Hogan Lovells

Key Dates

The draft Insolvency (Amendment) (EU Exit) Regulations 2018 published on 20 November 2018.


Summary

The government has issued draft regulations intended to enable retained EU law concerning insolvency to operate effectively from "exit day" in the event of a no-deal Brexit.

The EU Insolvency Regulation 2015/848 (EUIR) provides that main insolvency proceedings may only be opened in the Member State in which the centre of the debtor's main interests (COMI) is located. Secondary proceedings may be brought in a Member State where the debtor has an establishment.

The UK government has decided that it is not appropriate to continue to apply the EUIR unilaterally in respect of EU proceedings when Member States will not apply EUIR to UK proceedings. However, transitional provisions will continue the application of EUIR and associated domestic law where main proceedings have been opened before exit day.

In relation to pension schemes, the draft regulations will:



Date Accessed: 28/05/2022