The short answer
Judicial reorganisation (gerechtelijke reorganisatie, WCO; réorganisation judiciaire, PRJ) is the Belgian procedure in which a company in difficulty asks the enterprise court for protection from its creditors while it tries to keep going. It is not a bankruptcy. The court grants a standstill of at most six months at first, which can be extended; while a request is pending, the company cannot be declared bankrupt. The rescue can take three forms: an amicable agreement with some creditors, a collective reorganisation plan voted by the creditors, or a transfer of the business under court authority. For a supplier, the practical points are that ongoing contracts do not end automatically, old debts are frozen, and you decide how much new credit to give. You can see a public reorganisation in the company's KBO status and in the Official Gazette; the private variant introduced in 2023 is not published.
This is general information for sales and credit teams, not legal advice.
The legal framework
Judicial reorganisation sits in Book XX of the Code of Economic Law on the insolvency of enterprises, in force since 1 May 2018. A law of 7 June 2023, in force since 1 September 2023, transposed the EU directive on preventive restructuring (2019/1023) and added a confidential, private procedure alongside the public one.
The forms a reorganisation can take
Form | What happens |
|---|---|
Amicable agreement | The company negotiates, under court protection, with at least two creditors of its choice. Other creditors are not bound. |
Collective agreement (reorganisation plan) | A plan is put to all creditors; once approved by the required majority and the court, it can bind creditors who voted against, for example on payment terms or partial write-offs. |
Transfer under court authority | All or part of the business is sold, organised by a court-appointed officer, so the activity and jobs can continue under a new owner. |
Private procedure (since 2023) | An amicable or collective agreement prepared confidentially, without publication, according to law-firm commentary on the 2023 reform. |
The standstill
When the court opens a public reorganisation, it sets a protection period of at most six months. It can be extended if circumstances justify it; notary and law-firm summaries describe a practical ceiling of twelve months, some sources eighteen. During the standstill, creditors cannot enforce their existing claims individually, and while the court has not yet ruled on the request, the company cannot be declared bankrupt or, if it is a legal entity, judicially dissolved.
What it means if your customer enters it
Contracts continue. Opening a reorganisation does not by itself end ongoing contracts, and a clause that lets you terminate because of the reorganisation does not work. The company can ask the court for permission to end a contract it needs to shed.
Old invoices are frozen. Claims from before the opening fall under the procedure: you file them, and a plan can change their terms.
New deliveries are a decision. Supplies after the opening are generally meant to be paid in the ordinary course, according to legal commentary. You can still ask for prepayment or shorter terms on new orders.
Watch the outcome. A reorganisation ends with an approved plan, a transfer, or, if it fails, often a bankruptcy.
How to find out a company is in reorganisation
KBO status. In the Crossroads Bank for Enterprises, a company in judicial reorganisation carries the legal status "Suspension (judicial reorganisation)", code 91 in the register's data dictionary. It is visible in KBO Public Search. The Belgian company register guide shows where.
Official Gazette. The judgment opening a public reorganisation is published by extract in the Official Gazette. How to search the Official Gazette.
RegSol. Filings run through RegSol, the central solvency register, used by the parties to a case. What RegSol is explains its role.
Not visible: a private reorganisation under the 2023 rules is not published, so public sources will not show it.
To follow status changes across many accounts instead of checking one by one, see how to track changes at Belgian companies and how to check a company's financial health.
Reorganisation, bankruptcy and liquidation compared
Judicial reorganisation | Bankruptcy | Liquidation | |
|---|---|---|---|
Aim | Keep the business going | Wind up an insolvent company under a curator | Wind up a company, often solvent, under a liquidator |
Who decides | The company asks, the court opens | The court declares | The shareholders, or the court in a judicial dissolution |
KBO status | Suspension (judicial reorganisation) | Bankruptcy | In liquidation, then liquidation closed |
More on the other two in how to check whether a Belgian company is bankrupt and what it means when a company is in liquidation.
Frequently asked questions
What is WCO or PRJ in Belgium? Judicial reorganisation: a court procedure in which a company in difficulty gets protection from its creditors to reorganise, through an amicable agreement, a collective plan or a transfer of the business.
How long does judicial reorganisation last? The court sets a first protection period of at most six months, which can be extended when justified; commentary describes a usual ceiling of twelve months.
Can a supplier stop delivering to a company in reorganisation? Ongoing contracts do not end automatically because of the reorganisation, and termination clauses based on it do not apply. For new orders, you can set conditions such as prepayment.
How do I know if a company is in judicial reorganisation? Its KBO status shows "suspension (judicial reorganisation)", and the opening judgment is published in the Official Gazette. A private reorganisation is not published.
Photo: the Antwerp courthouse with its sail-shaped roofs, seen from the air, Lieven Smits, CC BY-SA 4.0, via Wikimedia Commons