Benefits of various jurisdictions

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Benefits of various jurisdictions
  • Brexit impact
  • Rationale
  • World Bank findings
  • Attractive characteristics
  • Benefits of specific jurisdictions

Benefits of various jurisdictions

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK entered an implementation period, during which it continued to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. For the impact on the EU Recast Regulation on Insolvency and the loss of the automatic rights of recognition, see Practice Note: Brexit—impact on Recast Regulation on Insolvency. This may well have a negative impact on the attractiveness of the UK for certain cross border restructurings.

Rationale

In any cross-border case involving a formal insolvency procedure, practitioners will assess which jurisdictions are available for the proceedings, looking at the advantages and disadvantages of each (see Practice Note: Table of advantages and disadvantages of restructuring in various jurisdictions worldwide). The use of the concept of centre of main interests (COMI) in the EU Recast Regulation on Insolvency, Regulation (EU) 848/2015 (EU

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