The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For the impact on the Recast Regulation on Insolvency, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.
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 on Brexit, see: Brexit toolkit.
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 permits, practitioners may consider forum shopping to move the COMI of a company (regardless of where it's incorporated
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