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We highlight the impact of the draft EU-UK Trade and Cooperation Agreement for R&I lawyers on cross border insolvency and also highlight key Brexit materials available on Lexis®PSL Restructuring & Insolvency (R&I) in preparation for implementation period (IP) completion day on 31 December 2020.
Draft EU-UK Trade and Cooperation Agreement
On 24 December 2020, the European Commission and UK government announced an agreement in principle on the legal terms of the future UK-EU relationship. The new Trade and Cooperation Agreement includes terms on trade in goods and services, economic and social cooperation, law enforcement and security cooperation and governance (see LNB News 24/12/2020 76). The deal cannot be ratified without the approval of the UK and EU Parliaments and this News Analysis comments on the draft EU-UK Trade and Cooperation Agreement published on the UK Gov website as at 28 December 2020.
Although there are a few passing references to insolvency (eg in relation to state aid), there is nothing in the draft EU-UK Trade and Cooperation Agreement covering cross border insolvency. As such, the Brexit Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 kick in from IP completion day (11pm on 31 December 2020) and 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 will be more problematic.
R&I materials for Brexit
All the R&I materials relating to Brexit can be found in our Brexit subtopic which accessible from the drop down topic tree on the Lexis®PSL R&I homepage under ‘Key R&I law developments’: Brexit: Restructuring & Insolvency—overview.
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