Luxembourg Parliament adopts long-awaited restructuring and modernisation of insolvency law reform
On 19 July 2023, the Luxembourg Parliament adopted the long-awaited draft bill 6539A on the preservation of businesses and modernising bankruptcy law (the “Law”).
This bill substantially amends the Luxembourg insolvency landscape. Its aim is to modernise the existing framework in order to give businesses the opportunity to overcome financial difficulties without running into bankruptcy.
The Law will enter into force on the first day of the third month following its publication in the Luxembourg Official Gazette (e.g. probably on 1 October 2023 or 1 November 2023 depending on the actual date of publication).