{"id":18366,"date":"2023-08-07T11:21:05","date_gmt":"2023-08-07T09:21:05","guid":{"rendered":"https:\/\/brouxelrabia.lu\/?p=18366"},"modified":"2023-08-08T11:08:03","modified_gmt":"2023-08-08T09:08:03","slug":"new-luxembourg-law-modernizing-luxembourgs-insolvency-law-and-introducing-new-rules-on-business-preservation","status":"publish","type":"post","link":"https:\/\/brouxelrabia.lu\/new-luxembourg-law-modernizing-luxembourgs-insolvency-law-and-introducing-new-rules-on-business-preservation\/","title":{"rendered":"New Luxembourg law modernizing Luxembourg\u2019s insolvency law and introducing new rules on business preservation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18366\" class=\"elementor elementor-18366\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7d133251 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"7d133251\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;jet_parallax_layout_list&quot;:[{&quot;_id&quot;:&quot;4d06b11&quot;,&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:null,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e89a72f\" data-id=\"4e89a72f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d17331 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d17331\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;_id&quot;:&quot;800ca77&quot;,&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:null,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-742f1c8\" data-id=\"742f1c8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9c4a55e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"9c4a55e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/brouxelrabia.lu\/wp-content\/uploads\/elementor\/css\/custom-widget-icon-list.min.css?ver=1714611932\"><link rel=\"stylesheet\" href=\"https:\/\/brouxelrabia.lu\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-theme-elements.min.css\">\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-fde9fb9 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/2023\/08\/07\/\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t<span class=\"elementor-post-info__item-prefix\">Published<\/span>\n\t\t\t\t\t\t\t\t\t\t<time>August 7, 2023<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd8e38a elementor-widget elementor-widget-heading\" data-id=\"bd8e38a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">New Luxembourg law modernizing Luxembourg\u2019s insolvency law and introducing new rules on business preservation <br><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a19998d elementor-widget elementor-widget-text-editor\" data-id=\"a19998d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><strong>1. Purpose and aim of the Bill of Law<\/strong><\/p><p>On 19<sup>th<\/sup>July 2023 the Luxembourg\u2019s Parliament (<em>Chambre des D\u00e9put\u00e9s<\/em>) adopted <a href=\"https:\/\/wdocs-pub.chd.lu\/docs\/exped\/0141\/100\/283005.pdf\" target=\"_blank\" rel=\"noopener\">the Bill of Law No. 6539A (the \u201c<strong>Law<\/strong>\u201d)<\/a> the purpose of which is to implement several measures and introduce new procedures to promote the preservation of businesses and modernize the insolvency law. The Law is set to enter into force on the first day of the third month following its publication in the Luxembourg Official Journal, i.e., during Q4 2023.<\/p><p>It took more than ten years to finally adopt the Law, as it was originally part of the Bill of Law n\u00b06539 to preserve businesses and modernize bankruptcy regulation, which was introduced on 1<sup>st<\/sup> February 2013 and then split in two parts:<\/p><ul><li style=\"list-style-type: none;\"><ul><li><a href=\"https:\/\/wdocs-pub.chd.lu\/docs\/exped\/0141\/100\/283005.pdf\" target=\"_blank\" rel=\"noopener\">Bill of Law No. 6539A<\/a> the subject of the following article; and<\/li><li><a href=\"https:\/\/www.chd.lu\/fr\/dossier\/6539B\" target=\"_blank\" rel=\"noopener\">Bill of Law No. 6539B<\/a> creating the procedure for administrative dissolution without liquidation which was adopted by Parliament on 18<sup>th<\/sup> October 2022.<\/li><\/ul><\/li><\/ul><p>The Law aims at transposing Directive (EU) 2019\/1023 of the European Parliament and of the Council of 20<sup>th<\/sup> June 2019 on preventive restructuring frameworks as well as at modernizing Luxembourg\u2019s legal framework on insolvency law by granting, <em>inter alia<\/em>, a second chance to companies in financial difficulties.