OTHER CONSIDERATIONS

• The federal and regional measures can offer some financial support to companies.
• A Royal Decree was published regarding the organization of General Meetings. The Decree offers the possibility to postpone the general meeting or to organize a written or electronical general meeting.
  • You can find more information in our Legal section.
• According to article 2:52 of the Code for Companies and organizations, the board must deliberate on the measures to be taken in order to safeguard the continuity of the economic activity for at least 12 months, whenever the continuity could be endangered.
• Economic professionals should inform their clients whenever they discover important facts that could endanger the continuity of their business during their performance (in accordance with Article XX 23 § 3 CER).
• The board of directors is obliged to take action whenever the continuity of the company is endangered.
  • If not, the board can be held liable. 
• The new Code for Companies and Associations has imposed stricter rules regarding distributions within a private limited liability company (SRL/BV). The company will have to consider the impact of the current crisis on the financial numbers whenever evaluating the distribution tests.
• Belgian financial institutions are obligated to search for solutions regarding liquidity problems and consider to help their clients( f.e. loan repayment deferrals). You can contact your bank to discuss the support options for your company.

We hope that all of our clients will be able to limit the impact of the crisis and are happy to assist with any calculations and forecasts or explanations of certain measures and obligations. Please do not hesitate to contact your contact person.