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    Confirmation of the Territorial Scope of the Collateral Law
    2025-04-03

    Key Takeaway

    Luxembourg’s law of 5 August 2005 on financial collateral arrangements, as amended (Collateral Law 2005), continues to offer strong safe-harbor protections for financial collateral arrangements and is now confirmed to apply to insolvency proceedings globally.

    Recent Developments

    Court of Appeal Ruling

    Filed under:
    Luxembourg, Insolvency & Restructuring, Litigation, K&L Gates LLP, Insolvency, European Commission, Supreme Court of the United States
    Authors:
    Dr. Jan Boeing , Geoffrey Delamarre
    Firm:
    K&L Gates LLP
    Dealing with concurrent insolvency processes in different jurisdictions
    2024-10-21

    A recent decision of the Court of Session has found that a Scottish administration can be declared as ancillary to an insolvency process in another jurisdiction. This means that the insolvency proceedings in one jurisdiction are considered as the main insolvency proceedings, while the ancillary proceedings in the other jurisdiction are restricted to dealing with the company's assets located there.

    Background

    Filed under:
    Luxembourg, United Kingdom, Scotland, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Insolvency, Insolvency Act 1986 (UK)
    Authors:
    Jennifer Andrew
    Location:
    Luxembourg, United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Luxembourg restructuring and insolvency: a guide to security
    2024-03-11

    In this article, partner Bertrand Géradin and managing associate David Al Mari from Ogier’s Restructuring and Insolvency team in Luxembourg provide a high level summary of the enforcement mechanisms related to share pledges in Luxembourg. This article first appeared in Chambers Expert Focus Guides.

    Filed under:
    Luxembourg, Insolvency & Restructuring, Ogier, Insolvency
    Authors:
    Bertrand Geradin , David Al Mari
    Location:
    Luxembourg
    Firm:
    Ogier
    Luxembourg: Opening of a judicial reorganization procedure, any risk of abuse?
    2024-03-11

    In brief

    The Act of 7 August 2023 on the preservation of businesses and the modernization of bankruptcy law, which came into force on 1 November 2023 ("Act"), has been met with great relief and enthusiasm from practitioners and businesses alike. It finally offers alternatives to the systematic bankruptcy of a company that is unable to pay its debts for lack of liquidity, despite the existence of assets or medium-term growth potential.

    Filed under:
    Luxembourg, Insolvency & Restructuring, Litigation, Baker McKenzie
    Authors:
    Annie Elfassi , Jean-François Trapp , Valérie Kopéra
    Location:
    Luxembourg
    Firm:
    Baker McKenzie
    The future of avoidance actions in Luxembourg: the potential impact of the proposed EU Directive on harmonisation of insolvency law
    2024-02-09

    While there is a certain alignment between the proposed EU Directive on harmonisation of insolvency law and Luxembourg law, Luxembourg legislation will a priori need to be amended on several key points to be in line with the Proposal.

    Preferences

    Rules governing the avoidance of preferences (article 6 of the Proposal) find their equivalent in articles 445 and 446 of the Luxembourg Commercial Code.

    Some marginal amendments are likely to be required, inter alia to reflect:

    Filed under:
    European Union, Luxembourg, Insolvency & Restructuring, CMS Luxembourg
    Authors:
    Antoine Reillier
    Location:
    European Union, Luxembourg
    Firm:
    CMS Luxembourg
    2023’s most significant legal developments and what to look out for in 2024
    2024-02-27

    FEBRUARY 2024 mourant.com 2021934/89586498/1 UPDATE 2023’s most significant legal developments and what to look out for in 2024 Update prepared by Saniyé Tipirdamaz, Adrian Dobbyn, Eléonore Galleron, Mathieu Gangloff and Romain Bordage (Luxembourg) In 2023, in Luxembourg, we witnessed a number of significant legal developments in the areas of Banking & Finance, Restructuring & Insolvency, Corporate, Investment Funds and Tax. In 2024, new legislation which will impact upon businesses and their investment strategies are expected to be introduced.

    Filed under:
    European Union, Luxembourg, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Mourant, Foreign direct investment, Blockchain, Venture capital, Transfer pricing, State aid, Insolvency, European Commission, European Parliament
    Location:
    European Union, Luxembourg
    Firm:
    Mourant
    The first decision opening Judicial Reorganisation Proceedings under the new Luxembourg Insolvency Law
    2024-01-12

    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).

    Filed under:
    Luxembourg, Insolvency & Restructuring, Litigation, Loyens & Loeff, Insolvency
    Authors:
    Madeleine Marques , Sofia Polykandrioti
    Location:
    Luxembourg
    Firm:
    Loyens & Loeff
    Luxembourg’s new Restructuring Law: what about the financial collateral?
    2024-01-08

    On 1 November 2023, the Luxembourg law of 7 August 2023 on business preservation and modernisation of bankruptcy law (the Restructuring Law) entered into force. Despite the new restructuring framework introduced thereby to provide relief to debtors in financial difficulties, the security interests granted under the Luxembourg law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) remain a rock-solid tool offering legal certainty to lenders and practitioners.

    Filed under:
    European Union, Luxembourg, Insolvency & Restructuring, Loyens & Loeff, European Parliament
    Authors:
    Natalja Taillefer , Vassiliyan Zanev
    Location:
    European Union, Luxembourg
    Firm:
    Loyens & Loeff
    Modernisation of Luxembourg insolvency law - Luxembourg collateral arrangements remain robust and bankruptcy remote
    2023-12-20

    Modernisation of Luxembourg insolvency law

    Luxembourg insolvency law has recently added new measures and proceedings designed to reorganise the assets or activities of a Luxembourg debtor.

    The law of 7 August 2023 on business preservation and modernisation of bankruptcy law (Reorganisation Law) applies to certain Luxembourg commercial companies and came into force on 1 November 2023.

    Filed under:
    Luxembourg, Insolvency & Restructuring, Litigation, Arendt & Medernach, Bankruptcy, European Commission
    Authors:
    Matthieu Taillandier , Dominik Pauly , Grégory Minne , Lynn Alzin
    Location:
    Luxembourg
    Firm:
    Arendt & Medernach
    Luxembourg insolvency law reform: New procedures to safeguard businesses more effectively
    2023-11-09

    On 1 November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and the modernisation of insolvency law (the “New Law”) entered into force. The New Law introduces new safeguard mechanisms designed to promote the continuity and preservation of businesses and the jobs that go with it. It provides for a mix of out-of-court and in-court procedures, including the option for a conciliator, the possibility of amicable agreements and judicial reorganisation procedures, and grants unfortunate but bona fide traders a second chance.

    Filed under:
    Luxembourg, Compliance Management, Corporate Finance/M&A, Insolvency & Restructuring, Hogan Lovells, Venture capital
    Authors:
    Alexander Koch , Benoît Serraf , Emmanuel Lamaud , Kim Tang , Adèle Rousseau , Lorenzo Jung
    Location:
    Luxembourg
    Firm:
    Hogan Lovells

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