INSOL Europe/Lexis®PSL Joint Project on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’: consolidated table

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

  • INSOL Europe/Lexis®PSL Joint Project on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’: consolidated table
  • The questions

INSOL Europe/Lexis®PSL Joint Project on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’: consolidated table

Lexis®PSL are working with INSOL Europe on a joint project to obtain articles from INSOL Europe’s national correspondents in the EU Member States to produce a table summarising their findings (also incorporating information from Lexology Getting The Deal Through (GTDT))(see News Analysis: INSOL Europe/Lexis®PSL launch Joint Project on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’).

We look at how EU Member States would recognise insolvency or restructuring proceedings commenced in a third country, such as the UK (post Brexit), the US, Japan, Australia or Canada. This table only provides a guide to the general principles applicable and you should always contact local lawyers in the relevant jurisdiction to check the current measures in force and the impact of any particular circumstances or nuances on your case.

The questions

The first question considers whether the UNCITRAL Model law on Insolvency has been adopted in that particular country and, if not, whether there are any plans to consider its adoption. Application of the UNCITRAL Model law by a country will greatly improve visibility on the process and likelihood of the third country gaining recognition of its relevant insolvency/restructuring proceeding (see Practice Note: When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and

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