BE - Draft law introducing the Belgian Code of Companies and Associations
On 5th June 2018, the Belgian Chamber of commercial law published on its website the draft law introducing the Code of Companies and Associations.
On 5th June 2018, the Belgian Chamber of commercial law published on its website the draft law introducing the Code of Companies and Associations. This draft law aims to modernize and improve the concurrency of the Belgian company law in the European context, providing more flexibility and clarity to the current legislation. The main purposes of the draft law are the following:
- Simplify the legislation: suppression of the distinction between civil and commercial companies, suppression of the public companies, limitation of the rules regarding listed companies, reduction of the number of company forms, reduction of the criminal law provisions;
- Promote suppletive law and flexibility: for SA companies: the rule of revocability ad nutum of the director becomes suppletive; for SRL companies (previously called SPRL): the capital requirement is removed.