Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006) [Archived]
Published by a LexisNexis Restructuring & Insolvency expert
Practice notesBrexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006) [Archived]
Published by a LexisNexis Restructuring & Insolvency expert
Practice notes
What is the key Brexit SI impacting CBIR 2006?
This document is archived and no longer maintained.
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 also has 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 (31 December 2020).
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Jurisdiction(s):
United Kingdom
Key definition:
Brexit definition
What does Brexit mean?
means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;
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