Brexit Extension: cross border restructuring and insolvency update
You may know that the EU and the UK have agreed a further extension to the Article 50(3) TEU deadline, from 31 October 2019 to 31 January 2020. In simple terms, Brexit is postponed.
The consequence is that the status quo is preserved for the time being. The UK continues to be a full member of the EU. The existing treaties, regulations, directives and other EU legislation continue to apply to and in the UK.
So far as cross-border restructuring and insolvency is concerned Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings continues to apply to the UK, as do all the other related laws such as Brussels I (recast) on jurisdiction, the Rome Regulations on governing law and the Lugano Convention.
What happens next in relation to Brexit is uncertain. We will continue to share our views on the likely impact of Brexit on UK-EU cross-border restructuring.
If you want to discuss Brexit and European cross-border restructuring and insolvency in more detail please contact me.
Date: 1st November, 2019
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