For this company, outstanding debts are reported by the Social Security and/or FPS Finance, resulting in a withholding obligation (Art 30bis and 30ter, more information via this link).
Outstanding debts with the Social Security or FPS finances often indicate serious difficulties, especially if the company also has liquidity problems.
Judicial reorganization offers companies in payment difficulties a chance to protect themselves temporarily against their creditors.
To do so, they must submit a reorganisation plan to the Court of Commerce.
As soon as the court approves the judicial reorganisation, the creditors of the company in difficulties can no longer distrain its assets.
So this often presents creditors with a fait accompli.
Most companies seeking protection from their creditors end up becoming insolvent or being liquidated, though.(*)
Request
Reorganization | Numbers | Insolvency or liquidation |
|---|
| 2019 | 581 | 66% |
| 2020 | 478 | 60% |
| 2021 | 407 | 54% |
| 2022 | 465 | 55% |
| 2023 | 598 | 32% |
statistics as at 7 may 2024
(*) Source: Companyweb: results based on our own study into causes of bankruptcies.
The filing had to be made by: 31-07-2024
The annual accounts must be filed within 30 days after they have been at the meeting and no later than 7 months after the closing date of the financial year, are deposited with the Central Balance Sheet Office.
Companies that do not submit their annual accounts on time will be charged a rate surcharge.
From the first day from the 10th month and up to the 12th month after the closing of the financial year:
- 180 euros for small companies (= abbreviated scheme)
- 600 euros for the other companies
Companies in difficulty often withhold their annual accounts because they wish to hide the bad figures.
If the company shows other negative signals, this may indicate a serious negative signal.
Exercise increased vigilance and inquire with the firm in question as to why.
Please note: if an amendment to the articles of association has been published since the last filing of the annual accounts, the non-filing may be the result of an extension of the financial year.
