Completion of reorganisation

Reorganisation is completed when the insolvency court’s resolution acknowledging the fulfilment of the reorganisation plan becomes final.

Reorganisation is completed when the insolvency court issues a decision acknowledging the fulfilment of all or a substantial part of the reorganisation plan. There is no right of appeal against that decision.

Reorganisation may also be ended if the insolvency court decides to convert reorganisation into bankruptcy. This happens in cases stipulated by law, in particular when problems arise in the approval of and compliance with the reorganisation plan. The insolvency court cannot take a decision to convert reorganisation into bankruptcy if fundamental aspects of the reorganisation plan have been fulfilled. Appeals against a court decision to convert reorganisation into bankruptcy may be lodged by the debtor, the reorganisation applicant, the insolvency practitioner or the creditors’ committee. When the insolvency court decides to convert reorganisation into bankruptcy, the effects associated with a bankruptcy declaration are established unless the insolvency court, in its decision, lays down different conditions for this conversion.

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