On 9 July 2013 a new law amending the Code of Commerce was enacted in Luxembourg (the “Law”). The Law introduces the right for a depositor to claim the recovery of intangible and non-fungible (i.e., identifiable and separable) goods from a bankrupt company. The parliamentary file aims clearly at including data from a bankrupt cloud computing service provider. The Law sets forth the different conditions to be fulfilled for the entitlement to claim intangible and non-fungible goods from a bankrupt company:
In a ground-breaking decision, the Dutch Supreme Court recently found that a foreign bankruptcy trustee may in principle exercise the powers conferred on him under the lex concursus (the law governing the bankruptcy) in the Netherlands as well. Such powers can include the management and disposal of assets located in the Netherlands at the time of the foreign bankruptcy order.
There has recently been a number of successful pre-pack restructurings in the Netherlands. A 'pre-pack' is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside formal insolvency proceedings, and whereby the enterprise survives, but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure maximum preservation of value. Several structures can be distinguished.
A pre-pack is the term used for the restructuring of a company through a transaction that is prepared as much as possible outside of formal insolvency proceedings, and whereby the enterprise survives but some or all of the company's debt is restructured. The aim of preparing the transaction in advance is to ensure the maximum preservation of value. Several structures can be distinguished.
After a company has been declared bankrupt, the liquidator in charge of the bankrupt estate will process personal data on that bankrupt company’s behalf. The liquidator would then be considered a so-called data controller within the meaning of the Dutch Data Protection Act (DDPA).
A Dutch Court of Appeal recently upheld a lower court’s decision that a liquidator has the right to access data concerning the administration of a bankrupt company, the data of which are kept by a third party. It also held that this right, however, does not imply that the third party must provide the data in an orderly manner without being adequately compensated for it.
Le 11 juin 2013, la Chambre des députés luxembourgeoise a voté une loi instaurant un droit de revendication en faveur de la personne qui a confié des biens meubles "incorporels" non fongibles à une entreprise qui est tombée en faillite (le dossier parlementaire peut être téléchargé ici). Il ressort des travaux préparatoires qu'une des hypothèses visées est la revendication de données et fichiers stockés via une solution "cloud" (informatique dématérialisée) chez un prestataire tiers.
On 11 June 2013, the Luxembourg Chamber of Deputies voted in favour of a law introducing a right to claim back "intangible" and non-fungible movable assets from a bankrupt company (the parliamentary file can be downloaded