This is the first of a series of two briefing notes published by the Restructuring & Insolvency practice of Arendt on recent or ongoing legislative changes in matters of insolvency law at Luxembourg and EU levels.
An extensive reform of Luxembourg insolvency law has been in the works since the adoption by the Chamber of Deputies of draft bill No. 6539 on business preservation and the modernisation of bankruptcy law on 26 February 2013 (the "Draft Bill"). The parliamentary works have been ongoing since then and are expected to enter into their final stage by the end of the year.
This note aims at summarising the expected changes to Luxembourg insolvency law resulting from the Draft Bill.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.