Bochon & Partners
Bankruptcy
Prepare, understand, decide — before others do it for you.
In Belgium, a company is declared bankrupt when it has persistently ceased its payments and its creditworthiness is impaired. Bankruptcy is declared by the enterprise court, either on the director’s own filing (aveu) — mandatory within one month of ceasing payments — or on a summons by a creditor or the public prosecutor. A trustee (curateur) is then appointed to realise the assets and pay the creditors. Because we hold that role ourselves, we know what is at stake in those first weeks.
See also: preventing business difficulties · judicial reorganisation (PRJ) · judicial dissolution and liquidation.
A bankruptcy is not improvised. It is anticipated. There are two ways into bankruptcy: with clear eyes, or by surprise. At Bochon & Partners, we have chosen to support companies before the breaking point, not merely to record the damage. We help you prepare a bankruptcy by the book, or resist an unjustly forced one.
Preparing a bankruptcy in private
Bankruptcy does not begin in court. It begins when directors sense:
- a lasting inability to pay debts as they fall due,
- a loss of confidence from partners, suppliers or banks,
- the failure of the alternatives (rescheduling, PRJ, partial sale…).
The Code of Economic Law then imposes a legal obligation: to file for bankruptcy within one month of the cessation of payments and the loss of creditworthiness. But what does a “persistent cessation of payments” mean? When is creditworthiness genuinely impaired? What evidence should be kept? Which liabilities should be avoided? That is precisely where we come in.
Our approach
We oversee the confidential preparation of a bankruptcy filing, working with you:
- on the actual accounting and legal position,
- on documenting the director’s good faith,
- on any personal exposure (liability, liability for the deficit, fraudulent or late bankruptcy),
- on the structure of the file to be filed (digital file via Regsol, supporting documents),
- on fresh-start or takeover scenarios.
Two routes into bankruptcy
Bankruptcy on the debtor’s own filing (voluntary declaration)
The company itself voluntarily files the bankruptcy declaration, which is mandatory as soon as there is both a persistent cessation of payments and a loss of creditworthiness. The director has one month to act. We assist you to:
- secure the content of the declaration,
- manage the statutory timetable,
- submit the documents via Regsol,
- avoid any error that could lead to a late bankruptcy filing (subject to civil or criminal penalties),
- organise, where useful, a prepared takeover of the business.
Bankruptcy on summons
A creditor, the public prosecutor or a provisional administrator can force a bankruptcy by bringing proceedings before the court. The director receives a summons to appear, often at short notice. We step in immediately to:
- challenge whether the legal conditions are met (partial payment possible, creditworthiness not impaired…),
- propose an alternative, such as an emergency PRJ,
- negotiate the withdrawal of the summons, or organise a controlled voluntary filing,
- protect the reputation of the company and its director.
Bankruptcy does not mean disappearing. It can be a transition.
In some cases, bankruptcy is not an end but a strategic step. We also help you prepare a takeover by a third party or a partner, organise the transfer of assets or business, ensure continuity in another form, manage post-bankruptcy relationships (trustees, banks, tax authorities, staff) and secure the director’s future, particularly with a view to an entrepreneurial fresh start.
Bochon & Partners is regularly active in bankruptcy matters, both as counsel to debtor companies and in court-appointed mandates. We understand how the courts reason, what the public prosecutor requires, how creditors strategise and what trustees prioritise.
Are the first signs appearing?
Don’t wait for the breaking point. A confidential conversation helps you regain control.
Contact us at the first signs →Frequently asked questions
As soon as two conditions are met — a persistent cessation of payments and a loss of creditworthiness — the law requires the company to file within one month. How the filing is prepared is decisive: a late filing can be penalised, both civilly and criminally.
A creditor, the public prosecutor or a provisional administrator can summon the company into bankruptcy. The legal conditions can be contested (partial payment possible, creditworthiness not impaired), an emergency PRJ proposed or a negotiated withdrawal obtained. Deadlines are short: the summons must be analysed before the hearing, not after.
The fate of personal securities (suretyship, guarantee) is a separate issue from the company’s bankruptcy and follows its own rules, including possible discharge. We review your personal exposure as part of preparing the file.
It means preparing, confidentially and in advance, the bankruptcy filing and, where appropriate, a takeover of the business — rather than suffering bankruptcy by surprise. This preparation aims to protect the director and preserve the chances of a fresh start.
Taking over assets after bankruptcy is possible within a precise framework and subject to conditions. Well prepared, it can secure the continuity of the business in another form. This is an area where legal guidance makes the difference.