Brexit—impact on Recast Regulation on Insolvency

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

  • Brexit—impact on Recast Regulation on Insolvency
  • Status of the UK
  • Relevant Brexit Statutory Instruments
  • Insolvency Brexit Regulations
  • Jurisdiction retained
  • Remainder of EU Recast Regulation on Insolvency repealed
  • Outbound proceedings (ie English insolvency practitioners (IPs) seeking recognition abroad)
  • Saving provisions
  • Alternatives to using the EU Recast Regulation on Insolvency
  • Post IP completion day: inbound proceedings (ie foreign IPs seeking recognition in the UK)
  • More...

Brexit—impact on Recast Regulation on Insolvency

Status of the UK

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 the (i) Regulation (EU) 2015/848 (OJ L141/19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] and (ii) Retained Regulation (EU) 2015/848, [Retained Recast Regulation on Insolvency].

This Practice Note is part of a suite of documents considering the impact of Brexit including:

  1. Brexit—impact on Recast Regulation on Insolvency

  2. Brexit—impact on winding up

  3. Brexit—impact on company voluntary arrangements

  4. Brexit—impact on administration

  5. Brexit—impact on moratorium

  6. Brexit—impact on schemes of arrangement

  7. Brexit—impact on restructuring plans

  8. Brexit—impact on insolvent insurers

  9. Brexit—impact on insolvent credit institutions

Relevant Brexit Statutory Instruments

Insolvency Brexit Regulations

On 30 January 2019,

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