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Recognition of Restructuring and Insolvency Proceedings | Skadden, Arps, Slate, Meagher & Flom LLP


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Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not included in the agreement. As a result, The Insolvency (Amendment) (EU Exit) Regulations 2019, which were designed to cater to a “no deal Brexit,” took effect at 11 p.m. on 31 December 2020 and repealed the vast majority of EU law relevant to this sphere.
Takeaways
There is no longer a single, uniform regime for the coordination of restructurings between the UK and EU member states. ....

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