Leave or remain? What the EU referendum means for restructuring and insolvency professionals

Leave or remain? What the EU referendum means for restructuring and insolvency professionals

A referendum on whether the UK should remain a member of the EU is scheduled to take place by the end of 2017. John Alderton, partner, and Helen Kavanagh, senior associate and professional support lawyer, at Squire Patton Boggs look at the possible impact of the referendum on restructuring and insolvency lawyers and their clients.

What issues currently arise in restructuring and insolvency in relation to the UK’s relationship with Europe?

In March 2014, the European Commission published a recommendation containing detailed provisions seeking to harmonise insolvencies and restructurings throughout the EU and setting out minimum standards for how it suggested this could be achieved. This year, the UK government carried out a consultation into how this would affect the UK, if implemented.

Perhaps unsurprisingly, the results of the consultation concluded that the UK’s existing regime is aligned with the Commission’s recommendation and is recognised globally for its ‘efficiency, emphasis on business rescue and high level of returns to creditors’. Indeed, this is supported by the Commission’s own research.

What are your key concerns about a future EU referendum?

The media have been talking about the effect a Brexit would have on:

  • trade
  • British jobs
  • migration and border controls
  • taxes
  • the economy as a whole, and
  • whether our political influence would be affected

I am also concerned about what would be the ef

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About the author:

Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.

Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.