This memorandum gives a short summary on the bankruptcy petition and general insolvency filing obligations of the management body of Luxembourg companies, i.e. actions the managers or directors must perform, in what form and the applicable penalties in the event of non-compliance with their obligations.

This memorandum is based on Luxembourg laws and is subject to any change in law or interpretation or application thereof that may take effect after such date.

1. Legal overview of bankruptcy

1.1 Conditions that amount to bankruptcy