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INSOL Europe members Martine Gerber and Christel Dumont of OPF Partners, Luxembourg announce the introduction of a new bill of law (BILL N°6539) on the protection of undertaking and the modernisation of insolvency law. The introduction of a new bill of law (Bill n°6539 “the Bill”) on insolvency and restructuring matters was deemed crucial considering that the most recent insolvency law dates back to1935 and an endlessly increasing number of bankruptcy cases have been filed over recent years, reaching a record high in 2012 with 1,026 registered cases. The Bill includes measures that aim at preventing a company’s potential financial difficulties and is, therefore, in line with the Government’s intentions. As a matter of fact, the Luxembourg Government, on the one hand, stated that in a...
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