can I still collect my debt after my debtor’s bankruptcy?

After bankruptcy, a creditor must declare his claim through the insolvency register (www.regsol.be). The trustee can accept or dispute the claim after which the dispute is submitted to the court.

At the end of the bankruptcy, the trustee prepares a distribution statement indicating how the funds of the bankruptcy will be distributed. He will consider creditor priorities.

Does my contract end in the event of a judicial organization or bankruptcy of my contracting party?2026-05-04T14:41:48+02:00

Does my contract end in the event of a judicial organization or bankruptcy of my contracting party?

A judicial reorganization or transfer under judicial authority does not terminate ongoing contracts. Nor can the contractual modalities (e.g. payment terms) be unilaterally changed. This legal protection applies even if the contract contains a termination clause for such situations.

Even in case of bankruptcy, agreements do not end automatically unless the agreement contains a termination clause. The trustee usually decides to stop executing the agreement, which allows the agreement to terminate.