Research-Thesis: La seconde chance entrepreneuriale: comparaison entre la Belgique et le Royaume-Uni. Une analyse juridique, économique et financière.

Abstract

This thesis analyses and compares the conditions for entrepreneurial second chances in Belgium and the United Kingdom through legal, economic, financial, and cultural aspects. From a legal perspective, the United Kingdom stands out for its philosophy oriented towards business rescue and the quick rehabilitation of entrepreneurs. Mechanisms such as Administration, the Moratorium, and the Company Voluntary Arrangement (CVA) were introduced or strengthened by the Enterprise Act 2002. Personal bankruptcy is discharged after one year. The Belgian system has evolved significantly through reforms of Book XX of the Code of Economic Law that were under the influence of EU Directive 2019/1023. But remains more legally structured, subject to greater judicial oversight and historically centred on creditor protection. Culturally, the Anglo-Saxon tradition views failure as a normal stage of the entrepreneurial journey whereas in Belgium, bankruptcy continues to carry social stigma that harms entrepreneurial recovery. Financially, Belgium's strong dependence on traditional bank credit combined with credit file entries lasting up to ten years limit access to financing after failure. The UK benefits from a more diversified financial system. From an audit and financial analysis perspective, gaps persist in both countries regarding early detection of financial difficulties. Entrepreneurs who have previously experienced failure present specific risk factors that auditors must integrate into their going concern assessments. In conclusion, entrepreneurial second chances do not rest on legal reform alone. They require a combination of an adapted legal framework, effective access to financing, a favourable cultural environment and concrete support for entrepreneurs after failure.