Legal Updates

As a consequence of the coronavirus pandemic, the Luxembourg Government has taken various measures to alleviate the financing and liquidity needs of companies. The suspension of the obligations of directors to file for bankruptcy once insolvent also helped avoid a wave of insolvency proceedings.  It remains to be seen whether the end of temporary COVID measures will result in a surge of loan defaults and insolvencies. In the meantime, a timely reorganisation of the debt of a financially distressed but viable company may prevent or remedy a loan default in a way that is mutually satisfactory to both the borrower and the lender. There are several potential means to this end.

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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.

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