Luxembourg restructuring options when a company is insolvent: can a director initiate a rescue plan before formal insolvency?

Our Luxembourg-based small business is facing serious cash-flow problems and creditors are pressing for payments. I want to understand the formal restructuring routes available in Luxembourg (such as sauvegarde or conciliation) and whether a director can initiate a rescue plan before any insolvency filing, along with the director's duties and potential liabilities during the process.