Members - Netherlands

Luxembourg: New Legislation on Business Preservation and Bankruptcy

Luxembourg, 2024-08-27

Given that the previous bankruptcy law in Luxembourg dated back to the 20th century, it was imperative to adapt it to the modern economy. With a new law of August 7, 2023, concerning the preservation of businesses and the modernization of bankruptcy law, while also integrating the European Directive 2019/1023 on preventive restructuring frameworks, Luxembourg has finally taken the long-awaited step to modernize its legal framework for insolvency proceedings.