Make sure to adapt your Statutes to the Companies and Associations Code!
The Belgian Companies and Associations Code entered into force on 1 May 2019. It has substantially modified Belgian corporate law.
As a result, companies and associations must update their Statutes in order to comply with the rules foreseen in the Companies and Associations Code. These legal entities have up until the end of 2023 to adapt their Statutes to the new Code.
A specific legal liability of Board members is foreseen, in case third parties (or the company or the association itself) claim a damage resulting from the non-compliance with the new Code as from 2024.
To exclude this risk of liability for Board members, companies and associations are encouraged to start this adaptation process without delay. Indeed, as this process implies a decision of the General Assembly, the entire process may stretch over several months or more than a year.
If you have questions regarding the above, or should you seek assistance in relation to the compliance with the Companies and Associations Code, do not hesitate to contact us.