A new tool regarding bankruptcy : the Central Solvency Register

04 Apr A new tool regarding bankruptcy : the Central Solvency Register

Posted at 00:00h in Newsletter by JoolDesign

On April 1^st, 2017, the law creating a Central Solvency Register entered into force. This virtual database includes all data related to Belgian companies which have been declared bankrupt. This should facilitate access to all procedural files regarding bankruptcy for the various stakeholders.

This Register will contain the digitalized file of bankruptcy, which is currently available in its classical, paper version at the commercial courts. It will include, amongst others, the decision declaring bankruptcy, the inventory of assets of the bankrupt company, the list of filed claims and the annual accounting report established by the trustee in bankruptcy.

A Royal Decree has entered into force on March 27, 2017 and determines the rules and fees to access the Register, which is will be since April 1^st, at the following address : www.regsol.be . The right to access the Register and its functionalities varies depending on the actor involved and is regulated by the law.

Creditors will have to file their claim online and pay a fixed fee of 6€. This fee will also give access to the bankruptcy file. Filing a claim will however be free of charge for any physical person who is not assisted by a legal professional (such as a lawyer or union), as well as for foreign companies and public institutions. A 6€ fee is also applicable for simply consulting the file, without filing any claim. The law has also set up a system of annual fixed fees for all bankruptcy proceedings, varying from 25 to 300 EUR and which are privileged on all sums to be distributed in the course of a bankruptcy.

This Register will facilitate transparency, information exchange and the follow-up of trustee’s work in bankruptcies. A similar system will probably be set for collective debt settlement and judicial reorganization.

If you wish to have more information on this topic, please contact M Virginie SCHOONHEYT (virginie.schoonheyt@cairnlegal.be).

Best regards,

The Cairn Legal team.

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