{"id":13321,"date":"2022-05-06T14:54:35","date_gmt":"2022-05-06T12:54:35","guid":{"rendered":"https:\/\/labre.nl\/?p=13321"},"modified":"2022-05-06T15:32:03","modified_gmt":"2022-05-06T13:32:03","slug":"belgium-directors-liability-a-bottomless-pit","status":"publish","type":"post","link":"https:\/\/labre.nl\/en\/2022\/05\/06\/belgium-directors-liability-a-bottomless-pit\/","title":{"rendered":"Belgium: Directors&#039; liability: a bottomless pit?"},"content":{"rendered":"\n<p>&nbsp;<\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The regime of directors&#8217; liability was thoroughly changed when the Companies and Associations Code (hereinafter: &#8216;CAC&#8217;) was introduced. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">For example, the liability regime is no longer dealt with separately per type of company, but one bundled regime is provided for all types of companies. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Another adjustment brought about by the ARC is the introduction of a legal limitation of liability.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Who can be held liable?<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The law stipulates that every person who has (or had) actual power of management within a legal person can be held liable for mistakes committed during their assignment. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In other words, factual directors can also be held liable.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The liability of the directors is even joint and several insofar as the managing body is a college, as well as when the managing body is not a college, but the error committed constitutes a violation of the legal provisions of the CAC or the company&#8217;s articles of association.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">One can only escape this joint and several liability if one has reported the error of another director to all other members of the managing body and (if applicable) to the supervisory board.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">What can one be held liable for?<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">One can be held liable for the consequences of actions that are manifestly outside the range of what a normal, prudent and careful director would have undertaken in the same circumstances. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In other words, the <\/span><\/span><\/span><\/span><em><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">bonus paterfamilias<\/span><\/span><\/span><\/span><\/em><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> criterion is applied.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The directors&#8217; liability as stipulated in article 2:56 of the CAC applies both towards the legal entity itself and towards third parties, but in the latter case only if there is a non-contractual error.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Liability limitation<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The legislator, however, chose to limit the aforementioned liability, in the sense that it introduced a statutory ceiling depending on the financial size of the legal person.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Thus, liability is limited to the following amounts:<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EUR 125,000.00 if the legal entity had an average annual turnover during the last three financial years of less than EUR 350,000.00 and an average balance sheet total of not more than EUR 175,000.00;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EUR 250,000.00 if the legal entity has had an average annual turnover during the last three financial years of less than EUR 700,000.00 and an average balance sheet total of not more than EUR 350,000.00;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EUR 1,000,000.00 if, over the last three financial years, it had an average annual turnover of EUR 9,000,000.00 and an average balance sheet total of EUR 4,500,000.00, or exceeded only one of these two items ;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EUR 3,000,000.00 if during the last three financial years it exceeded both of the above items, but remained below one of the following limits;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">EUR 12,000,000 if the legal entity had, during the last three financial years, either an average annual turnover of EUR 50,000,000.00 or an average balance sheet total of EUR 43,000,000.00.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">If the legal entity has been in existence for less than three financial years, the period up until the incorporation of the legal entity will be examined.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">These limitations apply for liability towards the legal entity itself as well as towards third parties and for all directors together. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Moreover, they apply per fact or per set of facts giving rise to liability, notwithstanding the number of claimants or the number of claims.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Legal breakthrough<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The aforementioned limitations shall not apply in the following cases:<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<ol>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In case of repeated (minor) fault, gross negligence or fraudulent intent or intention to cause damage on the part of the liable director;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In the event of the joint and several liability of the directors to pay up the share capital;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">For VAT debts, debts relating to payroll tax and debts resulting from serious fiscal fraud in which directors can be considered (co-)perpetrators or accomplices;<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">For debts arising from unpaid social contributions in case of bankruptcy.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/li>\n<\/ol>\n<p><strong><span style=\"text-decoration: underline;color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Conclusion<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">A directorship entails risks, but the legislator has introduced a statutory limitation of liability in order to temper these risks somewhat.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In any case, the minimum liability of a director is always EUR 125,000.00, which for the average director will always be a substantial sum. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">It is therefore advisable to inquire about a possible directors&#8217; liability insurance in order to further limit this risk, whereby one should of course always carefully examine the applicable policy conditions in order to avoid unpleasant surprises.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">For further information, contact:<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/em><\/p>\n<p><strong><span style=\"color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Sebastian Meeuwens<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> <\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> , Lawyer<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Legalis lawyers, Tessenderlo<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #f18101\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">e: sebastiaan.meeuwens@legalis.be<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">t: +32 13 671201<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">#WLNAdvocate #Belgium #Legalis #business #law #legal #directorliability<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The regime of directors&#8217; liability was thoroughly changed when the Companies and Associations Code (hereinafter: &#8216;CAC&#8217;) was introduced. For example, the liability regime is no longer dealt with separately per type of company, but one bundled regime is provided for all types of companies. Another adjustment brought about by the ARC is the introduction&#8230;<\/p>\n","protected":false},"author":3,"featured_media":13323,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48],"tags":[],"ppma_author":[68],"class_list":["post-13321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-warwick-legal-network-2"],"acf":[],"authors":[{"term_id":68,"user_id":3,"is_guest":0,"slug":"tara","display_name":"Tara Bruijn","avatar_url":"https:\/\/labre.nl\/wp-content\/uploads\/cropped-Tara-Profile-96x96.jpeg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/posts\/13321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/comments?post=13321"}],"version-history":[{"count":0,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/posts\/13321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/media\/13323"}],"wp:attachment":[{"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/media?parent=13321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/categories?post=13321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/tags?post=13321"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/labre.nl\/en\/wp-json\/wp\/v2\/ppma_author?post=13321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}