Recast Regulation—table comparing application and effect of cross-border tools
Recast Regulation—table comparing application and effect of cross-border tools

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

  • Recast Regulation—table comparing application and effect of cross-border tools
  • Brexit impact
  • Legal regimes

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. For further details of the impact on the Recast Regulation, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

For the impact on credit institutions and insurers under the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019, SI 2019/38, see Practice Notes: Brexit—impact on insolvent credit institutions and Brexit—impact on insolvent insurers.

We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.

For updates and details