Key steps taken towards a further modernisation of Luxembourg corporate law
The legal committee of the Chamber of Deputies very recently adopted a 100-page document containing proposed amendments to bill of law 5730 (the “Bill of Law”) modernising the law on commercial companies of 10 August 1915 (the “1915 Law”).
The legal committee (Commission juridique) of the Chamber of Deputies very recently adopted a 100-page document containing proposed amendments to bill of law 5730 (the “Bill of Law”) modernising the law on commercial companies of 10 August 1915 (the “1915 Law”). The Bill of Law constitutes a further milestone in the modernisation process of Luxembourg corporate law initiated through the adoption of various legislative instruments over the past decade. In undertaking this process, the legislator has pledged to remain consistent with the core principles of the 1915 Law, namely “contractual freedom for shareholders” and “security for third parties”. A substantial number of proposed amendments to the 1915 Law are contained in the revised Bill of Law which, in accordance with the above principles, would not only maintain but also enhance the flexibility and legal certainty of Luxembourg corporate law should they be adopted in their current proposed form. For a short overview of the proposed amendments, please click the link below:
