Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006)
Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006)

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

  • Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006)
  • What is the key Brexit SI impacting CBIR 2006?
  • What are the main changes to CBIR 2006?
  • Impact on key legislation—mark-ups

What is the key Brexit SI impacting CBIR 2006?

The impact of the main Brexit SI for R&I, The Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146, is widely recognised as regards the Recast Regulation on Insolvency, Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19) (EU Recast Regulation on Insolvency), see Practice Note: Brexit—impact on Recast Regulation on Insolvency. What is less widely recognised is the impact that Brexit SI will also have on the Cross-Border Insolvency Regulations 2006, SI 2006/1030 which implement the UNCITRAL Model law on Insolvency into UK law (see Practice Note: When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?).

What are the main changes to CBIR 2006?

As can be seen from the mark up appearing below, there are, as expected, various changes to refer to the Retained Recast Regulation on Insolvency, Retained Regulation (EU) 2015/848, as it forms part of domestic law after IP completion day, assuming no deal on insolvency matters (the draft trade deal announced on 24 December 2020 does not cover cross border insolvency). Other changes include:

CBIR 2006 provisionPre-IP completion dayIP completion day onwards
SI 2006/1030, Sch 1 para 3 (International obligations of GB)EU Recast Regulation on Insolvency overrides CBIR 2006 in the event of a conflict.Para 3 of SI 2006/1030, Sch 1 is

Popular documents