<\/p><p><strong>2. Applicability<\/strong><\/p><p>Pursuant to art. 2 of the Law, it only applies to:<\/p><ol><li style=\"list-style-type: none;\"><ol><li>Traders (<em>commer\u00e7ants<\/em>) who\u00a0are\u00a0natural persons within the meaning of art. 1 of the Luxembourg Commercial Code;<\/li><li>SNC; SCS; SCA; SA; S\u00e0rl; SCSp; SC and SE;<\/li><li>Craftsmen (<em>artisans<\/em>); and<\/li><li>Civil companies,<\/li><\/ol><\/li><\/ol><p>(Together, the \u201c<strong>In-Scope Entities<\/strong>\u201d)<\/p><p>According to the provisions of art. 3 (i) Investment firms; (ii) Insurance and reinsurances companies; (iii) undertaking for collective investments; (iv) Specialized investment funds; (v) venture capital investment companies;(vi) Pension funds; and(vii) RAIF fall expressly out of the scope of application of the Law.<\/p><p><strong>3<\/strong>.\u00a0<strong>The <\/strong><strong>key provisions of the Law <\/strong><\/p><p>The institutions involved in the legislative procedure, such as the Chamber of Commerce (<em>Chambre de Commerce<\/em>), noted, in the opinions they rendered that the Law constitutes a significant improvement in the planned liability regime for managers and is a good step towards the grating of a second chance.<\/p><p>The Law introduces important procedures such as, <em>inter alia<\/em>:<\/p><ol><li>The detection of companies in difficulties.<\/li><li>The reorganization by mutual agreement.<\/li><li>The Judicial reorganization procedures.<\/li><\/ol><p>In addition to the main procedures listed above, the Law also introduces (i) new procedures regarding conservatory measures, such as the conciliation, and (ii) amendments to the bankruptcy -related provisions.<\/p><p><strong><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4cd.svg\" alt=\"\ud83d\udccd\" title=\"\">The detection of companies in difficulties<\/strong><\/p><p>Under chapter 2 of the Law, the legislator introduces provisions regarding the detection of companies in difficulties and companies likely to be assigned for bankruptcy.<\/p><p>The purpose of these provisions is to enable the Ministry of Economy and the Ministry having\u00a0the\u00a0Middle Class in its\u00a0competences to detect In-Scope Entities facing difficulties and to invite them to discuss about possible reorganization measures.<\/p><p>The preventive aspect of the Law will therefore consist of enabling these two ministries, based on the information at their disposal, to identify and contact In-Scope Entities likely to be in difficulty.<\/p><p>Once an In-Scope Entity in difficulty has been identified, the Minister may invite it to discuss the state of its business and inform it of the available reorganisation measures.<\/p><p>Similarly, it is within the competences of these two ministries to appoint, at the request of the In-Scope Entity facing difficulties, a company conciliator (<em>conciliateur d\u2019entreprise<\/em>) to (i) assist the debtor in the preparation and conclusion of an out-of-court agreement with creditors, or (ii) obtain the creditors\u2019 consent on a reorganisation plan, or (iii) achieve a business\/asset transfer.<\/p><p>The mission of the conciliator can be both inside and outside a judicial reorganization procedure.<\/p><p>Furthermore, the Law also introduces a new assessment unit for companies in difficulty (<em>Cellule d\u2019\u00e9valuation des entreprises en difficult\u00e9)<\/em>.<\/p><p>This unit will be responsible for assessing the appropriateness, for an In-Scope Entity, to file for bankruptcy and it will be composed by five members nominated by the Ministry of Economy.<\/p><p>The Law defers further provisions regarding the functioning and the organisation of the unit to a Grand-Ducal regulation (<em>r\u00e8glement grand-ducal<\/em>).<\/p><p><strong><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4cd.svg\" alt=\"\ud83d\udccd\" title=\"\"> Reorganization by mutual (out-of court) agreement<\/strong><\/p><p>Chapter 4 section 2 of the Law also introduces a procedure enabling a distressed In-Scope Entity to seek to reach an out-of-court agreement with all its creditors or at least two of them, with or without the assistance of a conciliator, for the reorganisation of all or part of its assets or activities.<\/p><p>The debtor may request that such agreement be judicially homologated. Such homologation by the court gives to the agreement direct enforceability and sets aside the application of certain statutory claw-back provisions.\u00a0<\/p><p><strong><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4cd.svg\" alt=\"\ud83d\udccd\" title=\"\"> The judicial reorganization procedure\u00a0<\/strong><\/p><p>According to the provisions of the Law, the debtor may also apply for a judicial reorganization procedure. The purpose of such judicial reorganization procedure is to preserve, under the control of the judge, the continuity of all or part of the assets or activities of such debtor.