Brexit—impact on winding-up
Brexit—impact on winding-up

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

  • Brexit—impact on winding-up
  • Status of the UK
  • Relevant Brexit SIs
  • Insolvency Brexit Regulations 2019
  • Winding up foreign companies
  • Other issues arising

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 winding-up process under the Insolvency Act 1986 (IA 1986) and Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024.

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

  1. Brexit—impact on Recast Regulation on Insolvency: this Practice Note also considers saving provisions for insolvency proceedings opened prior to IP completion day

  2. Brexit—impact on administration

  3. Brexit—impact on company voluntary arrangements

  4. Brexit—impact on schemes of arrangement

  5. Brexit—impact on insolvent credit institutions

  6. Brexit—impact on insolvent insurers

  7. Brexit—impact on moratorium

  8. Brexit—impact on restructuring plans

Relevant Brexit SIs

Insolvency Brexit Regulations 2019

On 30 January

Related documents:

Popular documents