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Hoffeld, Veronique; Fronczak, Emilia --- "LUXEMBOURG" [2019] ELECD 1212; in Kadner Graziano, Thomas; Bojars, Juris; Sajadova, Veronika (eds), "A Guide to Consumer Insolvency Proceedings in Europe" (Edward Elgar Publishing, 2019) 687

Book Title: A Guide to Consumer Insolvency Proceedings in Europe

Editor(s): Kadner Graziano, Thomas; Bojārs, Juris; Sajadova, Veronika

Publisher: Edward Elgar Publishing

Section: Chapter 21

Section Title: LUXEMBOURG

Author(s): Hoffeld, Véronique; Fronczak, Emilia

Number of pages: 22

Abstract/Description:

Luxembourg adopted a legal regulation on insolvency proceedings of natural persons in 2000. Bankruptcy proceedings and discharge are currently regulated by the Excessive-Debt Law, in force since 1st February 2014. The proceedings introduced by this legal act are, as a whole, referred to as a collective debt settlement. The best feature of insolvency proceedings for natural persons in Luxembourg is that the system is focused on overcoming problems and helping people to regain control of their financial situation.