New Luxembourg law on the right to claim back data from bankrupt IT and cloud services providers - .PDF file.
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…
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