Recast Regulation—which law applies
Recast Regulation—which law applies

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

  • Recast Regulation—which law applies
  • Brexit impact
  • Recast Regulation on Insolvency
  • Applicable law
  • Applicable law under the Recast Regulation on Insolvency
  • Determining where assets are located
  • Exceptions to the lex concursus
  • Rights in rem
  • Set-off
  • Reservation of title (ROT)
  • more

Brexit impact

This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

For Rome I, Rome II and the Rome Convention, The Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/834 were made on 29 March 2019 to address the deficiencies which arise from the withdrawal of the UK from the EU by amending various legislation. This legislation is fully in force on exit date (as defined in the European Union (Withdrawal) Act 2018, s 20(1)–(5)). The main impact is to retain the substantive rules in Rome I, Rome II and the 1980 Rome Convention as domestic law in all parts of the UK to determine the law applicable to contractual and non-contractual obligations. For analysis, see Practice Note: Brexit—applicable law.

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 of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents and further reading