Assimilated Recast Regulation on Insolvency

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Brexit—implications for restructuring & insolvency

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 entered an implementation period, during which it continued to be subject to EU law for a period of time.

The biggest impact for R&I lawyers was the loss of the main operative provisions of the Recast Regulation on Insolvency 848/2015 relating to automatic recognition from 11 pm on 31 December 2020; Brexit SI 2019/146 significantly amended Recast Regulation on Insolvency 848/2015 to create the Retained Recast Regulation on Insolvency (now known as the Assimilated Recast Regulation on Insolvency; see Practice Note: Brexit—impact on Recast Regulation on Insolvency, News Analysis: Impact of the change from ‘retained law’ to ‘assimilated law’ for restructuring and insolvency professionals and Practice Note: Assimilated law). Note that the EU Recast Regulation on Insolvency still continues in force between Member States (see: EU Recast Regulation on Insolvency (Member State to Member State)—overview). For further information, see:

  1. •

    What is the Retained Recast Regulation on Insolvency?—this Q&A considers the meaning of the Assimilated

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Latest Restructuring & Insolvency News

Restructuring & Insolvency weekly highlights—19 March 2026

This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of the office-holder’s approach to assigning litigation claims in insolvency, a recently published report from the Accountant in Bankruptcy on Scotland’s statutory debt solutions, an important update on insolvency court case allocation and transfer criteria, plus a round-up of other news and cases for restructuring and insolvency professionals.

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Liquidators’ assignment of claims against former directors not perverse (Lanigan and Lenehan v Hyslop and others)

Restructuring & Insolvency analysis: Two former directors of the company in liquidation (the Company) applied under section 168(5) of the Insolvency Act 1986 (IA 1986) to set aside an assignment of claims against them to the second respondent. The application was made on the grounds that the liquidators’ decision to assign and the process by which they had reached their decision were perverse. The court held that the applicants did not have standing to apply: even if they were creditors of the Company, they had a collateral interest that transcended the interests of the creditors as a class for whom they purported to act. Further, even if they had had standing, the liquidators’ decision was not perverse. Written by Bridget Williamson, barrister at Enterprise Chambers.

AiB publishes report outlining recommendations to modernise Scotland’s statutory debt solutions

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