We have listed below some high level and practical recommendations to the directors of a Belgian company in financial distress. Bear in mind that by ‘directors’, we mean not only the individuals that are formally appointed as director (either in person or via a management company), but also de facto directors being any person that has actual decision-making powers with respect to the Belgian company, through a formal mandate or otherwise. Please note that the risk assessment and adequate measures depend in large part on the factual circumstances surrounding the company and should be assessed carefully.
In a previous article we highlighted directors’ duties and liabilities in Belgium, within the context of COVID-19.
Regarding a director’s criminal liability risk, you can read more about the blind spot of directors' criminal liability as participants in offences committed by or within the company here.
