AFM: Corsan Chief Denies Bankruptcy Challenge

By Macnab, Geoffrey | Screen International, November 5, 2016 | Go to article overview

AFM: Corsan Chief Denies Bankruptcy Challenge


Macnab, Geoffrey, Screen International


Monaco-based Paul Breuls, founder and CEO of sales and finance outfit Corsan, has denied that the troubled Belgian company is teetering on the brink of bankruptcy.

This week, the Emperor, Killing Season and Third Person backer, lost protection from its creditors having previously been safeguarded through local law. On Monday, the commercial court in Antwerp concluded that the arrangement should be terminated immediately, citing the company's restructuring plans as "neither clear nor credible".

Speaking to Screen, Breuls has revealed that his lawyers are appealing the court decision and claims that Corsan can avoid bankruptcy. During the appeal process, he expects Corsan to be able to trade as normal and the protection from the company's creditors to be re-instated.

Corsan asked for protection from its creditors in June. The company's troubles reportedly stem from investors not having received the promised tax certificates for the money they have invested in at least one of Corsan's films. …

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