Brexit—impact on Recast Regulation on Insolvency
Brexit—impact on Recast Regulation on Insolvency

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

  • Brexit—impact on Recast Regulation on Insolvency
  • Brexit impact
  • Relevant Brexit Statutory Instruments
  • Remainder of Recast Regulation on Insolvency repealed
  • Public policy exception in transitional provisions
  • Alternatives to using the Recast Regulation on Insolvency (EU) 2015/848
  • 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.

We look at some of the likely issues for R&I lawyers and professionals relating to the Recast Regulation on Insolvency 2015/848, Regulation (EU) 2015/848 (see: Recast Regulation on Insolvency—overview).

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 schemes of arrangement

  6. Brexit—impact on insolvent insurers

  7. Brexit—impact on insolvent credit institutions

Relevant Brexit Statutory Instruments

Insolvency Brexit Regulations

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