Last Friday, the 25th of May, the Council of Ministers approved the text of the draft law for a new Companies Code.

The new Companies Code will fundamentally alter current Belgian company law and will in general offer more flexibility to companies and their shareholders. Some interesting innovations include a cap on directors’ liability, multiple voting shares and an extremely flexible legislative framework for BVBAs / SPRLs.

The draft law is expected to be submitted to Parliament in the following weeks. Final parliamentary approval will probably follow in the fall of this year.

More details regarding the transitional provisions are not known yet. However, according to previous versions of the draft law, the new Companies Code would apply to new companies as from ten days after its publication date in the Official Journal and to existing companies as from the 1st of January 2020.