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Latest news & developments

COVID-19 #13 Liquidation of negative net equity companies

8 May 2020

In many groups, the current year financial performance will not meet the budget set at the start of the financial year. The current crisis is immeasurably affecting the economic landscape. When companies are no longer capable of funding their own operations, shareholders may be called to provide financial support. In circumstances like these, it is

COVID-19 and cross-border employment: Belgium reaches agreement on “force majeure” tolerance for cross-border workers with the Netherlands

7 May 2020

International travel restrictions and COVID-19 lock down measures, imposed by governments during the coronacrisis in order to “flatten the curve”, are pushing cross-border workers into a continuous home working scenario for many weeks now. Working days abroad are no longer an option. As stated by the OECD guidance, exceptional circumstances call for an exceptional level

EBITDA Interest Limitation Rule: New Circular Letter avoids unintended consequences when obtaining payment holidays

7 May 2020

On 5 May 2020, the Belgian tax administration published its Circular Letter 2020/C/62 on specific payment holidays negotiated in the context of the COVID-19 crisis. More in particular, this circular accepts that certain loans will not lose their “grandfathered” status in case specific modifications are negotiated to loan agreements so to bridge temporary payment difficulties.

Executive pay landscape: Implementation of the Revised Shareholders’ Rights Directive (SRD II) into Belgian law for Belgian quoted companies

6 May 2020

On May 6th, the Official Gazette has published the law on implementing the  SRD II – Directive (EU) 2017/828. Part of the Directive will be implemented by changing the newly introduced Belgian Code on Companies and Associations (BCCA). The aim of SRD II is to positively influence the involvement of long-term shareholders and increase transparency

COVID-19 and cross-border employment: is Belgium heading for a “force majeure” approach with its neighbouring countries?

30 April 2020

In our newsflash of 15 April 2020, we were pleased to inform you that the Netherlands and Germany came to a mutual agreement regarding a “force majeure” tolerance for cross-border employment situations that are impacted by the coronavirus (COVID-19) pandemic. The Dutch-German agreement certainly embodies the recent OECD recommendations of 3 April 2020 (see our

COVID-19 #12 Corporate simplification: transitioning into a cost-efficient, substance-based and sustainable corporate structure

30 April 2020

The current economic context highlights the need for multinational groups to realise savings, optimise cash movements within the group, rationalise management structures and/or reorganise their supply chain. Globalisation and also single sourcing of products (often only from China) made companies vulnerable for a disruption of their supply chain as has happened with many by this

New measures for open-ended public undertakings for collective investment against the consequences of the COVID-19 epidemic

29 April 2020

Summary The Royal Decree of 22 April 2020 aims to protect open-ended public undertakings for collective investment (“UCIs”) against the consequences of the COVID-19 epidemic and in particular protect the liquidity of such UCIs. UCIs that are confronted with redemption requests of their units have to sell, often at unfavourable prices, positions in their portfolios