Insolvency is the state whereby a legal or natural person is unable to repay its creditors due to having insufficient assets. In the event of prolonged insolvency, a company then declares itself bankrupt, whereas a private individual is directed towards a collective debt settlement procedure.

Updated 26/06/2017

Definitions provided under this section refer to the Belgian situation; unless specified otherwise. The texts are meant to summarize concepts in daily language and should not be considered as comprehensive or definite. We welcome suggestions for modifications or additions at