Recast Regulation—table comparing the Recast Regulation and the UNCITRAL Model Law on insolvency

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

  • Recast Regulation—table comparing the Recast Regulation and the UNCITRAL Model Law on insolvency
  • UK status
  • Legal regimes

Recast Regulation—table comparing the Recast Regulation and the UNCITRAL Model Law on insolvency

From IP completion day (11pm on 31 December 2020), despite the trade deal, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 kick in and amend both the Regulation (EU) 2015/848 (OJ L141/19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] and various other legislation including the CBIR (see News Analysis: Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006) and Practice Note: Brexit—impact on Recast Regulation on Insolvency).

UK status

As of exit day (31 January 2020) the UK is no longer an EU Member State. For a time, under the Withdrawal Agreement, the UK was in an implementation period, during which it continued to be subject to EU law. However from 1 January 2021, the main operative parts of the EU Recast Regulation on Insolvency on automatic recognition are no longer applicable to the UK (see Practice Note: Brexit—impact on Recast Regulation on Insolvency). However, other Member States continue to apply the EU Regulation on Insolvency where its requirements are satisfied. Note that the UNCITRAL Model Law on insolvency still applies to the UK.

Legal regimes

The EU Recast Regulation on Insolvency applies to the Member States, whereas the UNCITRAL Model Law on Cross-Border Insolvency (the UNCITRAL Model Law) potentially applies worldwide. The Cross-Border Insolvency Regulations 2006, SI 2006/1030 (CBIR 2006) implement

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