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Parliament adopts long-awaited reform on insolvency laws

Introduction
Preventive measures
Out-of-court reorganisation
In-court reorganisation
Modernisation of bankruptcy


Introduction

Luxembourg, Insolvency & Restructuring, NautaDutilh
Luxembourg parliament adopts the long-awaited reform on insolvency laws

On 19 July 2023, the Luxembourg parliament passed bill no. 6539A on business preservation and modernisation of bankruptcy law, which aims to modernise Luxembourg’s insolvency laws, implementing EU Directive 2019/1023 of the European Parliament and the Council of 20 June 2019 on preventive restructuring frameworks (the 'Business Preservation and Insolvency Modernisation Act' or 'BPIM Act').

Luxembourg, Insolvency & Restructuring, NautaDutilh, Insolvency, European Parliament
Extension of the possibility to organise virtual board and shareholder meetings until 31 December 2022 and of the suspension of the one-month deadline to declare bankruptcy until 30 June 2022

The Act of 17 December 2021 has extended the transitional measures provided for by the Act of 23 September 2020 until 31 December 2022. In practice, Luxembourg-based companies can hold either virtual board and shareholder meetings, even if their articles of association provide otherwise, or physical meetings if they respect the applicable sanitary conditions.

Luxembourg, Insolvency & Restructuring, NautaDutilh
Extension of the possibility to organise virtual shareholder and board meetings and suspension of the one-month deadline to declare bankruptcy until 31 December 2021

The Act of 30 June 2021 has extended the possibility for Luxembourg-based companies to hold virtual board and shareholder meetings until 31 December 2021.

Luxembourg, Insolvency & Restructuring, NautaDutilh
Just “Released” by the Third Circuit: In re Millennium Lab Holdings II Key Takeaways

In a highly anticipated decision issued last Thursday (on December 19, 2019), the United States Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC that a bankruptcy court may constitutionally confirm a chapter 11 plan of reorganization that contains nonconsensual third-party releases. The court considered whether, pursuant to the United States Supreme Court’s decision in Stern v. Marshall, 564 U.S. 462 (2011), Article III of the United States Constitution prohibits a bankruptcy court from granting such releases.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
NautaDutilh Luxembourg Insolvency in Luxembourg

Table of contents

Bankruptcy .............................................................................. 2

Controlled management .......................................................... 2

Moratorium or suspension of payments .................................. 3

Company voluntary arrangement ............................................ 3

Involuntary liquidation.............................................................. 3

Contacts .................................................................................. 4

Luxembourg, Insolvency & Restructuring, Litigation, NautaDutilh, Debtor