{"id":3226,"date":"2021-05-04T10:46:38","date_gmt":"2021-05-04T09:46:38","guid":{"rendered":"https:\/\/amisolicitors.co.uk\/?p=3226"},"modified":"2021-05-04T10:49:26","modified_gmt":"2021-05-04T09:49:26","slug":"understanding-cross-border-insolvency-post-brexit","status":"publish","type":"post","link":"https:\/\/amisolicitors.co.uk\/2021\/05\/04\/understanding-cross-border-insolvency-post-brexit\/","title":{"rendered":"Understanding Cross-Border Insolvency Post-Brexit"},"content":{"rendered":"\t\t
The UK-EU Trade Deal left lots of questions unanswered for many law experts and corporations. One of the main concerns was recognising and enforcing foreign insolvency proceedings when there is a cross-border element.<\/p>\n
Since EU Insolvency Regulations (EIR) does not apply to these cases, we need to look at other regulations to deal with these situations. Presently, insolvency-related domestic laws of each EU member state will apply to conduct the proceedings further. These change requires additional steps and formal applications to ensure that both countries are on the same page.<\/p>\n
Here are a few things you should know:<\/em><\/p>\n <\/p>\n The end of the transition period marks the beginning of cross-border insolvency post-Brexit. Any new EU insolvency proceedings seeking recognition and enforcement in the UK will have to adhere to British Cross-Border Insolvency Regulations. That includes adopting the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency.<\/span>Recognition of EU Insolvency Proceedings in the UK<\/h2>\n
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