First liquidation reserves can be paid out in 2020 at an advantageous rate of 5%! Dividends are generally taxed at 30%. However, a small company can also create so-called "liquidation reserves". Just like a normal reserve, a liquidation reserve is an internal "savings bank" for the shareholder(s). This liquidation reserve can be built up annually with the profit of the financial year.

Shortly before going bankrupt, the Belgian Thomas Cook companies made appointments to visit the notary and arrange for an opt-in, making the new Belgian Code of Companies and Associations applicable before 1 January 2020. One of the results is that the new limitation of directors’ liability up to a maximum amount became applicable before the statutory date of entry into force, i.e. 1 January 2020 [source: De Tijd, 10 October 2019].

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