The Belgian Law of 17 June 1997 on Judicial Composition has thoroughlymodified the legal framework for the treatment and recovery of enterprises facing(financial) difficulties. In balancing creditor interests and the interests of theenterprise, the new legal framework seems to attach a growing importance to theneed to preserve economic substance of the enterprise.This paper examines the legal consequences of the new legal regime from the angleof mainly crditor protection. The analysis shows that in more than one respect theapparzently clear and unequivocal provisions of the law hide fundamentalinterpretation issues. The emerging case law on the new law reflects thesedifficulties. Published in: GANDAIUS ACTUALIA, VOL. IV, KLUWER, 1999