Stan Brijs and Sophie Jacmain in Trends on bankruptcy in the liberal professions
Stan Brijs and Sophie Jacmain, partners in our Litigation and Arbitration practice and restructuring and insolvency specialists, were recently interviewed in Trends, the Belgian business and finance weekly, about liberal professionals facing bankruptcy due to a drop in economy activity as a result of the Covid-19 crisis.
Two years ago, liberal professionals were given the status of entrepreneur, meaning they can declare bankruptcy and be declared bankrupt. In their article, Sophie and Stan point out that if a business has passed the point of no return, appropriate action should be taken in a timely manner in order to avoid being held personally liable for unpaid business debts.
If it's not possible to reach a settlement with creditors, there is however life after bankruptcy. Liberal professionals can be given a second chance through the debt cancellation measures introduced by the new Bankruptcy Act.
The full article is available here (in Dutch).