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During the Brexit IP/transitional period, the key EU regulations effectively remained in place for R&I practitioners, but the situation changes dramatically from IP completion day (31 December 2020 at 11 pm).
If there is no deal on insolvency matters, then from IP completion day, the transition period ends, the UK is no longer treated as an EU Member State and various Brexit Statutory Instruments kick in. Essentially the key operative parts of Regulation (EU) 2015/848 (Recast Regulation on Insolvency) on automatic recognition fall away, as well as Regulation (EU) 1215/2012 (Brussels I (recast)), so while jurisdiction to open certain insolvency proceedings for foreign companies may still exist, their subsequent recognition in the remaining EU Member States becomes more complex and harder to predict.
This News Analysis highlights the main impact on R&I practitioners and provides further deeper reading links to materials available on Lexis®PSL R&I: Brexit materials for restructuring and insolvency practitioners (December 2020)
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