Luxembourg Collateral Act Remains Favourable To Creditors: Insolvency Protection Of Creditors And Collateral Takers According To The Laws Of Luxembourg

Mondaq Business BriefingLuxembourg Articles in EnglishCorporate/Company Law (2012)

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Luxembourg Collateral Act Remains Favourable To Creditors: Insolvency Protection Of Creditors And Collateral Takers According To The Laws Of Luxembourg

(Originally published on September 29, 2011)

The Act of May 20 2011 implements EU Directive 2009/44/EC (amending the EU Settlement Finality Directive and the EU Collateral Directive), and amends the Collateral Act of August 5 2005. The Collateral Act has always been a lender-friendly implementation of the Collateral Directive. Most of its provisions have not changed and in general, the Collateral Act remains favourable to creditors in insolvency situations and other contexts.

Constitution and perfection of collateral arrangements

According to the new Article 2 of the Collateral Act, a written list of claims, transmitted to the collateral taker (ie, the ...

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