In a decision delivered on 7 June 2024 (2024TALCH02/00950) (the Decision), the Luxembourg District Court provided for substantive clarifications regarding article 10 of the Luxembourg Law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the Restructuring Law). This article empowers the Court to appoint judicial agents (mandataires de justice) in case of serious and aggravated misconduct (manquements graves et caractérisés) by the debtor or its corporate bodies, threatening the continuity of the business.

Following the entry into force of the law of 7 August 2023 (the New Insolvency Law), the Luxembourg district court sitting in commercial matters (the Court) issued on 22 November 2023 the first decision opening judicial reorganisation proceedings (JRP) (Numéro du rôle: TALCH02/01416).

Snippet series

What is the impact on the double Luxco and the Luxembourg share pledges?

Luxembourg bolsters its position for the structurings of international investments with the introduction of new tools for bankruptcy prevention. The existing and new financial collateral arrangements maintain their bankruptcy insolvency proceedings remote status, preserving the benefit and popularity of the double Luxco structure and the related enforcement of Luxembourg share security.

The long-awaited new Luxembourg law on business preservation and modernisation of bankruptcy law voted by the Luxembourg Parliament on 19 July 2023 (the Law) implementing EU Directive 2019/1023 of 20 June 2019 contains a range of new preventive reorganisation procedures, notably (i) conservatory measures (appointment of a conciliator), (ii) an out-of-court reorganization procedure by mutual agreement (réorganisation par accord amiable) and (iii) judicial reorganisation proceedings (JRP).

This question is of particular importance considering further that the provisions of the Luxembourg Commercial Code may seem confusing when read literally and in isolation as to whether the period commences from the date of cessation of payments (cessation des paiements) alone, or the date of both the cessation of payments (cessation des paiements) and loss of creditworthiness (ébranlement du crédit) (i.e., the cumulative criteria for bankruptcy).

近期，北京市税务局发布了《关于进一步推进破产便利化 优化营商环境的公告》（2020年第4号，下称“4号公告”）、上海市高级人民法院与上海市税务局印发《关于优化企业破产程序中涉税事项办理的实施意见》（沪高法〔2020〕222号，下称“222号文”），旨在明确破产程序中的涉税事项，充分发挥破产制度在规范市场主体退出方面的重要作用。

破产是解决企业产业深层次矛盾，优化资源配置，提升企业产业质效的重要法治途径。破产程序中涉税事项的处理是重要一环，妥善处理破产事宜无法忽视涉税问题。实践中，我们作为税务律师也经常能接到破产程序中涉税事项的咨询，部分案件中涉税事项甚至成为左右破产程序能否顺利推进的重要因素，其中不乏争议的问题，部分问题可以从两份文件中找到答案或启示，我们在此结合两份文件的亮点与重点，对于破产程序中的涉税相关事项做简要梳理，并探讨合理应对之策。

一 非正常户、发票问题的解决

In ordinary business circumstances, the directors/managers of a Luxembourg company have a duty to file for bankruptcy within one month of the meeting of the two criteria for bankruptcy (under threat of criminal sanction) – this is the so called “Insolvency Filing Obligation”. The two parts of the test for bankruptcy are: (i) cessation of payments (or so called missed creditor payment) and (ii) loss of creditworthiness.