JRP | Mediation | Bankruptcy | |
Choice of languages |
FR/NL | 7 languages | Depending on the address of the registered office |
Can you choose which creditors to negotiate with? | No, they are all called, but the creditor can choose whether or not to attend. | Yes, you can choose the creditors with whom you wish to find a solution. | The trustee is responsible for repaying the creditors, in order of importance according to the company's assets and liquid assets. |
Can the amount of debt be reduced? | YES. Please note that it is difficult to reduce the amount of debt owed to financial institutions and the authorities. | YES | YES |
Applicant's financial situation | Complex situation (many creditors and large amount of debt) | Relatively simple situation (few creditors and low debts). | The company can no longer find solutions because its debts are too high in relation to its profitability. |
Submitting the claim to creditors | All creditors are contacted. A double majority is required to reach an agreement. | The company chooses which creditors are contacted. | A creditor may file for bankruptcy against either the manager or the administrator. All creditors must come forward. |
Is it confidential? |
YES | YES | No, publication in the Belgian Official Journal |
How is the payment plan accepted? |
Double majority required: 1. in number of persons (e.g. if there are 5 creditors, the agreement of 3 of them is required).
2. in the amount due (e.g. if the total debt is €20,000, the agreement must cover a minimum of €10,001) . |
Agreement drawn up separately with each creditor and validated by the court if desired
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Period |
Very short introduction times.
The company must react in time. Settlement within 5 years maximum |
Unlimited, as long as debtors agree to negotiate | Immediate, as soon as you are cited |
Cost | 1,000 EUR EXCL. VAT | 500 EUR EXCL. VAT |
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