The Belgium Turnaround Association (BeTA), of which NautaDutilh is a founding member, was launched yesterday.
BeTA is the first multi-disciplinary body in Belgium for public and private investors, private equity professionals, bankers, lawyers, consultants and financial advisors, all of whom are key to providing successful turnaround and restructuring plans.
The Covid-19 pandemic and ensuing lockdowns and restrictive measures have created an uncertain future for many companies. Over the past year, profits declined sharply while debts grew due to postponed loan, VAT, social security and tax payments as well as new indebtedness incurred to cover liquidity shortages. These financial setbacks, combined with the substantial cash injections needed to kickstart businesses, will result in challenges for many companies.
Sophie Jacmain, restructuring and insolvency partner at NautaDutilh and a member of BeTA's steering committee, states: "The coming months will remain challenging for many companies. They will have to make difficult decisions, which have been delayed due to the Covid-19 pandemic. A regulatory framework, professional help and expert advice will be necessary to survive and restructure in the next few months. Having acted in a wide range of insolvency and both out-of-court and in-court restructuring proceedings, I hope to make a valuable contribution to BeTA and contribute to solutions to help businesses transition to the post-Covid-19 economy."
BeTA aims to be the collective voice for turnaround and restructuring professionals in Belgium. By doing so, it wishes to play a pivotal role with policy makers, struggling businesses, unions, creditors, investors and the general public when it comes to successfully managing difficult corporate situations nationwide. BeTA brings together public and private investors, private equity professionals, bankers, lawyers, consultants and financial advisors, all of whom are key to providing successful turnaround and restructuring plans.