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17-08-2021

The bill of law number 7791 amending the law of 10 August 1915 on commercial companies, as amended entered into force on 16 August 2021

The bill of law number 7791 amending the law of 10 August 1915 on commercial companies, as amended (the “Company Law”) has been approved by the Chamber of Deputies and entered into force on 16 August 2021.

As a reminder, the wording of the new Article 1500-7 of the Company Law led to some uncertainties regarding the scope of the prohibition of financial assistance in Luxembourg as it was unclear whether such prohibition shall apply to public limited companies (sociétés anonymes) only or to private limited liability companies (sociétés à responsabilité limitée) as well.

The law dated 6 August 2021 confirms that the prohibition of financial assistance does not apply to private limited liability companies by deleting references to corporate units (parts sociales) within this Article.

Full details regarding this parliament bill can be found on our website (see our publication dated 9 April 2021 Confirmation of the exclusion of private limited liability companies from the scope of prohibition of financial assistance).

 

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