Table of advantages and disadvantages of restructuring in various jurisdictions worldwide
Table of advantages and disadvantages of restructuring in various jurisdictions worldwide

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

  • Table of advantages and disadvantages of restructuring in various jurisdictions worldwide
  • STOP PRESS:
  • Brexit impact
  • Rationale
  • Getting the deal through—Restructuring and Insolvency

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 the impact on the Recast Regulation on Insolvency, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

Rationale

In any cross-border case involving a formal insolvency procedure, practitioners will assess which jurisdictions are available for the proceedings, looking at the advantages and disadvantages of each. The use of the concept of centre of main interests (COMI) in the Recast Regulation on Insolvency, Regulation (EU) 848/2015 (Recast Regulation on Insolvency) (see Practice Note: Recast EC Regulation—establishing the centre of main interests (COMI) for corporates) and the UNCITRAL Model Law (see UNCITRAL Model Law and Cross-Border Insolvency Regulations 2006 (CBIR)—overview) means that if time