This is no doubt about it, being a director in a company facing difficulties is a complex and dangerous task, but one notch higher in the danger stakes is being a director of several companies belonging to the same group facing difficulties. Directors are often in the middle of a power game between various stakeholders, whether they are creditors or shareholders, who nowadays have no hesitation in putting pressure or even in suing them to have them held liable for breach of their fiduciary duty.

On 16 April 2015, the Luxembourg financial sector supervisor - the CSSF - published Circular 15/611 on outsourcing in the context of the compilation, distribution and consultation of management board/strategic documents and in particular due diligence data room services. Read more

On 18 February 2015 the European Commission confirmed its plans to establish a Capital Markets Union (CMU) by publishing a green paper seeking consultation on numerous capital markets related matters. To achieve this Capital Markets Union, it will, among other things, review the Prospectus Directive (2003/71/EC). Consequently, alongside this green paper, the European Commission has launched a consultation on a review of the Prospectus Directive. Read more.

by Martine Gerber-Lemaire It happens in the best of families. The Espirito Santo family, however, hasn’t encountered trouble for the first time. In the 1970s, when major industries in Portugal were nationalized, including Banco Espirito Santo, leading members of the family fled into exile, where they restarted their fortune.

Starting from 1st December 2014, certain financial companies have become subject to reporting obligations to the Banque Centrale du Luxembourg (the "BCL") as a result of the entry into force of the Regulation No 2014/17 dated 21 July 2014 (the "New BCL Reporting Regulation") of the BCL. Read more

Starting from 1st December 2014, certain financial companies have become subject to reporting obligations to the Banque Centrale du Luxembourg (the "BCL") as a result of the entry into force of the Regulation No 2014/17 dated 21 July 2014 (the "New BCL Reporting Regulation") of the BCL. Read more. (Subscription required.)

Following the announcement made by three shareholders representing 99.24% of the share capital of the listed company Utopia S.A. (the “Majority Shareholders”) to exercise their right of squeeze-out of the remaining shares held by the minority shareholders (the “Minority Shareholders”), judicial proceedings have arisen as the Minority Shareholders sought to block the squeeze-out procedure. Read more

On 16 July 2014, the Luxembourg Chamber of Deputies passed Bill n°6625 (the "Immobilisation Law"), further to which the notion of immobilisation of bearer shares was introduced, pursuant to which bearer shares will have to be put in the hands of a depositary and information concerning their holder contained in a specific registry. Immobilisation duty concerns all bearer shares issued before and after the entry into force of the Immobilisation Law.

When first appearing on the market, Bitcoins were valued at the rather minimal amount of $1 per Bitcoin. After soaring to the height of $1000 in November 2013, they have since settled at current value of $630 a piece. The proliferation of Bitcoin users goes hand in hand with the emergence of operators providing Bitcoin-related services, enabling, for instance, the exchange of Bitcoins for conventional, official currencies.

Martine Gerber-Lemaire anTd Christel Dumont report on the modernisation of insolvency law.