<\/p><p>The Law provides for three different judicial reorganisation proceedings depending on the intended objective:<\/p><ul><li style=\"list-style-type: none;\"><ul><li><strong>Mutual agreement<\/strong> \u2013 The debtor intends to obtain a stay (<em>sursis<\/em>) to conclude a mutual agreement. The proceeding is judicial compared to the above-mentioned reorganisation by mutual agreement (out-of-court procedure).<\/li><li><strong>Collective agreement<\/strong> \u2013 The debtor intends to reach a collective agreement (<em>accord collectif<\/em>) with some of its creditors on a reorganisation plan.<\/li><li><strong>Transfer by court order<\/strong> \u2013 All or part of the assets or the business of the debtor is transferred, by court order, to one or several third parties. This proceeding may be voluntary and involves employees and employee representatives.<\/li><\/ul><\/li><\/ul><p style=\"padding-left: 40px;\"><strong><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/2935.svg\" alt=\"\u2935\" title=\"\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/2935.svg\" alt=\"\u2935\" title=\"\">\u00a0Procedural aspects<\/strong><\/p><p style=\"padding-left: 40px;\">The procedure for the opening of a judicial reorganisation procedure established by the Law is particularly detailed and complex.<\/p><p style=\"padding-left: 40px;\">Some key elements are:<\/p><ul><li style=\"list-style-type: none;\"><ul><li style=\"list-style-type: none;\"><ul><li>Until the Court has ruled on the request for judicial reorganization proceeding, no bankruptcy, judicial liquidation or enforcement measures (with exceptions) can be declared or taken. The court may pronounce the suspension thereof, at the express request of the debtor in his petition for judicial reorganization. The application for suspension of the sale shall have, in principle, no suspensive effect.<\/li><li>The court shall examine the filing for the judicial reorganization proceeding, within fifteen days from its deposit at registry of the court (<em>depot au greffe<\/em>) and fix a date for the hearing of the debtor.<\/li><li>At least three days before the hearing the debtor is summoned to appear before the court.<\/li><li>After (i) having review the report of the delegated Judge, and (ii) within eight days from when it finished to examine the filing, the court shall render its judgment on the opening of the judicial reorganization proceedings.<\/li><li>The judgment ruling on the application to open the judicial reorganization may not be subject to opposition, but it may only be appealed within eight days from its notification to the debtor.<\/li><li>If all the prerequisites are fulfilled, the court shall declare the judicial reorganization procedure open and determine the duration of the stay (<em>sursis<\/em>) which may not exceed four months.<\/li><li>In the event of serious and characterized misconduct or manifest bad faith on the part of the debtor or one of his organs, the court may, at the request of any interested party or of the public prosecutor chose a provisional administrator for the duration of the stay (<em>sursis<\/em>).<\/li><li>The enforcement of financial collateral arrangements falling within the scope of the Law of 5 august 2005, as amended (the \u201c<strong>Financial Collateral Act<\/strong>\u201d) is not affected and remains possible during this suspension period.<\/li><li>The application for or commencement of the judicial reorganization procedure shall not terminate the contracts in progress or the terms of their performance.<\/li><li>Penalty clauses, including interest rate increase clauses, intended to cover potential damages suffered because of non-compliance with the main undertaking, remain ineffective during the stay period and until the full implementation of the reorganization plan as far as the creditors included in the plan are concerned.<\/li><li>A claim arising from current contracts with successive performances is not subject to the stay, insofar as it relates to performances made after the judgment opening the judicial reorganization proceedings.<\/li><li>New liabilities are considered as being debts of the insolvency estate.<\/li><\/ul><\/li><\/ul><\/li><\/ul><p><strong>4. Final remarks<\/strong><\/p><p>The impact of the new Law on the day-to-day life of companies and managers are hard to assess. Indeed, in particular it will take some time to evaluate if the Law achieved its aim of granting a second chance to the debtor.