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Castegnaro | Luxembourg | 4 Aug 2021

Economic and Social Council issues opinion on adding right to disconnect article to Labour Code

The Economic and Social Council recently issued an opinion recommending the addition of a new article to the Labour Code on "respect for the right to disconnect". This article would cover certain provisions pertaining to the obligation to define a right to disconnect scheme, its implementation and contents and any penalties applicable.
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Luther Rechtsanwaltsgesellschaft | Luxembourg | 6 Jul 2021

Securing company claims using directors' private assets: what kind of guarantee is used?

Loans granted to a company are almost systematically guaranteed. In Luxembourg, the most widely used guarantees have traditionally been suretyships and first demand guarantees. In a recent case, the Court of Appeal determined whether letters signed by guarantors to finance a yacht constituted first demand guarantees or whether the guarantors had entered into a suretyship, enabling them invoke......
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NautaDutilh | Luxembourg | 15 Jun 2021

Applicability of law on financial collateral agreements to insolvency proceedings

The law of 5 August 2005 on financial collateral agreements, as amended (the 2005 law), provides an attractive legal framework for creditors. The Luxembourg Arrondissement Court recently ruled on whether the beneficiary or pledgee of a Luxembourg law pledge granted over a bank account could benefit from the protection granted by the 2005 law with respect to insolvency proceedings initiated......
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NautaDutilh | Luxembourg | 8 Jun 2021

Publication of bill to amend Securitisation Law

Bill of Law 7825, which aims to amend the Securitisation Law, was recently introduced to the Chamber of Deputies. The bill clarifies the existing legal framework for securitisations and adapts it in a flexible way to the requirements of the securitisation market. The bill demonstrates the Luxembourg financial sector's aim to allow securitisation transactions to be carried out under Luxembourg......
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NautaDutilh | Luxembourg | 1 Jun 2021

Implementation of new EU framework relating to covered bonds

A draft bill relating to the issuance of covered bonds was recently deposited to implement EU Directive 2019/2162/EU into Luxembourg law. Covered bonds are generally considered sources of stable refinancing, even in tense market conditions. Access to this activity will enable issuing credit institutions to diversify their sources of financing and strengthen their resilience to market shocks,......
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Luther Rechtsanwaltsgesellschaft | Luxembourg | 7 May 2021

Insolvency proceedings: what are the options?

The Supreme Court recently reconfirmed that a liquidated company is deemed to survive passively for a period of five years further to the publication of the closure of the liquidation in the Luxembourg Trade and Companies Register. This allows the company's creditors to introduce a legal action against it. In the current COVID-19 context, this decision highlights that a liquidation does not......
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Castegnaro | Luxembourg | 24 Mar 2021

Clarifications on short-time working system as of April 2021

In a recent press release, the Ministry for Labour, Employment and the Social and Solidarity Economy and the Ministry of the Economy clarified how the short-time working system will be applied between 1 April 2021 and 30 June 2021. This article highlights the implications for different businesses, including industrial businesses and those in the vulnerable sectors relating to tourism and events.
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Luther Rechtsanwaltsgesellschaft | Luxembourg | 23 Mar 2021

Directors' liability: directors can be liable for tax obligation breaches that preceded their appointment

Corporate law recognises a fundamental principle which is known as the 'organ theory' – that is, directors acting in their capacity as a company's corporate representative cannot be held personally liable for the corporate obligations arising from their position. However, there are exceptions to this principle with respect to tax law. The Administrative Court recently rendered a judgment......
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NautaDutilh | Luxembourg | 16 Mar 2021

New bill brings Luxembourg to the forefront of distributed ledger technology

Parliament recently approved Bill 7637, which modified the Law of 5 April 1993 on the financial sector and the Law of 6 April 2013 on dematerialised securities. The bill introduces important modifications with respect to the direct issuance of dematerialised securities using distributed ledger technology (DLT) and strengthens Luxembourg's position as one of the most DLT-friendly and important......
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NautaDutilh | Luxembourg | 9 Mar 2021

New CSSF platform for submission of prospectuses and related documents

Submissions of documents under the EU Prospectus Regulation and the Law of 16 July 2019 on prospectuses for securities must now be made through the e-Prospectus platform developed by the Luxembourg Financial Supervisory Authority. The e-Prospectus platform covers submissions and tracking of applications and submissions of notification requests, among other things.
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