Luxembourg law on right to claim back data from bankrupt IT and cloud services providers
With the law of 9 July 2013, Luxembourg is the first European country to deal with the question of what happens to data in the event of a company being declared bankrupt.
New Article 567 paragraph 2 of the Luxembourg Code of Commerce creates a right to claim back intangible and non-fungible moveable assets from a bankrupt company provided that the following conditions are met: the bankrupt company must not be the legal owner of the data but only hold it; the claimant must have entrusted the data to the bankrupt company or be the legal owner of the data; and the data must be separable from the other intangible and non-fungible moveable assets of the company at the time of the opening of bankruptcy proceedings.
These conditions reinforce the fact that the new mechanism applies only to non-fungible assets…
If you are registered and logged in to the site, click on the link below to read the rest of the MOLITOR briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from MOLITOR Avocats à la Cour
Briefings from MOLITOR Avocats à la Cour
A reservation agreement has to be carefully drafted. This briefing from MOLITOR provides guidelines.
Luxembourg isn’t just a financial centre. Over the past few years, Luxembourg has made significant efforts to diversify its marketplace and to ensure its attractiveness as one of the leading countries in Europe in IT/IP and e-commerce.