<\/p><p>The Law introduces new procedures which will require intense educational effort to make sure In-Scope Entities, stakeholders and creditors are aware of the various options and their effects.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fc6953 elementor-widget elementor-widget-text-editor\" data-id=\"4fc6953\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p style=\"text-align: left;\"><strong>For more information or assistance on this topic, please do not hesitate to contact our Corporate team at the following address: <a href=\"mailto:welcome@brouxelrabia.lu\">welcome@brouxelrabia.lu<\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-b7d5d1b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b7d5d1b\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;53550b8&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:null,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-74803f2\" data-id=\"74803f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f035faf elementor-widget elementor-widget-image\" data-id=\"f035faf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 08-05-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/our-team\/samia-rabia\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"230\" height=\"230\" src=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2021\/12\/sam-team.jpg?resize=230%2C230&amp;ssl=1\" class=\"attachment-kava-thumb-s-2 size-kava-thumb-s-2 wp-image-3251\" alt=\"Samia RABIA, Partner Brouxel and Rabia Luxembourg Law Firm\" srcset=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2021\/12\/sam-team.jpg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2021\/12\/sam-team.jpg?resize=230%2C230&amp;ssl=1 230w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2021\/12\/sam-team.jpg?resize=400%2C400&amp;ssl=1 400w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2021\/12\/sam-team.jpg?zoom=2&amp;resize=230%2C230&amp;ssl=1 460w\" sizes=\"(max-width: 230px) 100vw, 230px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Samia RABIA <br> Partner<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-76004c7\" data-id=\"76004c7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d3e4f97 elementor-widget elementor-widget-image\" data-id=\"d3e4f97\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/our-team\/miroslava-dudas-counsel-brouxel-and-rabia\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"230\" height=\"230\" src=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?resize=230%2C230&amp;ssl=1\" class=\"attachment-kava-thumb-s-2 size-kava-thumb-s-2 wp-image-15573\" alt=\"Miroslava_Dudas_Brouxel&amp;Rabia_Luxembourg_Law_Firm\" srcset=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?w=591&amp;ssl=1 591w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?resize=230%2C230&amp;ssl=1 230w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/10\/Miroslava_Dudas_BrouxelRabia_Luxembourg_Law_Firm.png?resize=400%2C400&amp;ssl=1 400w\" sizes=\"(max-width: 230px) 100vw, 230px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Miroslava DUDAS <br>Counsel<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-5ae308f\" data-id=\"5ae308f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ec1fa9d elementor-widget elementor-widget-image\" data-id=\"ec1fa9d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/our-team\/eric-jungblut\/\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"230\" height=\"230\" src=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2022\/02\/DSC_2418_sm-1-e1644234007599.jpg?resize=230%2C230&amp;ssl=1\" class=\"attachment-kava-thumb-s-2 size-kava-thumb-s-2 wp-image-6803\" alt=\"Eric Jungblut, Brouxel &amp; Rabia Luxembourg Law Firm\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Eric JUNGBLUT <br> Counsel<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-25 elementor-inner-column elementor-element elementor-element-0bdf52d\" data-id=\"0bdf52d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e3743e5 elementor-widget elementor-widget-image\" data-id=\"e3743e5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/our-team\/marco-david-associate\/\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"230\" src=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=230%2C230&amp;ssl=1\" class=\"attachment-kava-thumb-s-2 size-kava-thumb-s-2 wp-image-17447\" alt=\"Marco David, Associate, Brouxel &amp; Rabia Luxembourg Law Firm - Corporate, Commercial, Criminal, Dispute, Litigation, Italian