Commentary

21 Application of the Cross-Border Insolvency Regulations 2006

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

21 Application of the Cross-Border Insolvency Regulations 2006

| Commentary

21 Application of the Cross-Border Insolvency Regulations 2006

The Cross-Border Insolvency Regulations 20061 apply to any foreign insolvency proceedings anywhere in the world. There is no condition of reciprocity. Accordingly, an office-holder in foreign insolvency proceedings may take advantage of the Cross-Border Regulations in the United Kingdom in circumstances where the UK officer-holder has no equivalent rights in the foreign jurisdiction. However, where any provision of the Cross-Border Regulations conflicts with a UK obligation under the Recast Regulation2, the requirements of the Recast Regulation prevail3. It is perhaps worth noting that none of the main

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