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By Dr. Sebastiaan Niels HOOGHIEMSTRA*
On 18 July 2024, the Law of 15 July 2024 (the “NPL Law”), implementing Directive (EU) 2021/2167 of 24 November 2021 on credit managers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU (the “NPLD”), was published in the Official Journal of Luxembourg. The NPLD and NPL Law seek to address the issue of non-performing loans being piled up by EU credit institutions. This contribution discusses the legal framework introduced for credit servicers and credit purchasers under the NPLD and its impact on Luxembourg loan participating funds, i.e. Luxembourg alternative investment funds (AIFs) purchasing/acquiring all or parts of an existing loan or package of loans (whether fully drawn or not) on the secondary...
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