• Bankruptcy procedure

The Court’s ruling on the commencement of the recovery procedure establishes that all legal requirements are met. The debtor must be a registered trader (natural person or corporate body), a craftsman or a private company, in a state of insolvency (meaning that the debtor is unable to pay its debts with its available assets).

However, a company with financial difficulties may be saved. If so, it can draft a recovery plan, either by continuing its y or by transferring a part or all the company to a third party to pay all its debts.

To read the complete instructions, click here (in French)

•   Judicial liquidation

The Court’s ruling on the commencement of the recovery procedure establishes that all legal requirements are met. The debtor must be a registered trader (natural person or corporate body), a craftsman or a private company, in a state of insolvency (meaning that the debtor is unable to pay its debts with its available assets).

The court certifies that the y has ceased or that the recovery is impossible. If the compulsory liquidation is pronounced during the watching period, the Court establishes that the person cannot draft a recovery plan.

The compulsory liquidation leads to the immediate winding-up of the business. The legal entity only exists for the needs of the liquidation until the closure accounts are published.

To read the complete instructions, click here (in French)

•  Company’s takeover

When decided on a recovery plan, any person interested can apply in order to buy out the company. Candidates’ applications must fulfill several legal requirements.

To read the complete instructions, click here (in French)