Restructuring and insolvency—cross border

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.

The Assimilated Recast Regulation on Insolvency

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:

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improving the efficiency and effectiveness of cross-border insolvencies
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deciding which of several competing laws govern the proceedings
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deciding the applicable law once the proceedings are opened
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deciding the effects of main and secondary proceedings once opened
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co-ordinating main and secondary/territorial proceedings and the sharing of information, and
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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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