On August 1, 2016, the Association for Financial Markets in Europe (AFME) published model clauses for the contractual recognition of bail-in for the purpose of satisfying the requirements of Article 55 of the EU Bank Recovery and Resolution Directive (BRRD).

On 23 June 2016, a 52% majority of the British people voted in favour of leaving the European Union. It is unclear the extent of the effect this will have, but restructuring and insolvency professionals face an uncertain future if the EC Regulation on Insolvency Proceedings 2000 and the Recast Insolvency Regulation, which replaces it in 2017, cease to apply to cross border restructurings in the UK.

Der britische Wähler hat gesprochen und sich mit knapper Mehrheit für den Austritt des Vereinigten Königreichs aus dem „Projekt Europa“ entschieden.

Obwohl noch nicht feststeht, wann die Briten Artikel 50 des EU-Vertrags aktivieren werden, lohnt es sich bereits jetzt, über die rechtlichen Konsequenzen eines Austritts nachzudenken. Denn sollte es hierzu kommen, bleibt dieser – gerade im sensitiven Bereich des grenzüberschreitenden Rechtsverkehrs - nicht folgenlos:

1.Mögliche Unwirksamkeit von Gerichtsstandsvereinbarungen zugunsten britischer Gerichte

In the recent case of Greece v Stroumpoulis on 25 February 2016, the European Court of Justice (ECJ) decided that EU protections under the Insolvency Directive apply to EU residents working in the EU, regardless of whether their employer is an EU company. The ECJ reached this decision based on the social objective of the Insolvency Directive, irrespective of the maritime waters on which the vessel sailed.

Introduction

1. Inleiding

Dit is onze halfjaarlijkse nieuwsbrief over ontwikkelingen op het gebied van het Nederlandse vennootschaps- en ondernemingsrecht. In deze Corporate Update geven wij eerst een overzicht van enkele wetswijzigingen. Verder gaan we in op de stand van zaken van een aantal lopende wetsvoorstellen en tot slot signaleren wij nog enkele overige actualiteiten.

Back to the future – but no idea when What Brexit could mean for the Anglo-European restructuring industry What happens now? On 23 June 2016, the UK voted to leave the European Union. The nature of the UK’s relationship with the EU and the rest of the world, post-Brexit (if and when Brexit happens), is uncertain. So what do we know? Actually, we do know several things: – Legally speaking, the referendum result has no immediate effect. It is only advisory.

This edition of Global Insight comes to you shortly after the United Kingdom voted to leave the European Union.

Brexit is now a reality; what lies ahead for restructuring and insolvency law? These views are limited to English law and do not apply to credit institutions and insurance undertakings, which are subject to their own regimes in the UK and across the EU.

What, when, how? No change in the short term

The United Kingdom has voted to leave the EU. Before the referendum, we considered in detail the potential impact of Brexit in the context of restructuring and insolvency. In particular we highlighted that Brexit could have an impact on cross-border restructuring/insolvency given the UK is currently viewed as a popular jurisdiction for implementing complex cross-border restructurings and insolvencies in light the regimes being widely regarded as well established, flexible and creditor friendly.