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Our two specialists in Restructuring & Insolvency, Anne-Marie Nicolas and Véronique Hoffeld, were interviewed on the topic:
Because we are late in the process of implementation [of the new restructuring law], we also don’t have the judicial certainty that other countries have now. For example, if you look at the restructuring proceedings in the Netherlands, in England, in France, in the US, even in Germany--they are tested, so people know what to expect. In Luxembourg, we don’t have that advantage because it’s new, it’s late and it has blind spots. Time will tell.
[In a court decision in November 2023] the court decided that you do not have to prove your good faith-you just have to prove that there is risk for the continuation of the business.
That’s a bit astonishing and could open the door to bad-faith entrepreneurs.
To read the full article, please visit the Delano website
