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Restructuring & Insolvency in Luxembourg

July 2010 - Finance. Legal Developments by OPF Partners.

It goes without saying that the past few years have been quite unique. Over this period, we have seen the fall of many prominent banking institutions and have experienced some quite special situations. The repercussions of these events have greatly impacted global economies and in many jurisdictions, they have led to a spectacular level of bankruptcy, insolvency and restructuring cases.

In Luxembourg, the economic downturn can still be felt, although to a lesser extent than most other jurisdictions. Situations such as the fall of the Icelandic banks and insolvent funds linked to the Bernard Madoff’s Ponzi scheme, have, however, triggered some very busy and quite complex cases for the financial and legal communities. They have also raised a range of issues such as the role and onus of liability of financial institutions including custodian banks and necessitated the need for more open dialogue towards harmonised and stricter regulations amongst EU states and beyond.

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Restructuring & Insolvency in Luxembourg