The Luxembourg parliament has adopted an act on business continuity, restructuring and the modernisation of the bankruptcy regime (the Insolvency Modernisation Act or IMA).
Before the adoption of the IMA (which should be enacted shortly) the Luxembourg restructuring framework already offered a range of (mainly consensual and solvent) restructuring options.
When it comes to legally organised restructuring options, Luxembourg has not traditionally offered effective restructuring procedures. The old procedures, which aimed at avoiding bankruptcy, were considered to be outdated and unpractical for various reasons. By adopting the IMA, the Luxembourg legislator fills that gap, providing for a variety of judicial and extra-judicial restructuri…
Read the full article at: https://www.jdsupra.com/legalnews/luxembourg-adopts-insolvency-reform-new-7458414/