Cross-border co-operation

Mechanisms for co-operation

Following the loss of the main operative parts of the EU Recast Regulation on Insolvency, Regulation (EU) 848/2015 (see Practice Note: Brexit—impact on Recast Regulation on Insolvency) and Brussels I (recast) (see Practice Note: E&W Brussels I (recast)—application and exclusions) following Brexit (see Practice Note: EU collection—Restructuring and Insolvency), the UNCITRAL Model law on insolvency (see Practice Note: UNCITRAL Model Laws—overview) and the following provisions can also assist with co-operation between foreign courts and/or foreign office-holders:

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comity (under the English courts' general common law powers)
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Insolvency Act 1986, s 426
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cross-border protocols
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cross-border guidelines
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Insolvency judgments and the Foreign Judgments (Reciprocal Enforcement) Act 1933 (J(RE)A 1933)

For a comparison of the tools, see Practice Note: List of available cross-border insolvency and restructuring tools by country worldwide. For a handy checklist, see: Cross border considerations—checklist and Inbound proceedings—foreign insolvency practitioner seeking recognition in the UK.

For details of how EU Member States recognise insolvency proceedings in third party countries (which includes the UK after Brexit), see Practice Notes: INSOL Europe/Lexis®PSL

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