When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?
When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?

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

  • When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?
  • Brexit impact
  • UNCITRAL Model Law on Insolvency
  • Geographical reach
  • Objectives
  • Scope
  • Exclusions
  • Interpretation
  • Reciprocity
  • Effects of the CBIR
  • more

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

For the impact on credit institutions and insurers under the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019, SI 2019/38, see Practice Notes: Brexit—impact on insolvent credit institutions and Brexit—impact on insolvent insurers.

Additionally, The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019, SI 2019/341 was made on 21 February 2019 to address the deficiencies which arise from the withdrawal of the UK from the EU by amending legislation. This legislation is partly in force