- within Insolvency/Bankruptcy/Re-Structuring topic(s)
- in Asia
- in Asia
- within Privacy, Antitrust/Competition Law and Environment topic(s)
The European Union has amended Annex A of Regulation (EU) 2015/848 to include Luxembourg procedures introduced by the Law of 7 August 2023 on business preservation and modernisation of insolvency law (the 2023 Law).
The following Luxembourg procedures have been introduced:
- Judicial reorganisation by collective agreement (réorganisation judiciaire par accord collectif)
- Judicial reorganisation through court-ordered transfer (réorganisation judiciaire par transfert par décision de justice)
- Judicial reorganisation for the purpose of obtaining a stay with a view to reaching an amicable agreement (réorganisation judiciaire aux fins d'obtenir un sursis en vue de permettre la conclusion d'un accord amiable)
Annex B of Regulation (EU) 2015/848 has been amended to include judicial officers (mandataires de justice) as provided for under the 2023 Law.
Impact of this change
Inclusion in Annex A means these procedures are now formally
recognised across the EU as insolvency
proceedings, triggering:
- Automatic recognition of judgments in other Member States.
- Streamlined cooperation between courts and insolvency practitioners.
- Enhanced legal certainty for creditors and stakeholders in cross-border restructurings.
This is a significant step forward for Luxembourg's insolvency regime and its integration into the EU's cross-border insolvency framework.
If you'd like to learn more, reach out to our Restructuring team below.
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.
