A bill containing an entirely new Insolvency Code was presented to the House of Representatives on 20 April 2017. The need for a robust insolvency framework has received substantial attention due to the ongoing economic and financial crisis. Many European countries have recently modernised their insolvency legislation or are in the process of doing so. The bill forms part of an ambitious plan by Justice Minister Koen Geens to completely reform basic legislation and is intended to modernize insolvency law and bring it into line with current European legislative developments.
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