How well protected are you if your property developer goes bankrupt?

The housing law, or Breyne law, provides two options for the victims of the bankruptcy of the building promoter. Either they give up the house and get their money back. Or they get the guarantee that the house will be finished.

Heap of stones

About forty families have fallen victim to a building promoter from Roeselare, Sua Casa. It filed for bankruptcy on April 5, while the families are still waiting for their new home. Now they are left with a shell. The chances of them getting their money back are slim.

“Here is the danger that people work with one contractor and therefore pay advances, but they are limited to 5 percent when signing the compromise. At the notary there can be a settlement of the work that has been carried out up to that point. If the Breyne law is not followed properly, it can lead to such duped people,” says Tijl Vandommele, legal advisor at Embuild Vlaanderen.