TEMPORARY RECEIVER

When actual, serious and converging elements lead to the conclusion that bankruptcy conditions are matched for a company, the president of the Tribunal of Commerce may appoint one or more temporary receivers. He does it on request of a third party having an interest to the cause or he can do it on own initiative. The temporary receivers are entrusted the management of part or all of the company assets. Their mission is to protect the company assets and the interest of creditors.  (Article 8 of 8 Aug 1997 Act on bankruptcy.)

Updated 01/09/2017

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 glossary@tcm.be.