Cessation

Author: Partena Professional (Legal expertise)
Read time: 3min

Actions and procedures when you close down your business

Are financial and economic problems interfering with your professional commitments? Do you want to dispose of your business but can't find a buyer? There are a lot of situations that can lead to a cessation of your business activities. You need to respond correctly to protect the interests of all concerned as far as possible.

Closing down your business in the proper way

If you have to close your business, there are a number of actions, audit and information procedures that have to be gone through, imposed by the Act of 26 June 2002. In practice, you have to:

  • if you employ at least twenty people, inform the following parties about the closure in advance:
    • your employees
    • your works council or trade union delegation
    • the chair of the management committee of the Federal Public Service for Employment, Labour and Social Dialogue
    • the regional minister responsible for employment
    • the regional minister responsible for the economy
  • from five employees upwards:
    • pay a flat-rate closure payment to your employees, reflecting their age and seniority, in addition to the conventional severance payment.
  • if the case arises:
    • draw up a draft mass dismissal document and seek the opinion of your workers' representatives

Want to know more about the legal actions that you have to take for your employees if you close your business? You can rely on the Legal Consultants of Partena Professional. They offer you professional advice, and coach you through the trade union negotiations.

Other administrative actions

Within a month following the cessation of your business, you must delete your business's registration in the Central Businesses Databank. To do this, you should provide the following documents to your Enterprise Counter:

You should also inform your social security fund about the cessation of your business activities, using the following form:

You don't have to go through this ordeal on your own! Partena SmartStart will be at your side, and arrange the deletion of your business number in the Central Businesses Databank.