Friday, December 18, 2020 The evolution of cross-border restructurings has progressed faster than many expected, as corporate transactions have become increasingly reliant upon international synergies, particularly as they face unprecedented macroeconomic issues. Recent evolutionary themes include contrasting approaches to intercreditor/subordination arrangements (ICAs) and trends in insolvency venue selection. ICA Considerations European Approach Most European deals utilise ICAs to regulate creditors’ rights and solve outcome unpredictability across jurisdictions. As a result, European lenders rely heavily on out-of-court enforcement tools when dealing with cross-border transactions, in lieu of a one-size-fits all insolvency regime. ICAs help regulate creditor relationships by contractually replicating the certainty offered by the US Bankruptcy Code (the Code).