Vol 18 (2021) - Issue 1

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Addressing Post-Brexit Limitations of Cross-Border Recognition of Restructuring and Insolvency Proceedings in Europe

Synopsis
This article considers the practical implications for the cross-border European restructuring/insolvency landscape post-Brexit, in cases involving the UK.
The loss of automatic recognition of UK proceedings across the EU, and vice versa, may make it more complex, lengthy and expensive to resolve cross-border mandates, raising the prospect that parallel proceedings may be necessary if certainty is required.
However, all is not lost: various potential routes to recognition remain; certain practical steps may assist the prospect of recognition; and 'watertight' recognition may not be necessary in all cases.