The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
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.
We look at some of the likely issues for R&I lawyers and professionals relating to insolvent insurers.
This Practice Note is part of a suite of documents considering the impact of Brexit including:
Brexit—impact on Recast Regulation on Insolvency
Brexit—impact on winding up
Brexit—impact on company voluntary arrangements
Brexit—impact on administration
Brexit—impact on moratorium
Brexit—impact on schemes of arrangement
Brexit—impact on restructuring plans
Brexit—impact on insolvent insurers
Brexit—impact on insolvent credit institutions
The EU Directive on the Reorganisation and Winding-up of Insurance Undertakings (2001/17/EC) (IWUD)(now replaced by Solvency II) was implemented in the UK by the Insurers (Reorganisation and winding up) regulations 2004, SI 2004/353 and applies
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