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

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

  • Recast Regulation—table comparing the Recast Regulation and the UNCITRAL Model Law on insolvency
  • 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, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

Legal regimes

The Recast Regulation on Insolvency, Regulation (EU) 848/2015 (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 the UNCITRAL Model Law in the UK (see Practice Note: When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?). Foreign main proceedings are similar to main proceedings under the Recast Regulation on Insolvency, and foreign non-main proceedings are similar to secondary proceedings under the