Bar\" srcset=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?w=668&amp;ssl=1 668w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=230%2C230&amp;ssl=1 230w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=400%2C400&amp;ssl=1 400w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=600%2C600&amp;ssl=1 600w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2023\/02\/Marco-David-Square-fit-BW-e1680619055260.jpeg?resize=640%2C640&amp;ssl=1 640w\" sizes=\"(max-width: 230px) 100vw, 230px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Marco DAVID <br> Associate<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-42b13ac elementor-hidden-tablet elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"42b13ac\" data-element_type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;_id&quot;:&quot;4f1a8c3&quot;,&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:null,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div 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data-settings=\"{&quot;jet_parallax_layout_list&quot;:[{&quot;_id&quot;:&quot;7e89468&quot;,&quot;jet_parallax_layout_image&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_tablet&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_image_mobile&quot;:{&quot;url&quot;:&quot;&quot;,&quot;id&quot;:&quot;&quot;,&quot;size&quot;:&quot;&quot;},&quot;jet_parallax_layout_speed&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:50,&quot;sizes&quot;:[]},&quot;jet_parallax_layout_type&quot;:&quot;scroll&quot;,&quot;jet_parallax_layout_direction&quot;:null,&quot;jet_parallax_layout_fx_direction&quot;:null,&quot;jet_parallax_layout_z_index&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x&quot;:50,&quot;jet_parallax_layout_bg_x_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_x_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y&quot;:50,&quot;jet_parallax_layout_bg_y_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_y_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size&quot;:&quot;auto&quot;,&quot;jet_parallax_layout_bg_size_tablet&quot;:&quot;&quot;,&quot;jet_parallax_layout_bg_size_mobile&quot;:&quot;&quot;,&quot;jet_parallax_layout_animation_prop&quot;:&quot;transform&quot;,&quot;jet_parallax_layout_on&quot;:[&quot;desktop&quot;,&quot;tablet&quot;]}]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-custom\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-25b72ade\" data-id=\"25b72ade\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2e1f8524 elementor-post-navigation-borders-yes elementor-widget elementor-widget-post-navigation\" data-id=\"2e1f8524\" data-element_type=\"widget\" data-widget_type=\"post-navigation.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-post-navigation\">\n\t\t\t<div class=\"elementor-post-navigation__prev elementor-post-navigation__link\">\n\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/new-bill-of-law-reforming-and-modernising-luxembourg-accounting-legal-framework\/\" rel=\"prev\"><span class=\"post-navigation__arrow-wrapper post-navigation__arrow-prev\"><i class=\"fa fa-angle-double-left\" aria-hidden=\"true\"><\/i><span class=\"elementor-screen-only\">Prev<\/span><\/span><span class=\"elementor-post-navigation__link__prev\"><span class=\"post-navigation__prev--label\">Previous Post<\/span><span class=\"post-navigation__prev--title\">New Bill of Law reforming and modernising Luxembourg accounting legal framework<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-post-navigation__separator-wrapper\">\n\t\t\t\t\t<div class=\"elementor-post-navigation__separator\"><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"elementor-post-navigation__next elementor-post-navigation__link\">\n\t\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/third-country-nationals-employment-scheme\/\" rel=\"next\"><span class=\"elementor-post-navigation__link__next\"><span class=\"post-navigation__next--label\">Next Post<\/span><span class=\"post-navigation__next--title\">The national employment scheme for third-country nationals and their family members willing to work in Luxembourg: what\u2019s new?