• Good to see what has allready been achieved. Better to know what still needs to be done.
  • Precision, perfect timing and an eyefor what matters.
  • Doing the right thing at the right time.That's what seperates the best from the rest.
  • Achieving your goalswith a reliable partnerby your side.

Newsflash 27-06-2017


Luxembourg


Content


Newsflash Luxembourg

The Regulation (EU) 2015/848 of the European Parliament and of the council dated 20 May 2015 on insolvency proceedings (hereinafter the “new Regulation”), which replaces the Regulation (EU) 1346/2000 dated 29 May 2000 became applicable on Monday 26 June 2017.

The new Regulation establishes continuity rules and therefore does not constitute a “revolution”.

The principle aims and new developments of the new Regulation are the following:

  • Improve legal security and protection of creditors;
  • Extension of the scope of application (in particular, it does now include the situation where a debtor is not fully divested of the control of its assets);
  • The new Regulation still does not apply to investment firms and collective investment undertakings;
  • The new Regulation includes a definition of the Centre of its Main Interests (“COMI”);
  • A court seized of a request to open insolvency proceedings will examine whether it has jurisdiction of its own motion, in order to decrease the risk of forum shopping;
  • Introduction of a cooperation mechanism between the insolvency practitioner in the main insolvency proceedings and the insolvency practitioner(s) in the secondary insolvency proceedings;
  • Introduction of cooperation and communication mechanisms concerning insolvency proceedings of members of a group of companies.

Please feel free to contact us for further information.

Mathieu Laurent
Avocat à la Cour
Partner
Luther S.A.
Luxembourg
Phone +352 27 484 662
mathieu.laurent(at)luther-lawfirm.com

 

Maurice Goetschy
Avocat à la Cour
Senior Associate
Luther S.A.
Luxembourg
Phone +352 27 484 676
maurice.goetschy(at)luther-lawfirm.com

 

Anne-Laure Wach
Avocat aux Barreaux de Paris et de
Luxembourg (Liste IV)
Associate
Luther S.A.
Luxembourg
Phone +352 27484 657
anne-laure.wach(at)luther-lawfirm.lu

[back]