Companies & entities
Insolvency and judicial reorganisation in Luxembourg
A business in difficulty in Luxembourg has, since the Law of 7 August 2023 on the preservation of businesses, access to reorganisation procedures designed to avoid bankruptcy (a stay, an amicable settlement, judicial reorganisation). The firm advises both debtors and creditors, from the initial review through to the procedure.
Legal content reviewed by Maître Cora Maglo, Avocate à la Cour, Liste I du Barreau de Luxembourg depuis 2009.
The reform of 7 August 2023 modernised Luxembourg insolvency law, placing the emphasis on prevention and on preserving viable businesses, alongside traditional bankruptcy.
Acting early is decisive: the earlier the situation is reviewed, the more reorganisation options remain open. Cerno Law Firm assesses the situation and defends your interests.
The need
Your business is in difficulty, or you are a creditor of a defaulting company.
The right steps are taken early, before any cessation of payments.
The risk
An undeclared cessation of payments, directors\' liability, lost chances of reorganisation, or claims not lodged with the liabilities.
Waiting reduces the options and worsens the exposure.
How we help
A review of the situation, the choice of procedure (prevention, judicial reorganisation, bankruptcy), and representation and defence of rights.
On the creditor side: lodging and defending claims.
Practice areas
When to call on the firm
- Anticipate financial difficulties.
- Initiate a judicial reorganisation.
- Lodge a claim in a bankruptcy.
- Defend a director facing proceedings.
Method
Our engagement process
- 1
Information intake
You describe your need via a structured form or an initial call. Our digital tools serve only to organise this information and save time.
- 2
Lawyer qualification
Maître Maglo reviews your situation, identifies the legal issues and confirms the feasibility and exact scope of the engagement.
- 3
Transparent quote
You receive a clear fee proposal, a fixed fee or a range, before any engagement. Nothing is billed without your approval.
- 4
Legal work
The firm drafts, negotiates or litigates as required. Every deliverable is designed and approved by a lawyer admitted to the Luxembourg Bar.
- 5
Tracking and delivery
You follow your matter transparently and receive your finalised documents with the explanations you need.
Documents required
- • Financial and accounting position
- • Main contracts and debts
- • Relevant decisions and correspondence
Deliverables
- • Review and options
- • Appropriate procedural documents
- • Representation of the debtor or creditor
Indicative timing
Timeframes depend on the procedure; prevention, however, requires acting without waiting for the cessation of payments.
On a quote basis
Depending on the procedure and the complexity of the matter; an initial assessment is provided in consultation.
FAQ
Frequently asked questions
What did the Law of 7 August 2023 change?
It reformed Luxembourg insolvency law by introducing prevention and reorganisation procedures to preserve viable businesses, beyond bankruptcy alone.
When should you act?
As early as possible: prevention and reorganisation require acting before any cessation of payments, which must in any event be declared within the legal deadlines.
Does the firm act for creditors?
Yes. The firm also assists creditors: lodging claims, monitoring the procedure and defending their rights.
Member of
Affiliations & réseaux professionnels
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Choosing Cerno means choosing over 17 years of experience
- 2013
- independent firm
- 2009
- at the Bar since 2009
- 7
- working languages
- 100+
- companies & SOPARFI structured
- 200+
- visas & residence permits obtained
- 170
- client nationalities served
- 300+
- due diligence reviews conducted
Around twenty M&A transactions supported · one of the best visa approval rates in Luxembourg.
Since 2009, we devote our expertise to your satisfaction: more than 85% of our clients renew their trust in us.
Our work
Representative matters, anonymised
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A holding company and a residence permit, in a single process
Incorporation of a SOPARFI for a non-resident investor, combined with obtaining their residence permit. A single point of contact across both fronts.
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Cross-border recovery of unpaid debts for an SME, through an order for payment and coordination with a foreign colleague.
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Supporting an executive in a contested dismissal, from strategy to representation at the hearing.
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Negotiating and securing an international framework distribution agreement, from liabilities through to the competent jurisdiction.
Competent jurisdiction securedA similar matter?Typical, anonymised examples, for illustration only. They do not prejudge the outcome of a matter, which depends on each situation.
Entrust my matter to the firmExpertise & authority
Ongoing review and analysis of Luxembourg and European case law
Avocate à la Cour, List I of the Luxembourg Bar since 2009
Trained at the London School of Economics, formerly at Clifford Chance and Bonn Steichen & Partners
Member of international networks: EILN, AEA, Cross Border Advisory Solutions
Every matter handled and approved by a lawyer admitted to the Bar
Support in 7 languages, clients of 170 nationalities
Testimonials
What our clients say
Had a consultation with Me Cora Maglo about my Luxembourg Blue Card application. She explained everything clearly: the process, timeline and documents I need, and helped me with my wife’s family reunification too. Honest and practical advice. I felt confident after talking to her.Farshid Pourlatifi
J’ai beaucoup apprécié le service de Maître Maglo : son sérieux, sa sympathie, son professionnalisme et sa disponibilité. Toujours répondu rapidement et clairement, avec des conseils pragmatiques, sans pousser à des procédures longues et coûteuses lorsqu’elles ne sont pas justifiées.Nathan Wirtzfeld
Super assistance and great support! Highly recommend. All my questions were answered, Cora and her team kept me updated all the time. I will definitely reach out to them next time for my residency.Tatiana
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