Belgium

Briefings in English - 2010

Belgium has recently adopted a new legislation that aims primarily at reinforcing the corporate governance in listed companies. Listed companies will now be required to publish in their annual report a corporate governance declaration, including a remuneration report, and to set up a remuneration committee (subject to certain exceptions). The new law also provides for an approval process of severance payment and remuneration agreement of directors under certain circumstances. This briefing outlines the key features of the new legislation. (April 2010)

Recent studies confirm that the scramble for global talent is high on employers’ agendas. Global companies that were largely introspective, focusing on cost-cutting and downsizing during 2009, are now considering how best to adapt to dealing with those long-awaited ‘green shoots of recovery’. The steps taken during 2009 to reduce head count may not have left companies with the right blend of employee skill and experience to maximise the opportunities for recovery and therefore the search for global talent is now on. Employers are considering not just their own key staff, but, more important, are looking at the talent of their competitors.This guide gives a flavour of the types of protections available and associated issues that arise in some key jurisdictions. (April 2010)

A guide to conducting a public takeover in Belgium. (March 2010)

This guide covers the main aspects of investing in commercial real estate in Austria, Belgium, England and Wales, France, Germany, Italy, the Netherlands and Spain. It summarises types of ownership and property rights, the acquisition process, legislative controls on the use and development of land and taxes and other costs involved in acquiring real estate. It is neither an exhaustive summary nor a detailed analysis of property-related legislation and therefore cannot replace detailed advice from qualified legal counsel on specific cases or transactions. (March 2010)

Our EU public affairs practice operates as part of our Brussels office and provides strategic advice on a broad range of European law issues concerning communications and media, competition, ecommerce, intellectual property, environment, financial services, energy, taxation and company law issues. (March 2010)

Briefings in English - 2009

This guide provides a high-level outline of the tax treatment in relation to convertible bonds for issuers and investors in some of the key jurisdictions in which we practise tax. Among the points considered are the tax treatment of interest payments and the tax consequences of a conversion of the bond into shares or a cash redemption or settlement. Where relevant, we have included a summary of the expected accounting treatment under applicable local generally accepted accounting principles (GAAP), to facilitate the understanding of the tax treatment. (September 2009)

This briefing sets out the key Belgian tax issues in respect of business restructurings in the downturn. In summary, business restructurings normally take the form of asset or share transactions. The transfer of a business, a merger, a demerger or a partial demerger may be eligible for relief, but other tax consequences have to be taken into account in deciding whether requesting this relief will be attractive. The transfer of a business in exchange for other (debt) instruments is not eligible for special relief treatment (unless it is done in the context of a judicial re-organisation); this is considered a sale. (July 2009)

This briefing discusses Belgian tax aspects affecting financially distressed and insolvent corporate taxpayers, (secondary) tax liabilities and preferential rights in relation to tax claims. It also notes the tax consequences for Belgian creditors of a debtor that is unable to pay and for Belgian shareholders holding shares in a subsidiary that is liquidated. (June 2009)

This briefing sets out the key Belgian corporate income tax issues of debt restructurings. In summary, debtors may be faced with material tax consequences if their debt is (partially or wholly) waived/released or exchanged into equity below nominal value. Creditors should, as a general rule, be able to get a tax deduction for such a waiver/release or exchange. Especially in case of an intra-group debt restructuring arm’s length terms and conditions need to be used to mitigate negative tax consequences. (May 2009)

This briefing summarises the typical tax issues arising in downturn planning: avoiding unnecessary cash-outs by monitoring and if necessary reducing tax prepayments, reducing taxable profits for the income year 2009, in combination with the carry-forward of tax losses and notional interest deduction to later years, how to avoid deferred tax assets, potential secondary liability if counterparties are unable to pay their tax debts, tax aspects involving restructuring and some important legislative changes triggered by the financial crisis. (April 2009)

The Belgian Act on Continuity comes into force on 1 April 2009. It contains new restructuring legislation to enable the reorganisation of Belgian enterprises under the supervision of the court. This briefing outlines the key features of the new legislation. The Act of Continuity is a welcome legislative step considering the substantial increase in restructurings and insolvencies in Belgium.

Briefings in English - 2006

A new Competition Act will enter into force in Belgium on 1 October 2006. The new regime introduces major institutional, substantive and procedural changes and brings Belgian competition law further in line with EU competition law. (September 2006)

Briefings in English - 2005

The Belgian parliament has recently passed the 2004 Act concerning undertakings for collective investment in transferable securities (UCITS) Act, which introduces important changes to the legal framework for securitisations in Belgium. (May 2005)

Briefings in English - 2003

Forms part of a series aimed at those with an interest in acquiring or advising on an acquisition of a public company in the different European jurisdictions. (Spring 2003)

Briefings in Dutch - 2007

Dit wetsontwerp, dat de wet betreffende het gerechtelijk akkoord dient te vervangen, werd op de agenda van de Ministerraad van 12 januari 2007 ingeschreven. Omwille van een blijvend meningsverschil over het artikel 51 van het ontwerp inzake de rechten van de werknemers, is de goedkeuring ervan momenteel uitgesteld tot de vorming van de volgende Regering na de verkiezingen van 10 Juni 2007. (Januari 2007).

Briefings in Dutch - 2003

Aflevering 1 - Technieken en financiering van overheidsoptreden (Maart 2003)

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