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On 11 June 2013, the Luxembourg Chamber of Deputies voted in favour of a law introducing a right to claim back "intangible" and non-fungible movable assets from a bankrupt company (the parliamentary file can be downloaded here). According to the explanatory memorandum, the law is intended to allow the recovery of data from a bankrupt provider of distance IT services or Cloud computing solutions. The law provides greater certainty as to the consequences of the bankruptcy of a cloud services provider vis-à-vis the data it holds and contributes significantly to Luxembourg's strong reputation as a centre of excellence for IT outsourcing.
"Separable" assets
The law clarifies that the intangible assets in question must be "separable" from...
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