According to the Court of Appeal, instead of entirely putting an end to bankruptcy operations, the decision to close the bankruptcy case only "suspends the bankruptcy process", while restoring  individual rights to creditors. The appeal judges further indicated that "the bankruptcy regime stops existing, but the debtor remains under the threat of the re-opening of bankruptcy operations, which virtually survive".

Today, 26 November 2015, the Act implementing the European Framework for the Recovery and Resolution of Banks and Investment Firms (the “Implementation Act”) has entered into force. The purpose of the Implementation Act is to implement the Bank Recovery and Resolution Directive ("BRRD") into Netherlands law and to facilitate the application of the Single Resolution Mechanism Regulation ("SRM Regulation").

La Cour d'appel de Luxembourg décide que le jugement de clôture de faillite pour insuffisance d'actifs ne met pas un terme aux opérations de faillite, mais en suspend les opérations.

La survie d'une société au terme des opérations de faillite diffère selon l'actif récupéré par le curateur.

Les sociétés commerciales dont les opérations sont clôturées pour insuffisance d'actif restent inscrites au registre de commerce.

Legislation implementing the EU Bank Recovery and Resolution Directive ("BRRD") in Netherlands law and facilitating the application of the EU Single Resolution Mechanism Regulation ("SRM Regulation") was approved by the Upper Chamber of the Netherlands parliament on 10 November 2015 and is expected to enter into force before the end of this year. The new law – the "European Framework for the Recovery and Resolution of Credit Institutions and Investment Firms Implementation Act" – will be referred to below as the "Implementation Act".

Introduction
Objectives
Guiding principles
Main changes
Status

Introduction

The number of companies declared bankrupt in Luxembourg has increased tremendously since 2009, reaching a record number of 1,026 in 2012. According to the Luxembourg authorities, this situation is mainly due to the current legislation, which is obsolete and no longer suited to modern financial difficulties.

In 2009, the Luxembourg government decided that the creation of appropriate tools for companies in financial distress was extremely important, especially in the post-crisis period, and decided to tackle this subject.

The Bankruptcy Court for the Northern District of Illinois issued a noteworthy opinion for those whose work involves real estate mortgage conduit trusts (REMIC trusts) or utilization of the Bankruptcy Code’s “safe harbor” provisions. In In re MCK Millennium Ctr. Parking, LLC,¹ Bankruptcy Judge Jacqueline P.

Bankruptcy Judge Christopher S. Sontchi recently ruled in the Energy Future Holdings case¹ that the debtor will not be required to pay the $431 million “make whole” demanded by bondholders upon the debtor’s early payment of the bonds.²

On 27 May 2015, the bill for the Act implementing the European framework for the recovery and resolution of banks and investment firms (the "Implementation Act") and the explanatory memorandum thereto (the "Explanatory Memorandum") were published. The purpose of the Implementation Act is to implement the Bank Recovery and Resolution Directive ("BRRD") and to facilitate the application of the Single Resolution Mechanism Regulation ("SRMR").

In what may become viewed as the de facto standard for selling customer information in bankruptcies, a Delaware bankruptcy court approved, on May 20, 2015, a multi-party agreement that would substantially limit RadioShack’s ability to sell 117 million customer records.