Zone of Insolvency

Zone of Insolvency

Tag Archives: Brexit

Brexit’s impact on UK-EU cross-border restructuring

Posted in UK

Brexit—the UK’s exit from the European Union—became fully effective at the turn of the year with the expiry of the implementation period on 31 December 2020.

Prior to 1 January 2021, recognition and enforcement of restructuring and insolvency procedures and judgments between the UK and EU member states was subject to common EU regulations which had direct effect and broadly offered automatic recognition. Those common regulations no longer apply to the UK.

Notwithstanding the loss of these regulations, there remains an effective legal framework for recognition of inbound proceedings and judgments from EU member states to the UK, including the … Continue Reading

“No Deal Brexit” and cross-border insolvency cases in the EU

Posted in Europe

On 13 September 2018 the UK Government published a briefing on the likely response post exit of the UK to cases which currently fall within the Recast EU Insolvency Regulation (2105/848) (“Regulation”)

The full text of its proposal for insolvency cases is as follows:

Cross-border insolvency cooperation

The majority of the Insolvency Regulation, which covers the jurisdictional rules, applicable law and recognition of cross-border insolvency proceedings, would be repealed in all parts of the UK. We would retain the EU rules that provide for the UK courts to have jurisdiction where a company or individual is based in the UK, … Continue Reading