<\/span><\/span><span class=\"post-navigation__arrow-wrapper post-navigation__arrow-next\"><i class=\"fa fa-angle-double-right\" aria-hidden=\"true\"><\/i><span class=\"elementor-screen-only\">Next<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-de036a8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"de036a8\" data-element_type=\"section\" 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data-settings=\"{&quot;classic_columns&quot;:&quot;1&quot;,&quot;pagination_type&quot;:&quot;numbers_and_prev_next&quot;,&quot;classic_columns_tablet&quot;:&quot;2&quot;,&quot;classic_columns_mobile&quot;:&quot;1&quot;,&quot;classic_row_gap&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:35,&quot;sizes&quot;:[]},&quot;classic_row_gap_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;classic_row_gap_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"posts.classic\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/brouxelrabia.lu\/wp-content\/plugins\/elementor-pro\/assets\/css\/widget-posts.min.css\">\t\t<div class=\"elementor-posts-container elementor-posts elementor-posts--skin-classic elementor-grid\">\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-19529 post type-post status-publish format-standard has-post-thumbnail hentry category-regulations category-finance tag-banking tag-delia-nitescu tag-finance tag-regulatory\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/brouxelrabia.lu\/upcoming-implementation-of-luxembourgs-new-legal-framework-to-tackle-non-performing-loans\/\" tabindex=\"-1\">\n\t\t\t<div class=\"elementor-post__thumbnail\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"276\" src=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?fit=768%2C276&amp;ssl=1\" class=\"attachment-medium_large size-medium_large wp-image-19465\" alt=\"\" title=\"\" srcset=\"https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?w=2560&amp;ssl=1 2560w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=300%2C108&amp;ssl=1 300w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=1024%2C369&amp;ssl=1 1024w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=768%2C276&amp;ssl=1 768w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=1536%2C553&amp;ssl=1 1536w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=2048%2C737&amp;ssl=1 2048w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?resize=600%2C216&amp;ssl=1 600w, https:\/\/i0.wp.com\/brouxelrabia.lu\/wp-content\/uploads\/2024\/04\/AdobeStock_661332697-scaled.jpeg?w=2400&amp;ssl=1 2400w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n\t\t<\/a>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/brouxelrabia.lu\/upcoming-implementation-of-luxembourgs-new-legal-framework-to-tackle-non-performing-loans\/\">\n\t\t\t\tUpcoming Implementation of Luxembourg&#8217;s New Legal Framework to Tackle Non-Performing Loans\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\tApril 29, 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>The Luxembourg Chamber of Commerce has paved the way for progress with their recent opinions, and now, the much-anticipated Bill of Law N\u00b08185 regarding the transfer of non-performing loans is on the verge of adoption&#8230;<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/brouxelrabia.lu\/upcoming-implementation-of-luxembourgs-new-legal-framework-to-tackle-non-performing-loans\/\" aria-label=\"Read more about Upcoming Implementation of Luxembourg&#8217;s New Legal Framework to Tackle Non-Performing Loans\" tabindex=\"-1\" target=\"_blank\">\n\t\t\tRead More \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t<div class=\"e-load-more-anchor\" data-page=\"1\" data-max-page=\"66\" data-next-page=\"https:\/\/brouxelrabia.lu\/wp-json\/wp\/v2\/posts\/18366\/page\/2\/\"><\/div>\n\t\t\t\t<nav class=\"elementor-pagination\" aria-label=\"Pagination\">\n\t\t\t<span class=\"page-numbers prev\">&laquo; Previous<\/span>\n<span aria-current=\"page\" class=\"page-numbers current\"><span class=\"elementor-screen-only\">Page<\/span>1<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/brouxelrabia.lu\/wp-json\/wp\/v2\/posts\/18366\/page\/2\/\"><span class=\"elementor-screen-only\">Page<\/span>2<\/a>\n<a class=\"page-numbers\" href=\"https:\/\/brouxelrabia.lu\/wp-json\/wp\/v2\/posts\/18366\/page\/3\/\"><span class=\"elementor-screen-only\">Page<\/span>3<\/a>\n<span class=\"page-numbers dots\">&hellip;<\/span>\n<a class=\"page-numbers\" href=\"https:\/\/brouxelrabia.lu\/wp-json\/wp\/v2\/posts\/18366\/page\/20\/\"><span class=\"elementor-screen-only\">Page<\/span>20<\/a>\n<a class=\"page-numbers next\" href=\"https:\/\/brouxelrabia.lu\/wp-json\/wp\/v2\/posts\/18366\/page\/2\/\">Next &raquo;<\/a>\t\t<\/nav>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>On 19th July 2023 the Luxembourg\u2019s Parliament (Chambre des D\u00e9put\u00e9s) adopted the Bill of Law No. 6539A (the \u201cLaw\u201d) the purpose of which is to implement several measures and introduce new procedures to promote the preservation of businesses and modernize the insolvency 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