UK-European cross-border insolvency after Brexit
The framework for the post-Brexit relationship between the UK and the EU is not yet certain. However, in the field of cross-border insolvency INSOL Europe offers a preferred arrangement and an alternative. Preferably, the UK will remain subject to the European Insolvency Regulation, whether on the back of a bilateral agreement between the UK and the EU27 or otherwise. The alternative may be for the EU to adopt the UNCITRAL Model Law to add to the current cross-border insolvency regime. The detail of INSOL Europe’s view is set out in the paper below, Bankruptcy after Brexit.
Bankruptcy after Brexit - download the paper here.
EU Study 2014
Study on a new approach to business failure and insolvency –
Comparative legal analysis of the Member States’
relevant provisions and practices
TENDER No. JUST/2012/JCIV/CT/0194/A4
Submitted to the European Commission by INSOL Europe
Stefania Bariatti, Robert van Galen
The Directorate-General Justice of the European Commission has presented a recommendation adopted on 12 March 2014 as a follow-up to the 2012 Communication of the Commission on “A new approach to business failure and insolvency” and the 2013 public consultation on the same topic. Against this background a study had been commissioned to provide information on restructuring mechanisms already available in all Member States, their main features, effective use, rate of success, cost to the debtor and length.INSOL Europe has gathered from its membership a team of experts covering all 28 Member States of the European Union, to provide a comprehensive but condensed report on the restructuring mechanisms currently available in the Member States jurisdictions.
The study provides the facts collected across the 28 Member States in an Annex and the report provides an analysis of this data, together with recommendations of the experts for an early preventive restructuring mechanism.
You can download INSOL Europe’s report from the European Commission's website here, in the 'Reports & Studies' section (2014):
http://ec.europa.eu/justice/civil/document/index_en.htm
Download the European Commission’s recommendation here.
EC Recommendations March 2014
Read the European Commission’s Press Release on the recommendation here.
