Notice to stakeholders: Withdrawal of the United Kingdom and EU rules in the field of civil justice and private international law.

On 27 August 2020, the European Commission published a ‘Notice to Stakeholders’ setting out how EU laws in the areas of civil justice and private international law will apply when the Brexit transition period ends on the 31 December 2020.

This Notice replaces an earlier notice published in January 2019 and a document with questions and answers published in April 2019.

The Preventive Restructuring Frameworks Directive (EU) 2019/1023 is finally in force. Following its implementation into EU member states’ national law, the directive will hopefully prove an effective tool for Europe’s restructuring practitioners, just as the continent’s economic outlook darkens.

At the European Union level, the cross-border proceedings benefit under EU Regulation 848/2015 from a unitary framework who general declared purpose is to ensure the optimal functioning of the internal market. To this end, there are a series of rules and principles intended to prevent the transfer of assets or judicial proceedings from one member state to another in the attempt to obtain a more favorable legal situation to the detriment of the creditors’ list.

Im Rahmen der Globalisierung sind Unternehmen regelmig nicht nur im Grndungsland, sondern in mehreren Rechtsordnungen ttig. Fr den Fall, dass ein Unternehmen scheitert, sind daher bestimmte Regeln erforderlich, die ein eventuelles Insolvenzverfahren vorhersehbar machen. In der EU gibt es derzeit zwei Verordnungen1, die fr die Zeit vor bzw. die Zeit ab 24.06.2015 gelten.

Grenzberschreitende Insolvenz in der EU

Introduction

On 23 June 2016 the UK population voted for the UK's exit from the European Union (EU). The applicable exit procedure and certain possible legal consequences of Brexit for Insolvency & Restructuring will be discussed below in the form of a Q&A.