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RETENTION PERIODS FOR INSOLVENCY OF COMPANIES

RETENTION PERIODS FOR INSOLVENCY OF COMPANIES

Summary dated 1 September 2021 of the essential legal provisions regarding the retention periods of your archives.

Documents Minimum retention period Format Start date of the retention period Act
Archives (to be retained by the administrators): The failed party, or the administrators or managers of the failed legal entity have to retain the accounting documents and the archives if they are asked to do so by the insolvency administrator. They need to provide them at first request of the insolvency administrator Article 3 Act August 11th, 2017 on the insertion of Book XX “Insolvency of companies” in the Code of Economic Law, and on the insertion of the definitions of Book XX and of the law enforcement provisions of Book XX in Book I of the Code of Economic Law
Article XX.138 Code of Economic Law
Archives serving as proof towards third parties 7 years Original or copy (methodical) From the moment the proceedings have been opened Article 3 Act August 11th, 2017 on the insertion of Book XX “Insolvency of companies” in the Code of Economic Law, and on the insertion of the definitions of Book XX and of the law enforcement provisions of Book XX in Book I of the Code of Economic Law
Article XX.138 Code of Economic Law
Documents not serving as proof towards third parties. These are documents not demonstrating a direct relationship with third parties 3 years Original or copy From the moment the proceedings have been opened Article 3 Act of 11 August 2017 on the insertion of Book XX “Insolvency of companies” in the Code of Economic Law, and on the insertion of the definitions of Book XX and of the law enforcement provisions of Book XX in Book I of the Code of Economic Law
Article XX.138 Code of Economic Law
Files drawn up by administrators after the insolvency 5 years Original Following completion of their task Article 3 Act of 11 August 2017 on the insertion of Book XX “Insolvency of companies” in the Code of Economic Law, and on the insertion of the definitions of Book XX and of the law enforcement provisions of Book XX in Book I of the Code of Economic Law
Article XX.138 Code of Economic Law and article 2276bis old Belgian Civil Code.

Although we have composed this list with much care, Merak N.V. cannot be held responsible for any errors or any changes made to legislation.

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