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20 Luxembourg

Henri Wagner

From: Set-Off Law and Practice: An International Handbook (3rd Edition)

Edited By: William Johnston, Thomas Werlen, Frederick Link

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 18 April 2024

Banks and cross-border issues — Insolvency set-off

This chapter examines the most common features of set-off (compensation) in Luxembourg and how the rights of set-off are affected by insolvency proceedings. It first provides an overview of set-off between solvent parties and set-off against insolvent parties before discussing cross-border issues relating to right of set-off. In particular, it considers cross-border set-off between solvent parties in cases where the Rome I Regulation or the Rome Convention applies and in cases where neither one applies. It also explains cross-border set-off against insolvent parties, focusing on situations where the Insolvency Regulation or the Recast Insolvency Regulation, as applicable, or another sector specific European insolvency legislation applies or does not apply.

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