Brexit: Where Are We Now, and What Does It Mean for Restructurings?

[...]on June 23, 2016, the U.K. held a public referendum - a vote in which everyone (or nearly everyone) of voting age can take part - to decide whether the U.K. should leave or remain in the European Union (EU). The U.K. would effectively remain in the EU single market and customs union, continue t...

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Bibliographic Details
Published in:American Bankruptcy Institute journal 2019-07, Vol.38 (7), p.38-67
Main Authors: Gallagher, Adam, Crinson, Katharina
Format: Article
Language:English
Subjects:
Agreements
Bankruptcy
Bankruptcy laws
EU membership
Insolvency
Jurisdiction
Parliaments
Prejudice
Prime ministers
Referendums
Regulation
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Summary:[...]on June 23, 2016, the U.K. held a public referendum - a vote in which everyone (or nearly everyone) of voting age can take part - to decide whether the U.K. should leave or remain in the European Union (EU). The U.K. would effectively remain in the EU single market and customs union, continue to contribute to the EU budget, be obliged to apply EU law in full and be subject to the jurisdiction of the European Court of Justice. Regarding proceedings opened after exit day, the U.K. officeholder will need to look to the domestic law of the EU member state where recognition is required and/or rely on the UNCITRAL Model Law on Cross-Border Insolvency Proceedings provisions in those member states that have adopted the Model Law (this applies to Greece, Poland, Romania and Slovenia). The Rome Convention on choice of law will continue to apply (as its effect is not limited to EU member states). [...]where parties have chosen English law to govern the contract, there is an argument that the discharge or compromise of such contract should also be governed by English law and as such respected across the EU.
ISSN:1931-7522