security for creditors

security for creditors

No later than two months after the publication of the deeds recording the contribution in the Annexes to the Belgian Official Journal, the creditors of each company participating in the transaction can demand security. Provided that the claim is certain prior to that publication but not yet due and payable or that they have instituted legal or arbitration proceedings for this claim prior to the deed establishing the contribution. The recipient company to which this claim was assigned in accordance with the proposal for assignment and, if applicable, the company making the assignment may each waive this claim by paying the claim at its value, after deducting a discount.

If no agreement is reached, the most diligent party shall submit the dispute to the president of the business court of the registered office of the debtor company, who shall preside over summary proceedings. Without prejudice to the rights in the case itself, the President shall determine the security to be provided by the company and the period within which it must be provided, unless he decides that no security is required in view of the guarantees and privileges available to the creditor or in view of the solvency of the recipient company concerned.

If the security is not provided within the specified period, the claim shall become immediately due and the recipient companies shall be jointly and severally liable for the fulfilment of this obligation.

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