A process for the hydroconversion of a hydrocarbonaceous feedstock comprising the steps of: (a) contacting the feedstock at a temperature in the range of from 350-460 °C, a pressure in the range of from 50-250 bar and a weight hourly space velocity in the range of from 0.1-2.0 hr -1 in a first hydrocracking section in the presence of hydrogen with one or more catalysts to obtain a first hydrocarbon effluent stream; (b) separating at least part of the first hydrocarbon effluent as obtained in step (a) in a separating section into a gaseous stream, a light liquid stream and a heavy liquid stream; (c) separating at least part of the liquid streams as obtained in step (b) in a fractionating section into a number of fractions of hydrocarbons including a heavy fraction of hydrocarbons that have a boiling point above 350 °C; (d) contacting at least part of the fraction of hydrocarbons that have a boiling point above 350 °C as obtained in step (c) at a temperature in the range of from 230-460 °C, a pressure in the range of from 50-250 bar and a weight hourly space velocity in the range of from 0.2-4 hr -1 in a second hydrocracking section in the presence of hydrogen with one or more catalysts to obtain a second hydrocarbon effluent stream; (e) separating at least part of the second hydrocarbon effluent stream as obtained in step (d) in a separating section into a gaseous stream, a light liquid stream and a heavy liquid stream; (f) separating at least part of the liquid streams as obtained in step (e) in the fractionating section into a number of fractions of hydrocarbons including a heavy fraction of hydrocarbons that have a boiling point above 350 °C; (g) segregating the heavy liquid stream obtained in step (b) from the heavy liquid stream obtained in step (e) via a wall located within the fractionating section; (h) splitting at least part of the heavy fraction of hydrocarbons that have a boiling point above 350 °C as obtained in step (f) into a major stream and a minor stream, wherein the minor stream is less than 5 %wt on feedstock that is introduced into the first hydrocracking section; (i) recycling at least part of the major stream as obtained in step (h) to step (d); and (j) recovering the minor stream as obtained in step (h); wherein steps (c) and (f) are carried out in the same fractionating section which has two separate parts for fractionating respectively at least part of the heavy liquid streams as obtained in steps (b) and (e). (a) contacting the feedstock at a temperature in the range of from 350-460 °C, a pressure in the range of from 50-250 bar and a weight hourly space velocity in the range of from 0.1-2.0 hr -1 in a first hydrocracking section in the presence of hydrogen with one or more catalysts to obtain a first hydrocarbon effluent stream; (b) separating at least part of the first hydrocarbon effluent as obtained in step (a) in a separating section into a gaseous stream, a light liquid stream and a heavy liquid stream; (c) separating at least part of the liquid streams as obtained in step (b) in a fractionating section into a number of fractions of hydrocarbons including a heavy fraction of hydrocarbons that have a boiling point above 350 °C; (d) contacting at least part of the fraction of hydrocarbons that have a boiling point above 350 °C as obtained in step (c) at a temperature in the range of from 230-460 °C, a pressure in the range of from 50-250 bar and a weight hourly space velocity in the range of from 0.2-4 hr -1 in a second hydrocracking section in the presence of hydrogen with one or more catalysts to obtain a second hydrocarbon effluent stream; (e) separating at least part of the second hydrocarbon effluent stream as obtained in step (d) in a separating section into a gaseous stream, a light liquid stream and a heavy liquid stream; (f) separating at least part of the liquid streams as obtained in step (e) in the fractionating section into a number of fractions of hydrocarbons including a heavy fraction of hydrocarbons that have a boiling point above 350 °C; (g) segregating the heavy liquid stream obtained in step (b) from the heavy liquid stream obtained in step (e) via a wall located within the fractionating section; (h) splitting at least part of the heavy fraction of hydrocarbons that have a boiling point above 350 °C as obtained in step (f) into a major stream and a minor stream, wherein the minor stream is less than 5 %wt on feedstock that is introduced into the first hydrocracking section; (i) recycling at least part of the major stream as obtained in step (h) to step (d); and (j) recovering the minor stream as obtained in step (h); wherein steps (c) and (f) are carried out in the same fractionating section which has two separate parts for fractionating respectively at least part of the heavy liquid streams as obtained in steps (b) and (e).