Brexit—impact on company voluntary arrangements
Brexit—impact on company voluntary arrangements

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

  • Brexit—impact on company voluntary arrangements
  • Brexit impact
  • Insolvency EU Exit Regulations
  • Jurisdiction to open a company voluntary arrangement
  • Cross border recognition of proceedings
  • Example scenarios
  • Other issues arising

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 has entered an implementation period, during which it continues 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 and Practice Note: Brexit—impact on Recast Regulation on Insolvency.

This Practice Note is part of a suite of documents considering the impact of Brexit on company voluntary arrangements (CVAs) including:

  1. Brexit—impact on Recast Regulation on Insolvency: this Practice Note also considers saving provisions for insolvency proceedings opened prior to IP completion day

  2. Brexit—impact on winding up

  3. Brexit—impact on administration

  4. Brexit—impact on schemes of arrangement

  5. Brexit—impact on insolvent credit institutions

  6. Brexit—impact on insolvent insurers

Insolvency EU Exit Regulations

On 30 January 2019, the Insolvency (Amendment) (EU Exit) Regulations 2019 (Insolvency EU Exit Regulations), SI 2019/146 were made under the affirmative procedure for Brexit SIs