Conversion of companies with a legal form that has been abolished by the new Code
26 January, 2023
The entry into force of the Code of Companies and Associations (CCA) on 1 January 2020, kicked off a four-year transition period for existing companies to align their articles of association and functioning with the new rules.
The rationale for the CCA was to introduce flexibility and to simplify the types of companies. As a result, several types of companies (such as the Comm.VA/SCA, ESV/GIE, landbouwvennootschap/société agricole, etc. ) have been abolished.
As a general principle, all existing companies will need to align their articles of association with the CCA by the latest on 1 January 2024. This means that the final year for alignment is now underway. Non-timely compliance may result in personal liability for directors.
In their contribution to the December 2022 edition of the ITAA-zine, Bart Vanstaen and Stijn Vanbaelen provide a comprehensive overview of the actions that need to be taken and the consequences in the event of non-compliance.
More specifically, they focus on those companies whose legal form has been abolished and therefore require special attention.
Find out all about this topic and learn how you can ensure a smooth transition in the December 2022 edition of the ITAA-zine. Article available in Dutch and French.
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