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    BCCI case: The Luxembourg Court of Appeal refuses to reopen the liquidation proceedings
    2016-03-14

    On 2 March 2016, the Luxembourg Court of Appeal has denied an appeal filed by Dr. Adil Elias, Faisal Islamic Bank of Egypt and a handful of other creditors of BCCI against a judgment previously rendered by the Luxembourg Commercial Court, which had refused to reopen the liquidation proceedings of Bank of Credit and Commerce International S.A. (“BCCI S.A.”) and BCCI Holdings (Luxembourg) S.A. (“BCCI Holdings”).

    Filed under:
    Luxembourg, United Kingdom, Insolvency & Restructuring, Litigation, Kleyr | Grasso, Liquidation
    Location:
    Luxembourg, United Kingdom
    Firm:
    Kleyr | Grasso
    The new Luxembourg company law: entry into force on 23 August 2016
    2016-08-22

    On 19 August 2016, the new law of 10 August 2016 on the modernization of the company law was published in Luxembourg's Official Journal (Mémorial A, n° 167) following its adoption by Parliament on 13 July 2016. The new law will enter into force 3 days following this publication date, i.e., on 23 August 2016.

    The new rules will become immediatly applicable on August 23, although companies incorporated before that date will benefit from a 2-year grace period to amend their articles of association.

    Filed under:
    Luxembourg, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Baker McKenzie
    Authors:
    Jean-François Findling , Torsten Schmitt
    Location:
    Luxembourg
    Firm:
    Baker McKenzie
    The modernisation of Luxembourg company law: changes to liquidation, incorporation and capital increase procedures
    2016-09-06

    Luxembourg’s modernisation of the Companies Act of 1915 was formally adopted on 13 July 2016, and includes changes to company liquidation, incorporation and capital increase procedures.

    Three-step liquidation

    Filed under:
    Luxembourg, Company & Commercial, Insolvency & Restructuring, TMF Group
    Location:
    Luxembourg
    Firm:
    TMF Group
    A new right to claim data from bankrupt cloud computing providers
    2013-09-30

    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:

    Filed under:
    Luxembourg, Insolvency & Restructuring, IT & Data Protection, Stibbe, Cloud computing
    Authors:
    Johanne Mersch , Nicolas Van Heule
    Location:
    Luxembourg
    Firm:
    Stibbe
    Fund finance market review - winter 2014
    2014-01-31

    Capital call subscription credit facilities (each, a “Facility”) continued their positive momentum in 2013  and had an excellent year as an asset class. As in the recent past, investor (“Investor”) funding performance remained as pristine as ever, and the only exclusion events we are aware of involved funding  delinquencies by noninstitutional Investors (in many cases subsequently cured). Correspondingly, we  were not consulted on a single Facility payment event of default in 2013.

    Filed under:
    Luxembourg, United Kingdom, USA, Banking, Capital Markets, Insolvency & Restructuring, Projects & Procurement, Mayer Brown
    Location:
    Luxembourg, United Kingdom, USA
    Firm:
    Mayer Brown
    Alteco / Mag Import case: new developments for secured creditors
    2014-02-19

    Luxembourg court decisions allow secured lenders to enforce Gecina share pledge.

    A controversial insolvency dispute winding its way through courts in Spain and Luxembourg may reinforce the rights of secured lenders to enforce financial collateral within an insolvency proceeding. While the recent Luxembourg Tribunal decision enforcing a financial collateral pledge for payment default appears to favor the secured lenders, a potentially contradictory decision from the Spanish Commercial Courts throws the issue into uncertain territory.

    Filed under:
    Luxembourg, Spain, Banking, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Collateral (finance), Commercial property
    Authors:
    Ignacio Pallarés , Javier López Antón , Fernando Colomina Nebreda , Isabel Borrero
    Location:
    Luxembourg, Spain
    Firm:
    Latham & Watkins LLP
    Avant-projet de loi sur le bail commercial : projet avorté ou prémisses d'une réforme plus profonde ?
    2014-03-26

    Suite aux faillites d’une quinzaine de boutiques au mois de septembre dernier au centre-ville de Luxembourg et partant du constat de la disparition progressive des commerces en centre-ville ainsi que d’une baisse de la création d’entreprises dans le secteur du commerce de détail, l’ancien gouvernement a émis un avant-projet de loi sur le bail commercial le 4 octobre 2013 (ci-après « l’avant-projet » ou le « projet »).

    Filed under:
    Luxembourg, Insolvency & Restructuring, Real Estate, CMS Belgium
    Authors:
    Audrey Heinry
    Location:
    Luxembourg
    Firm:
    CMS Belgium
    Le projet de réforme sur le droit de la faillite au Luxembourg - projet de loi n°6539
    2014-06-26

    Le droit de la faillite au Grand-Duché de Luxembourg est actuellement régi par les articles 437 et suivants du Code de Commerce et s’inspire en grande partie du droit et de la jurisprudence belges. La législation applicable en matière de faillite n’a cependant que très peu évolué depuis 1935. Le législateur luxembourgeois, au vu du nombre croissant de faillites prononcées ces dernières années, avait d’ores et déjà tenté de réformer ce droit par l’introduction d’un projet de loi en 2003, resté cependant lettre morte.

    Filed under:
    Luxembourg, Insolvency & Restructuring, CMS Belgium
    Authors:
    Nathalie Aflalo
    Location:
    Luxembourg
    Firm:
    CMS Belgium
    Restructuring and insolvency in Luxembourg (part 1)
    2014-07-11

    INTRODUCTION

    Luxembourg is one of the leading domiciles worldwide for international investment vehicles. This leading position has arisen from the combination of the following core factors:

    Filed under:
    Luxembourg, Insolvency & Restructuring, Ogier, Foreign direct investment, Debtor
    Location:
    Luxembourg
    Firm:
    Ogier
    Restructuring and insolvency in Luxembourg (Part 2)
    2014-07-16

    RESTRUCTURING - COURT PROCEDURES

    Formal, court-driven restructuring proceedings are available into Luxembourg law, but for practical reasons, these are rarely used in practice.

    Reprieve from payment procedure (sursis de paiement)

    Filed under:
    Luxembourg, Insolvency & Restructuring, Litigation, Ogier, Debtor
    Location:
    Luxembourg
    Firm:
    Ogier

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