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If the UK’s reputation as a centre of excellence for restructuring and insolvency (R&I) work is to be maintained, there needs to be sufficient clarity on what the legal consequences of Brexit will be, the Bar Council has concluded in a report. The Council believes that any post-Brexit arrangement should ensure the continuing application of the EUIR, the EU Regulation on Insolvency Proceedings. However, if no agreement is possible it will be will be crucial to ensure clear transitional provisions for UK insolvencies which commenced before Brexit but will only conclude post-Brexit.
The Council has warned the government that there is increasing international competition in the R&I field, particularly from Singapore and the Netherlands.
It has urged the government to seek a successor regime which keeps the advantages of the EU scheme.
The Council also says it is generally accepted that it is essential to have a clear and consistent basis for the allocation of jurisdiction in insolvency proceedings, and the recognition and enforcement of orders made in those proceedings.
For further reading, see: The Brexit Papers, The Bar Council Brexit Working Group.
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