Brexit: what next for cross-border restructurings and insolvencies?

In this article, Jennifer Marshall, Joel Ferguson and Lucy Aconley from Allen & Overy look at Brexit: what next for cross-border restructurings and insolvencies? The key points arising from the article arcri_2016_vol9_issue4_aug_ofce as follows:

  • –Although the referendum resulted in a vote to leave the EU, the exit model and the continuing arrangements between the UK and the EU, including the impact on the cross border restructuring and insolvency landscape, remains uncertain
  • The biggest impact of Brexit is likely to be the loss of automatic recognition of insolvency proceedings under the EC Regulation on Insolvency Proceedings, which will cease to apply upon Brexit (absent agreement to the contrary)
  • ––The effectiveness and popularity of schemes of arrangement and English governing law is likely to be largely unaffected by Brexit

Click here to read the full article.

 

Filed Under: CRI

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