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Set-Off Law and Practice - An International Handbook, 3rd Edition edited by Johnston, William; Werlen, Thomas; Link, Frederick (22nd February 2018)

5 Belgium

Marc Vermylen

From: Set-Off Law and Practice: An International Handbook (3rd Edition)

Edited By: William Johnston, Thomas Werlen, Frederick Link

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 20 September 2019

Subject(s):
Banks and cross-border issues — Guarantees and security — Debt — Contractual set-off — Insolvency set-off — Judicial set-off

This chapter provides an overview of the law of set-off in Belgium. Set-off is a recognized legal concept in Belgian law and can occur in one of three ways: by operation of law (legal set-off), court order (judicial set-off), or agreement (contractual set-off). Under the Belgian Civil Code, set-off has been considered primarily not as a security technique but as a means of facilitating payments between two reciprocal debtors. After discussing the legal framework of set-off in Belgium, the chapter considers set-off between solvent parties. In particular, it explains legal set-off, judicial set-off, contractual set-off, and multilateral set-off. It then examines set-off in insolvency, taking into account legal set-off and contractual set-off against insolvent parties. Finally, it analyses isses arising in cross-border set-off.

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