On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the “Law”) enters into force.
This long-awaited reform implements Directive 2019/1023 to introduce a modern restructuring regime, with out-of-court and court supervised mechanisms to protect companies in distress. The Law is expected to provide more flexible and effective measures for businesses under financial stress and their creditors, making Luxembourg an attractive jurisdiction for restructurings.
This new legislation is inspired by the Belgian regime which has proved efficient since its entry into force in 2009. While the future will reveal how the Law will be applied, today the toolbox exists to make…
Read the full article at: https://www.jdsupra.com/legalnews/luxembourg-reform-of-restructuring-3954820/