Law On The Fight Against The Activities Of The Vauteurs Fund (1)

Original Language Title: Loi relative à la lutte contre les activités des fonds vauteurs (1)

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Posted the: 2015-09-11 Numac: 2015003318 SERVICE PUBLIC FÉDÉRAL FINANCES 12 July 2015. -Law on the fight against the activities of the vauteurs Fund (1) PHILIPPE, King of the Belgians, to all, present and future, hi.
The House of representatives has adopted and we sanction the following: Article 1. This Act regulates a matter referred to in article 74 of the Constitution.
S. 2. when a creditor sues an unlawful advantage by the redemption of a loan or debt on a State, its rights against the debtor State will be limited to the price to redeem said borrowing or debt.
Whatever the law applicable to the legal relationship between the creditor and the debtor State, no enforceable title can be obtained in Belgium and no injunction or execution may be taken in Belgium asked for payment to the creditor said in Belgium if this payment gives it an illegitimate advantage as defined by the Act.
Searching for an illegitimate advantage is derived from the existence of a manifest disproportion between the commuted value of the loan or debt by the creditor and the face value of the loan or of the debt or the commuted value of the loan or of the claim by the creditor and the amount which he seeks payment.
So it's an illegitimate advantage, manifest disproportion referred to in paragraph 2 shall be supplemented by one or more of the following criteria:-the debtor State was in a State of insolvency and cessation of payments actual or imminent at the time of redemption of the loan or debt;
(((- the creditor is headquartered in a State or territory: a) included in the list of States or NCCT established by the financial action task force (FATF), or b) referred to in article 307, § 1, paragraph 5, code 1992 income tax, or c) included in the list established by the King of States that refuse to negotiate and sign an agreement that provides , in accordance with the standards of the OECD, the automatic exchange of information in tax matters and banking with the Belgium from 2015.
-the creditor makes a systematic use of judicial procedures to obtain repayment of the loan or loans that he had already previously bought.
-the debtor State was the subject of measures to restructure its debt, which the creditor refused to participate;
-the creditor has abused the position of weakness of the debtor State to negotiate a clearly unbalanced repayment agreement;
-full refund of the sums claimed by the creditor would have an identifiable adverse impact on public finance of the debtor State is likely to compromise the socio-economic development of its population.
S. 3. this Act shall apply subject to the application of international treaties, the law of the European Union or bilateral treaties.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given to Brussels, 12 July 2015.
PHILIPPE by the King: the Minister of finance, J. VAN OVERTVELDT sealed with the seal of the State: the Minister of Justice, K. GARG _ Note (1) Note House of representatives ( Documents: 54-1057/5.