belgiquelex.be - Carrefour Bank of Legislation 12 JULY 2015. - Act to Combat the Activities of Worship Funds (1)
PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The House of Representatives adopted and sanctioned the following:
Article 1
er. This Act regulates a matter referred to in Article 74 of the Constitution.
Art. 2. When a creditor pursues an illegitimate advantage by repurchasing a loan or debt on a State, his rights to the debtor State will be limited to the price he has paid to redeem such borrowing or debt.
Regardless of the law applicable to the legal relationship between the creditor and the debtor State, no enforceable title may be obtained in Belgium and no precautionary or enforced measure may be taken in Belgium at the request of that creditor for a payment to be paid in Belgium if this payment provides an illegitimate advantage as defined by law.
The search for an illegitimate advantage is deducted from the existence of a manifest disproportion between the value of redemption of the borrowing or debt by the creditor and the facial value of the borrowing or debt or between the value of redemption of the borrowing or debt by the creditor and the amounts to which it seeks payment.
In order to be an illegitimate advantage, the manifest disproportion referred to in paragraph 2 must be completed by at least one of the following criteria:
- the debtor State was in a state of insolvency or termination of proven or imminent payments at the time of redemption of the borrowing or receivable;
- the creditor has his seat in a State or territory:
(a) included in the list of non-cooperative States or territories established by the Financial Action Group (FATF), or
(b) referred to in Article 307, § 1
erParagraph 5 of the Income Tax Code of 1992, or
(c) included in the list prepared by the King of States that refuse to negotiate and sign an agreement that provides, in accordance with OECD standards, the automatic exchange of tax and banking information with Belgium from 2015;
- the creditor makes a systematic use of judicial procedures to obtain the refund of the borrowing or borrowings it has previously redeemed;
- the debtor State has been subject to debt restructuring measures, to which the creditor has refused to participate;
- the creditor abused the situation of weakness of the debtor State to negotiate a clearly unbalanced reimbursement agreement;
- the full reimbursement of amounts claimed by the creditor would have an identifiable adverse impact on the public finances of the debtor State and is likely to compromise the socio-economic development of its population.
Art. 3. This Act applies subject to the application of international treaties, European Union law or bilateral treaties.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 12 July 2015.
PHILIPPE
By the King:
Minister of Finance,
J. VAN OVERTVELDT
Seal of the state seal:
The Minister of Justice,
K. GEENS
____
Note
(1) Note
House of Representatives
(www.lachambre.be)
Documents: 54-1057/5.
