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  • 28-06-2013

On June 11 2013 the Chamber of Deputies voted in favour of a law introducing a right to claim back intangible and non-fungible movable assets from a bankrupt company. According to the explanatory memorandum, the law is intended to allow for the recovery of data from bankrupt providers of distance IT services or cloud computing solutions. The law provides greater certainty as to the consequences of the bankruptcy of a cloud services provider regarding the data that it holds, and contributes significantly to Luxembourg's strong reputation as a centre of excellence for IT outsourcing.

Source: ILO - June 2013

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