I discuss the properties of two substellar systems, with a view to understanding the viability of planet formation around brown dwarfs. For the first, 2M1207AB, I present our recent spectroscopic results from VLT NACO, which indicate that (a) the system probably formed like a stellar binary, not a true planetary system, but (b) that nevertheless stellar binary formation mechanisms carried into the substellar regime can form planetary mass companions to brown dwarfs, and (c) that such companions can even possess disks of their own, pehaps capable of forming moons and asteroids. For the second, sigma Ori 12, I present our recent Spitzer spectroscopy, which reveals the presence of a large inner hole in the disk, much bigger than the dust destruction radius, similar to two other substellar disks with inner gaps discovered in the last year. In analogy with similar stellar disks, I argue that such holes are best explained by clearing due to ongoing planetesimal formation. Together, the data indicate that the formation of planetary mass companions may indeed be viable around brown dwarfs, and that such companions can form via a variety of physical processes.