Belgian insolvency legislation has undergone a significant revision, bringing changes that directly affect how creditors pursue and protect claims in insolvency proceedings. For international companies with Belgian counterparties or subsidiaries, failing to adjust established practices before the new rules take full effect carries a tangible risk of reduced recovery.
Recent amendments to Belgian insolvency law, effective from early 2025, revise procedural requirements for creditor participation in restructuring and liquidation proceedings. Creditors must now file a formal proof of debt within prescribed deadlines to preserve their ranking. Companies that miss these deadlines risk being excluded from distributions altogether.
This alert summarises what changed, identifies the business categories most exposed, and sets out the immediate steps international creditors should take now.
What changed – the regulatory development and effective date
Belgium's revised insolvency legislation entered into force during the first quarter of 2025. The amendments implement the EU Restructuring Directive into Belgian law and modify several procedural rules that had remained largely unchanged for over a decade.
The core changes fall into three areas. First, the rules governing the appointment and powers of the curateur (insolvency administrator) and liquidateur (liquidator) have been tightened. Administrators now operate under stricter reporting obligations to the court and to the assemblée des créanciers (creditors meeting). Second, the criteria for challenging a restructuring plan submitted by a debtor have been clarified. A dissenting creditor must now articulate specific objections in writing within a shortened window. Third, the proof of debt procedure has been made more formal. Each creditor must file a documented claim – including supporting evidence – directly with the administrator within the timeframe set by the court. Late filings are admitted only at the court's discretion and rank below timely claims in distribution priority.
Parallel changes in Belgian insolvency proceedings now require the administrator to notify foreign creditors by registered post or verified electronic means within a fixed period after the opening of proceedings. This is a material shift. Previously, foreign creditors were often left to monitor public registers independently. The burden has moved, but the notification period is short. typically between fifteen and thirty days depending on the procedure type. and the deadline for filing proof of debt begins to run from the date of notification. Not from any subsequent reminder.
For international companies, the practical exposure is immediate. A creditor that receives notification in Brussels today has a compressed window to instruct local counsel, gather documentation, and file a compliant proof of debt. The risk of inaction is concrete: late or defective filings lose priority, and in liquidation proceedings, subordinated claims frequently receive nothing at all.
Who is affected – threshold criteria and compliance deadlines
The amendments apply to all insolvency proceedings opened in Belgium on or after the effective date. They cover judicial reorganisation procedures, bankruptcy proceedings, and voluntary liquidations subject to court oversight.
Business categories most directly affected include the following:
- Foreign suppliers and trade creditors with outstanding invoices against Belgian companies
- International lenders holding unsecured or subordinated debt in Belgian entities
- Group companies acting as intercompany creditors of Belgian subsidiaries
- Investors holding convertible instruments or mezzanine debt in Belgian targets
- Service providers with contractual claims pending against Belgian counterparties
Secured creditors are also affected. The amendments modify the interaction between security enforcement and insolvency proceedings. A creditor relying on a pledge or mortgage must now formally notify the administrator of its security interest within a prescribed period after the opening of proceedings. Failure to do so does not extinguish the security, but it can delay or complicate enforcement during the moratorium period.
The compliance deadline varies by procedure type. In bankruptcy proceedings, the court order opening the procedure will specify the proof of debt filing deadline. That deadline is typically set between thirty and sixty days after the opening order. In judicial reorganisation proceedings, the timeline for creditors to respond to a proposed restructuring plan is shorter – often between fifteen and twenty-five days from the date the plan is served.
Companies with Belgian counterparties in financial difficulty should treat these timelines as hard deadlines. Courts retain discretion to admit late claims, but that discretion is exercised narrowly. In practice, late creditors in reorganisation proceedings lose their vote on the restructuring plan. In liquidation, late creditors are subordinated to all timely claimants before they receive any distribution.
For a detailed analysis of creditor strategy in Belgian insolvency proceedings, including security enforcement and cross-border claim coordination, see our insolvency and restructuring practice in Belgium.
To receive an expert assessment of your creditor position in Belgian insolvency proceedings, contact us at info@ferrazwhitmore.com.
What to do now – immediate actions for international companies
International companies exposed to Belgian insolvency risk should take the following steps without delay.
1. Audit Belgian counterparty exposure. Identify all Belgian entities against which you hold outstanding claims – whether contractual, intercompany, or security-based. Assess the financial condition of each counterparty and flag those showing signs of distress: payment delays, covenant breaches, or restructuring rumours.
2. Monitor the Belgian insolvency register. The Registre Central de la Solvabilité (Central Solvency Register, known as Regsol) publishes notices of opened proceedings in near-real time. Assign responsibility internally for monitoring this register for your key Belgian counterparties. The notification period begins on publication, not on receipt of a formal letter.
3. Prepare proof of debt documentation in advance. A compliant proof of debt filing requires: original or certified copies of the underlying contract, invoices, delivery records, and any security documentation. Gathering these under time pressure increases the risk of error. Assemble the file now, while deadlines are not yet running.
4. Instruct Belgian counsel early. The amendments have introduced procedural nuances that require local legal support. A lawyer in Belgium with insolvency experience can file the proof of debt, attend the creditors meeting, and object to a restructuring plan on your behalf within the relevant windows. Engaging counsel after a proceeding opens – rather than before – compresses the time available and increases cost.
5. Review intercompany loan and security documentation. Group companies often hold claims against Belgian affiliates on informal or underdocumented terms. Under the revised rules, an undocumented intercompany claim is difficult to substantiate in a formal proof of debt process. Review all intercompany arrangements involving Belgian entities and ensure they are supported by written agreements, board resolutions, and transfer records.
Companies with disputes arising from Belgian insolvency proceedings – including challenges to the restructuring plan or disputes over claim priority – may also benefit from reviewing our analysis of corporate disputes in Belgium.
Companies operating across multiple EU jurisdictions should note that parallel amendments have been introduced in other member states under the same EU Restructuring Directive. Creditors managing cross-border insolvency exposure can compare the Belgian approach with developments in neighbouring jurisdictions, including the alert on insolvency law amendments in Portugal.
About Ferraz & Whitmore
Ferraz & Whitmore is an international law firm based in Lisbon, advising business clients across 46 jurisdictions. Our insolvency and restructuring practice supports international creditors, lenders, and corporate groups navigating Belgian insolvency proceedings – from proof of debt filing through creditors meeting representation and restructuring plan challenges. As a law firm in Belgium and across the EU, we combine Portuguese civil law expertise with English common law tradition to deliver cross-border solutions that work across multiple legal systems. Engaging a lawyer in Belgium with genuine cross-border experience matters when deadlines are short and recovery is at stake. Our attorneys have advised on insolvency proceedings before Belgian courts and in parallel proceedings across both civil law and common law jurisdictions. The firm is a member of leading international legal associations focused on cross-border insolvency and restructuring practice. To discuss your creditor position in Belgium, contact us at info@ferrazwhitmore.com.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.