How EU Member States recognise insolvency proceedings of a third-party state

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

  • How EU Member States recognise insolvency proceedings of a third-party state
  • UK status
  • Rationale
  • Inbound applications to UK courts for recognition post IP completion day
  • Practical take-aways

How EU Member States recognise insolvency proceedings of a third-party state

UK status

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 and Practice Note: Brexit—impact on Regulation on Insolvency.

During the transition period/implementation period, the Regulation (EU) 2015/848 (OJ L141/19), Regulation on Insolvency [EU Regulation on Insolvency] continued to operate. In practice, this means that under the Withdrawal Agreement, main proceedings opened in the UK before the end of the transition period continue to receive recognition in Member States during the transition period (ie Member States as well as the UK continue to be bound by the EU Regulation on Insolvency for this period).

This Practice Note looks at the impact of the recognition provisions under the EU

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