Brexit: table showing changes to Recast Regulation on Insolvency after IP completion day

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

  • Brexit: table showing changes to Recast Regulation on Insolvency after IP completion day

Brexit: table showing changes to Recast Regulation on Insolvency after IP completion day

This Practice Note summarises the changes made to the Recast Regulation on Insolvency by Brexit SI, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 which apply from IP completion day. In general, the main operative provisions relating to automatic recognition fall away from IP completion day if there is no deal on insolvency matters (the draft trade deal announced on 24 December 2020 does not cover cross border insolvency)(see Practice Note: Brexit—impact on Recast Regulation on Insolvency).

For a redline showing the impact of Brexit SI 2019/146 on the Recast Regulation on Insolvency from IP completion day (please note that these are not official versions but are useful working aids), see News Analysis: Brexit SI analysis: redline of Recast Regulation on Insolvency 2015/848 as amended by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146.

While the articles of the Retained Recast Regulation on Insolvency have been amended by Brexit SI 2019/146, the recitals have not. As a result, these provisions still refer to the position under the EU Recast Regulation on Insolvency and should be used as a guide for interpretation only, and only where the corresponding regulation has been retained in the Retained Recast Regulation on Insolvency (many regulations have not been retained, see table below).

The table below compares the

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