Who was the client?
WeGroup is a scale-up and operates in the software industry. Since 2017, it has been working on a technology platform that provides insurance brokers with a digital tool that makes the insurance policy sales process more efficient. WeGroup has considerable international potential. Accordingly, based on a 2020 growth plan, the company has been able to secure initial funding from some professional venture capital funds, with a view to international expansion.
What was the client’s challenge?
As a young company, WeGroup experienced many setbacks due to the outbreak of the Covid-19 pandemic. The pandemic came at a particularly unfortunate time and greatly slowed WeGroup’s growth.
Selling the platform requires (physical) visits to insurance brokers. As a result of government-imposed limited (physical) contact and the long-term closure of borders, growth in the Belgian market slowed and expansion could not be explored in neighbouring countries.
What solution did we come up with for the client?
To restore continuity, judicial reorganisation proceedings were applied for and opened, with the aim of reaching a collective agreement with creditors.
The reorganisation plan was approved by an overwhelming majority of creditors. However, the final homologation by the court did not go ahead because one (small) creditor that WeGroup inadvertently hadn’t included in the list of creditors, and was therefore not notified, intervened in the proceedings. Agio Legal managed to convince the court, through an appeal against this refusal of homologation, that formalism did not outweigh all the interests at stake and that damage to the interests of this one small creditor had to be demonstrated.
