3 guides on the topic “Bankruptcy”: legal obligations, concrete procedures, costs and deadlines.
Bankruptcy marks the judicial end of a business that can no longer pay its debts. It affects companies and self-employed people alike. This page helps struggling managers, as well as creditors, understand the procedure and its alternatives.
Book XX of the Code of Economic Law governs business insolvency. Two conditions open bankruptcy. First, the business persistently stops paying its debts. Second, its creditworthiness has collapsed in the eyes of partners.
The manager must then file for bankruptcy within one month of the cessation of payments. A creditor or the public prosecutor can also refer the case to court. The enterprise court then issues the judgment and appoints a trustee. The FPS Economy also presents the insolvency procedures.
The judgment changes everything overnight. The manager loses control of the business's assets. The trustee manages them, then sells them to pay creditors. The stages follow a set order.
For a self-employed individual, discharge of the remaining debts remains possible under conditions. Our article on bankruptcy procedures and consequences covers each stage.
A struggling business has other options. The best known remains judicial reorganisation. It offers a moratorium during which creditors cannot seize assets. Three forms exist: an amicable settlement, a collective agreement and a transfer under court supervision.
However, this procedure requires early action. The longer the manager waits, the fewer options remain. Discover the conditions in our file on judicial reorganisation.
If the company remains solvent, a voluntary closure also remains possible. The partners then decide on dissolution followed by liquidation. This choice avoids bankruptcy and its consequences. See the stages of dissolution and liquidation.
Bankruptcy does not always shield the manager. Indeed, personal liability may come into play. This applies notably when a manager continues trading with no reasonable prospect of recovery. Founders of a young company also face claims if starting equity proved manifestly insufficient.
A few habits limit these risks.
Acting early remains the best protection against bankruptcy.
25 January 2026
A voluntary liquidation closes a solvent Belgian company properly. Decision before a notary, the liquidator, paying creditors, the final surplus and closure: here is the full route for an SRL or SA.
25 January 2026
Bankruptcy proceedings apply to a business that has stopped paying its debts for good and lost its creditworthiness. Filing, the trustee's role, creditors and debt discharge: here is how it works in Belgium.
14 February 2026
Judicial reorganisation shields a struggling business from its creditors while it recovers. Here are the Book XX conditions, the three possible routes and how the procedure differs from bankruptcy.
