This Overview is a guide to the Banking & Finance content within the Restructuring and insolvency—cross-border guides subtopic, with links to appropriate materials.
Insolvencies and restructurings involving corporate entities or groups across borders can throw up a range of issues, including which law should govern insolvency/restructuring proceedings, whether and where concurrent proceedings can be opened in more than one jurisdiction, and whether proceedings and office holders are recognised outside of their home jurisdiction.
Before Brexit, UK proceedings and office holders benefited from Regulation (EU) 2015/848 (OJ L141/19) (the EU Recast Regulation on Insolvency), which aims to resolve many of these issues by:
improving the efficiency and effectiveness of cross-border insolvencies
deciding which of several competing laws govern the proceedings
deciding the applicable law once the proceedings are opened
deciding the effects of main and secondary proceedings once opened
co-ordinating main and secondary/territorial proceedings and the sharing of information, and
minimising disputes and so reduce costs and delays, so improving returns to creditors as a whole
As of 31 January 2020, the UK is no longer
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