The European Restructuring Directive 2019: Redrawing the Belgian insolvency landscape again
Since September 1th 2023, the new insolvency rules apply. These new insolvency rules follow the implementation of the European Restructuring Directive 2019/1023 of the European Parliament and the Council. However, the Belgian legislature did not limit itself to implementation. In addition, a number of profound changes were made. As a result, the Belgian insolvency landscape is being thoroughly redrawn again, after a significant change already occurred in 2018. Below we explain the main changes that affect the business owner, as creditor or debtor.