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    Belgium: Insolvency proceedings opened for Flamant Group in view of continuation of its activities
    By a judgement of 4 April 2018, the Dutch speaking commercial court of Brussels opened insolvency proceedings for three main companies of the Belgian well known Flamant Group : Flamant SA, Flamant Group SA and Flamant Retail Belgium SPRL.

    Flamant is a lifestyle and interior design brand, founded more than 35 years ago, and offers a wide range of styles and products. In Europe, Flamant has become a reference brand for exclusive, charming and timeless interiors. The company experienced a rapid growth which led to a turnover of 44 million euro in 2008. His Majesty Filip, King of the Belgians, awarded the company with a royal warrant. The company has the following sales channels: 7 own stores in Belgium and France, more than 200 client-resellers in more than 40 countries and an online store.

    In 2009 the Flamant Group and its branches encountered financial difficulties due to the global economic and financial crisis, which resulted in a drop in turnover. On 4 April 2018 the court ordered a judicial reorganisation by transfer under judicial authority and appointed Bart De Moor as insolvency practitioner, in view of a transfer of the undertakings and continuation of the activities.

    The proceedings include a stay until 13 June 2018. Bids are awaited for the entire undertakings or parts of it and large publicity is made towards potential interested purchasers. Bid may be made for the whole undertakings of the companies involved, including its subsidiaries, or for certain activities or a combination thereof. Upon proposition of the insolvency practitioner the Brussels court of commerce will decide on the authorization of the transfer to one or more purchasers in view of the continuation of the activities without interruption. The decision is made with the continuation of the employment and the creditors’ rights and interests as main criteria. Upon closing of the insolvency proceedings and a successful transfer of a major part of the viable activities the initial legal entities in reorganization will presumably be liquidated.

    For more information contact Mr. Bart De Moor, lawyer at STRELIA,
    Email: bart.demoor@strelia.com
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