{"id":9683,"date":"2025-11-10T10:14:21","date_gmt":"2025-11-10T09:14:21","guid":{"rendered":"https:\/\/ibj.be\/news-fr\/behind-closed-doors-understanding-the-silent-bankruptcy-procedure\/"},"modified":"2025-11-10T10:14:54","modified_gmt":"2025-11-10T09:14:54","slug":"behind-closed-doors-understanding-the-silent-bankruptcy-procedure","status":"publish","type":"post","link":"https:\/\/ibj.be\/fr\/partnerblog-fr\/behind-closed-doors-understanding-the-silent-bankruptcy-procedure\/","title":{"rendered":"Behind closed doors: Understanding the Silent Bankruptcy Procedure \u00a0"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">On 1 September 2023, a significant development in Belgian insolvency law came into effect with the introduction of the Silent Bankruptcy Procedure, also known as the Pre-pack procedure. In just two years since its launch, this innovative tool has quickly proven its value and effectiveness. &nbsp;Notable companies such as Meubelen Verberckmoes, the toy retailer Fun, and the restaurant group Lunch Garden have successfully benefited from the procedure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inspired by established pre-pack models from (a.o.) the United Kingdom and the Netherlands, the Belgian Silent Bankruptcy Procedure offers financially distressed companies a flexible and confidential way to organise the transfer of all or part of their assets and\/or operations before formally filing for bankruptcy. Below, we outline how the procedure functions, highlight its advantages, and discuss key considerations.<\/p>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-c892216\" id=\"understanding-the-procedure\" data-block-id=\"c892216\"><style>.stk-c892216 {margin-bottom:15px !important;}<\/style><h4 class=\"stk-block-heading__text\">Understanding the procedure<\/h4><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The procedure begins when a company files a petition to initiate a Silent Bankruptcy Procedure. The company must clearly demonstrate that the proposed preparation phase will (1) streamline the liquidation process to maximise returns for creditors, and (2) preserve employment as much as possible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The court reviews this petition promptly (within three working days) and behind closed doors. If approved, the court grants the company a limited period \u2013 usually 30 days, extendable up to 60 days \u2013 to prepare for the transfer of all or part of its assets and\/or operations. The court also appoints a proposed bankruptcy administrator <a>(\u201c<em>de beoogd curator\u201d\/<\/em> \u201cle <em>curateur potentiel\u201d<\/em>) <\/a>and a proposed supervisory judge <a>(\u201c<em>beoogd rechter-commissaris<\/em>\u201d\/ \u201cle <em>juge-commissaire potentiel\u201d<\/em>)<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed bankruptcy administrator\u2019s role is to assess whether the company\u2019s plan is feasible. He oversees the preparation of the (potential) bankruptcy and represents the interests of the collective of creditors, operating under the supervision of the proposed supervisory judge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once the preparatory phase concludes, the company can file for bankruptcy. At that point, the proposed bankruptcy administrator becomes the bankruptcy administrator, and the proposed supervisory judge becomes the supervisory judge.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transfer of assets and\/or operations takes place only after the opening of the bankruptcy and is subject to court review and approval.<\/p>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-5185fe4\" id=\"advantages-and-considerations\" data-block-id=\"5185fe4\"><style>.stk-5185fe4 {margin-bottom:15px !important;}<\/style><h4 class=\"stk-block-heading__text\">Advantages and considerations<\/h4><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Advantages<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Silent Bankruptcy Procedure enables the transfer of a company\u2019s assets and\/or operations \u201cas a going concern.\u201d This approach helps retain a <strong>higher overall value<\/strong> compared to selling assets individually through piecemeal liquidation, generally resulting in better returns for creditors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another key factor in preserving the company\u2019s value is the confidentiality of the procedure. Traditional bankruptcy or (public) reorganisation proceedings\u2014which require public disclosure, including publication in the Annexes to the Belgian Official Gazette\u2014typically lead to a sharp decline in business value, reputational damage, and unrest among customers, creditors, and employees. The Silent Bankruptcy Procedure avoids these issues through its confidential nature, thereby supporting better outcomes for all stakeholders involved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the company must demonstrate in its petition that the Silent Bankruptcy Procedure aims to preserve employment as much as possible, the potential buyer is <strong>not obliged to take on all employees<\/strong> under Collective Labour Agreement no. 32<em>bis<\/em>. The potential buyer has the freedom to choose which employees to retain; however, for those employees taken on, their seniority and any applicable collective labour agreements must be respected.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another noteworthy point is that the law permits <strong>related parties or insiders<\/strong> to present themselves as potential buyers, provided that the proposed bankruptcy trustee is informed and formally notifies the proposed supervisory judge in writing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During the Silent Bankruptcy Procedure, the company facing financial difficulties <strong>retains control<\/strong> of its operations. This allows management to actively participate in the restructuring procedure and may facilitate smoother negotiations with potential buyers and other stakeholders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, retaining control does not lessen the need for close cooperation with the proposed bankruptcy administrator. For example, negotiations with a potential buyer will always take place in consultation with, or at least with the agreement of, the proposed bankruptcy administrator. This cooperation <strong>reassures<\/strong> the company that the transfer is less likely to be challenged by the proposed bankruptcy administrator after the formal bankruptcy filing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regarding the interaction between the company and the proposed bankruptcy administrator, the parliamentary preparatory documents clarify that there is no dispossession of the company; rather, the procedure involves \u201c<em>a form of supervision and active cooperation with the proposed bankruptcy administrator aimed at facilitating the transfer within the shortest possible timeframe<\/em>.