1. DEBT COLLECTIONIN BELGIUMA presentation brought to youby BridgeWest.eu

2. The economic context inBelgium Belgium is considered an economical force, due to theworldwide context. However, many companies in Belgium are facingeconomical issues and cannot pay the claims issued bycreditors. This creates a chain of weakness: the debtor cannotpay the creditors, which become debtors in their turnfor other providers. 3. The debt collection procedure Creditors can approach the recovery process throughtwo methods. The first one is based on the good faith of thedebtors. As a last resort, the creditors are hiring debtcollection agencies and even file petitions at thecompetent courts in order to settle the dues. 4. The debt collectionprocedure The debt collection procedure can be divided intoseveral phases: extrajudicial collections court ordered collections theaction on the meritsmeasure bankruptcy processes 5. The extrajudicialcollections in Belgium In this phase, the Court is not notified regarding theissue. The client is receiving numerous reminders andnotifications regarding the due debts. 6. The extrajudicialcollections in Belgium In certain cases, a settlement is possible betweenthe creditor and the debtor for a payment schedulein trances of the claims. Delayed payments, payment in trances are possibleif both parties agree on that. 7. The court orderedcollections in Belgium If the debtor is not responding to the requests, thecase will be taken over by a collection agency. The collection methods differ from agency to agencybut most of them involve notification on behalf of theclient and pursue with legal actions against the debtorif necessary. 8. The court ordered collectionsin Belgium The attorneys from the debt collection agencies mustfirst contact the indebted and asks the reasons why theclaim is not covered. If after this phone call the debtor will still not pay hisdebts a new letter will be sent sent to him regarding thelegal measures that might be instituted against him. If none of the above methods work, the claim can besubmitted to the court and the debtor receives a summons. 9. The Action on the meritsmeasure in Belgium The parties involved in the process will notappear personally in front of the Court. The Court elaborates a filling schedule. The creditor and the debtor can respond inwriting to each other. 10. The bankruptcy process inBelgium In extreme cases, the last method of debt collection is fillinga petition for bankruptcy and submitting it at the Court by thecreditors. After the enforceable judgment is obtained, the bankruptcyprocess may begin. For assistance with the issues regarding debtcollection procedure, you may contact our Belgian lawyers. 11. Thank you for yourattention!Please contact us for more information at:office@lawyersbelgium.comwww.lawyersbelgium.com(+44)203-287 0408