Practical guides
Running a business requires a mix of skills, including resilience. Faced with economic difficulties, the entrepreneur may feel alone... or even in a position of weakness. These feelings are strongly linked to the fear of failure and its stigmatisation. This is true not only in Luxembourg, but throughout Europe. Helping entrepreneurs recover means expecting setbacks and creating an environment that does not shame business leaders for facing challenges.
2023 marked a turning point for Luxembourg's entrepreneurial ecosystem, with a new approach to insolvency and the long-awaited modernisation of bankruptcy legislation, introducing the right to a “second chance” after failure. Among the new preventive mechanisms, conciliation is emerging as one of the most promising measures, due to its simplicity and flexibility. However, the decision to activate a preventive procedure first requires an objective economic, financial and legal analysis of a company's situation. In order to obtain this overview and make the right decisions, it is essential for the company leaders to gain this comprehensive overview and make informed decisions.
The Chamber of Commerce has compiled a new practical guide containing all the information needed to anticipate and prevent business difficulties, and to manage them when they arise. The guide also aims to help bankrupt entrepreneurs project themselves into the future, and lay the foundations for a new, viable business project.