The Judicial Reorganisation Procedure (PRJ)

Do you have business debts (VAT, social security contributions, rent, taxes, banks, suppliers, bailiffs, etc.) that you are no longer able to repay? How can you avoid bankruptcy? Do you want to reduce your debts? Do you want to help your struggling business?

4 types of PRJ

JRP by collective agreement:

During this PRJ, a grace period of between 1 and 4 months is put in place in order to draw up a plan. This plan is submitted to all creditors. To be validated, it must be approved by a double majority – in terms of amount and number – of the creditors. The plan is then binding on all parties, including the ONSS and the VAT authority.

JRP by amicable agreement:

This aims to reach an amicable agreement with the creditors of the company's choice on a payment schedule and the negotiation of the waiver of part of the debt.

Transfer JRP:

Prior to the Act of 1 September 2023, the PRJ was designed to transfer the viable part of a business. Since then, it has become the ‘transfer under judicial authority’, incorporated into liquidation proceedings, notably following the Plessers judgment. It now constitutes an independent insolvency procedure whose objective is the liquidation of assets: once the transfer has taken place, the business is destined for bankruptcy or liquidation. Although still eligible for certain forms of financing, it accounts for less than 5% of accepted cases.

PRJ silent/private:

A confidential procedure that is becoming increasingly popular. If negotiations are successful, the company can then request the official opening of a ‘traditional’ PRJ with publication, giving it time to prepare a plan or negotiate with certain creditors. If nothing comes of it, the attempt remains confidential, which prevents the company from being stigmatised. Objective: To give a second chance to companies in difficulty, protecting their reputation and giving them time to reach an amicable agreement with their main creditors before any official publicity.

New: as part of its support for businesses in difficulty, the Brussels-Capital Region is providing specific funding in 2026 for certain applications for judicial reorganisation proceedings (PRJ).

In practice :

A grant of €3,250 excluding VAT per case may be awarded;
Important condition: once the application has been accepted, the applicant company must have previously paid an invoice of €500 excluding VAT to Beci to cover administrative costs;
The total amount available to cover legal fees is €3,750 excluding VAT;
Link to apply

This grant facilitates access to professional support in proceedings aimed at ensuring the continuity of the business.

Who can apply for a PRJ

Companies, NPOs and natural persons.

Avoid bankruptcy by introducing a PRJ? What is the purpose of a PRJ?

Its purpose is to find a solution to financial problems.

How ? By negotiating an agreement to reduce the company's debts, but in a much stricter and more formal manner. Under a PRJ, the company in difficulty asks the court for a period of time to get back on its feet, during which its creditors will leave it alone. During this respite, the company puts in place a recovery plan, which must be approved by the creditors and the court, and which will enable it to clear its debts.

Difference between PRJ, debt mediation and bankruptcy

Both procedures are equally valid; they are simply more suited to certain cases than others. To find out whether you should opt for mediation or a PRJ, refer to the table below.

Apart from the PRJ and mediation, what other ways are there to reduce your debt?

Borrowing, but this is not ideal when you already have debts.
Recapitalising, for example through family or friends.
Sell off assests

Contact our PRJ advisor

Eric Vanden Bemden

Email

La PRJ : Procédure de Réorganisation Judiciaire

	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?	NO	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 terms of the amount owed (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	/
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	/

Follow us

Follow us

The Judicial Reorganisation Procedure (PRJ)

Do you have business debts (VAT, social security contributions, rent, taxes, banks, suppliers, bailiffs, etc.) that you are no longer able to repay? How can you avoid bankruptcy? Do you want to reduce your debts? Do you want to help your struggling business?

4 types of PRJ

Who can apply for a PRJ

Avoid bankruptcy by introducing a PRJ? What is the purpose of a PRJ?

Difference between PRJ, debt mediation and bankruptcy

Apart from the PRJ and mediation, what other ways are there to reduce your debt?

Contact our PRJ advisor

Suivez-nous

The Judicial Reorganisation Procedure (PRJ)

Do you have business debts (VAT, social security contributions, rent, taxes, banks, suppliers, bailiffs, etc.) that you are no longer able to repay? How can you avoid bankruptcy? Do you want to reduce your debts? Do you want to help your struggling business?​

4 types of PRJ

Who can apply for a PRJ

Avoid bankruptcy by introducing a PRJ? What is the purpose of a PRJ?

Difference between PRJ, debt mediation and bankruptcy

Apart from the PRJ and mediation, what other ways are there to reduce your debt?

Contact our PRJ advisor

Do you have business debts (VAT, social security contributions, rent, taxes, banks, suppliers, bailiffs, etc.) that you are no longer able to repay? How can you avoid bankruptcy? Do you want to reduce your debts? Do you want to help your struggling business?