13 Dec Temporary protection measures for “high energy-consuming”  companies in financial difficulty

On 30 October 2022 (Belgian Official Gazette, 3 November 2022) the Belgian parliament passed a bill   designed to support ” high energy-consuming ” companies facing financial difficulties due to the current crisis and the resulting increase in energy prices.
 
Under certain conditions, these new support measures for high energy-consuming companies are aimed at fending off and/or staying attachment (only for movable goods) and bankruptcy proceedings. These measures do not apply to foreclosing proceedings (on real estate property)
 
Companies facing attachment of their movable property, can petition for an immediate release if their movable property is attached based on debts incurred for purchases of energy supplies made after February 24, 2022.
 
For those companies in financial difficulty Belgium has decided on a temporary moratorium with regards to bankruptcy summons or judicial dissolution. Furthermore, their legal obligation to file for bankruptcy is temporary stayed if the conditions of bankruptcy are met due to the radical increase in energy prices.
 
It should, however, be pointed out that the purpose of this moratorium is not to exempt those companies in difficulty from their obligations. The obligation to settle outstanding debts remains.  As a consequence, these outstanding debts will keep on accruing interests as long as they are not settled in full.
 
These measures came into effect on 3 November 2022 and will expire on 31 December 2022, subject to renewal.
 
For more information on the subject, please feel free to contact Me Guillaume RUE.

Yours sincerely

The Cairn Legal Team