What is the new Belgian Companies and Associations Code and how did this reform come about? The objective is clear: to modernize Belgian company and association law by simplifying it
Modernization of Belgian law
The cooperative company
The cooperative company (CC) is a flexible form of company with variable capital, enabling its shareholders to enter and exit on the basis of the corporate capital.
Governance structure of a public limited liability company (NV/SA)
With the new Belgian Company Code the composition of the NV board is more flexible with the creation of 3 governance regimes: monistic governance, sole director and dual governance.
Directors’ liability: The new Belgian Company Code will lead to more flexibility
The new Belgian Company Code now explicitly states that directors must exercise their general duties with reasonable care, skill and diligence.
Dissolution and liquidation in one notary deed
The new BCC allows for the dissolution and liquidation of a company in one notary deed and makes some adjustments to the attendance requirement for the general meeting.