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Conciliation, which is a non-judiciary measure, allowing debtors to be assisted by a conciliator in the renegotiation of their debts or to help them assess and solve their difficulties.
Amicable agreement, again a non-judiciary measure, whereby at least two creditors find an agreement with their debtor. The Bill offers some protection from claw-back provisions to such an agreement and to payments made under it.
Judicial reorganization, which will result in a moratorium to allow either (i) for the conclusion of an amicable agreement, (ii) to have a reorganization plan approved by a majority of creditors representing a majority of the debts and homologated by the courts or (iii) the transfer – under judicial supervision – of all or part of the debtor or its activities.
None of these measures will have an impact on the existing rules of the Luxembourg law of 5 August 2005 on financial collateral arrangements and the principle of insolvency remoteness of financial collateral arrangements.