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is also important to emphasise that during the period in which a company is sub judice (i.e., following the initiation of the Silent Bankruptcy Procedure), there is no obligation to file for bankruptcy or seek judicial reorganisation. <strong>The obligation to file for bankruptcy in a timely manner is suspended<\/strong> during the duration of the Silent Bankruptcy Procedure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Considerations<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An important consideration is that the Silent Bankruptcy Procedure is available to companies that consider themselves to be in a state of bankruptcy (<em>i.e.<\/em>, those experiencing payment suspension and whose creditworthiness is impaired). However, during the preparatory phase, they must continue operating as a going concern for a minimum period of 30 days, despite <strong>not receiving any protection against creditors<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Consequently, creditors can still attempt to collect their debts at any time, for example, by taking preservation or enforcement measures or by initiating bankruptcy proceedings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, as it is the proposed bankruptcy administrator\u2019s responsibility to protect the interests of the collective of creditors, he must exercise caution \u2013 especially when an affiliated company or individual submits a bid for the company\u2019s assets and\/or operations. A key factor is whether the bid reflects market value\u2014an assessment that can be complex for the proposed bankruptcy administrator. This may necessitate him\/her engaging with other potential bidders, for example.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While the law provides that the proposed bankruptcy administrator may only engage with third parties or experts with the company\u2019s consent, in practice, the company cannot reasonably refuse. Moreover, should the company refuse, the proposed bankruptcy administrator may request the court\u2019s permission to engage with interested parties, or the court may grant this authority at any time and on its own initiative if deemed necessary.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although non-disclosure agreements (NDAs) will be signed in such cases, <strong>questions may arise as to how this aligns with the confidential nature of the procedure<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The strict deadlines imposed by the procedure can also create practical challenges. A timeframe of 30 days (extendable to a maximum of 60 days) is limited for thoroughly assessing and negotiating a bid. Consequently, all parties may be required to operate under significant <strong>time pressure<\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-stackable-heading stk-block-heading stk-block-heading--v2 stk-block stk-099b8fc\" id=\"conclusion\" data-block-id=\"099b8fc\"><style>.stk-099b8fc {margin-bottom:15px !important;}<\/style><h4 class=\"stk-block-heading__text\">Conclusion<\/h4><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Although there are considerations to keep in mind\u2014such as ongoing creditor risks and strict deadlines\u2014the Silent Bankruptcy Procedure has, since its introduction two years ago, proven to be a promising and discreet alternative within the insolvency toolkit. It offers companies facing financial difficulties an effective way to restructure their business while aiming to optimise outcomes for all stakeholders involved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you would like to learn more about the Silent Bankruptcy Procedure and other restructuring options, we invite you to attend the IBJ-Deloitte Legal seminar on 1 December 2025. For more information, please follow this link: <a href=\"https:\/\/extranet.ije.be\/nl\/details-8722\/opleidingen\/16885\/\">https:\/\/extranet.ije.be\/nl\/details-8722\/opleidingen\/16885\/<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.deloittelegal.be\/lg\/en\/about\/profiles.jurgen-egger%2Bef8ef1ca.html\">J\u00fcrgen Egger<\/a>, <a href=\"https:\/\/www.deloittelegal.be\/lg\/en\/about\/profiles.glenn-hansen+867041f3.html\">Glenn Hansen<\/a>, <a href=\"https:\/\/www.deloittelegal.be\/lg\/en\/about\/profiles.lieselotte-collage+157cba52.html\">Lieselotte Collage<\/a>, <a href=\"https:\/\/www.deloittelegal.be\/lg\/en\/about\/profiles.emile-pype+81dfbe9b.html\">Emile Pype<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 1 September 2023, a significant development in Belgian insolvency law came into effect with the introduction of the Silent Bankruptcy Procedure, also known as the Pre-pack procedure. In just two years since its launch, this innovative tool has quickly proven its value and effectiveness. &nbsp;Notable companies such as Meubelen Verberckmoes, the toy retailer Fun, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62],"tags":[],"class_list":["post-9683","post","type-post","status-publish","format-standard","hentry","category-partnerblog-fr"],"blocksy_meta":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Behind closed doors: Understanding the Silent Bankruptcy Procedure \u00a0 - IBJ - IJE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ibj.be\/fr\/partnerblog-fr\/behind-closed-doors-understanding-the-silent-bankruptcy-procedure\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behind closed doors: Understanding the Silent Bankruptcy Procedure \u00a0 - IBJ - IJE\" \/>\n<meta property=\"og:description\" content=\"On 1 September 2023, a significant development in Belgian insolvency law came into effect with the introduction of the Silent Bankruptcy Procedure, also known as the Pre-pack procedure. 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