Impact of Brexit on applicable law in cross-border insolvencies

From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to apply in the UK. As a result: The EIR provides the rules for when the law of the place in which the insolvency proceedings have been opened can be supplanted by another law, but only that of a member state. The … Read more

Cross-border insolvencies in the UK and the EU – a quick guide

At 11pm on 31 December 2020, the UK left the European single market at the end of the transition period agreed as part of the 2019 Withdrawal Agreement. The EU-UK Trade and Cooperation Agreement that was reached on Christmas Eve made no provision for continued recognition of, or co-operation in, insolvency and restructuring proceedings. This … Read more

Updated Brexit Legal Guide launched

Today our updated Brexit Legal Guide was released. Below is a message from our Chair and Senior Partner James Palmer which accompanied the updated guide. Dear clients and professional colleagues, The outcome of the June 2016 UK referendum on EU membership ushered in a period of increasing political turmoil in the UK. When I wrote … Read more

Five months to Brexit: avoiding a “no deal” crisis

Paul Butcher and Tom Henderson have published an article in FERMA/AIRMIC’s joint Brexit Newsletter advising risk management professionals of some of the key matters that they will need to consider to prevent a Brexit-related “no deal” crisis. Given it remains uncertain whether the UK will enter a transitional arrangement with the EU lasting until end … Read more

EIGHT MONTHS TO BREXIT: IS YOUR BUSINESS PREPARED?

As the clock ticks down to 29 March 2019, the UK and the EU are stepping up their preparations for the possibility of a “no-deal” outcome. From a corporate governance and risk management perspective, businesses that have not done so already should carry out a Brexit assurance process in order to identify all Brexit-related risks … Read more

FAILING FINANCIAL INSTITUTIONS: HOW WILL BREXIT IMPACT CROSS-BORDER COOPERATION IN RECOVERY, RECONSTRUCTION AND INSOLVENCY PROCESSES?

This paper addresses the issues for international recognition of reconstruction and insolvency proceedings affecting international banks raised by the United Kingdom’s decision to leave the European Union, and considers what the United Kingdom and the European Union and its member states could do to address the potential loss of recognition and cooperation, as well as … Read more