• Brexit ripped up the rules on automatic cross-border recognition of formal insolvency proceedings and restructuring tools between the UK and the EU.
• Recognition will now depend on a patchwork of domestic legislation, private international law and treaties and may lead to different outcomes depending on the jurisdiction.
• Cross-border recognition is still achievable but involves careful navigation and a more tailored approach in individual cases to selection of the most effective process and its route to recognition.

Legal landscape

The UK's withdrawal from the European Union has created uncertainty around insolvency law. Let's look at how things have changed in the wake of Brexit, and what that means for current and future German insolvency proceedings.

What is the state of play post-transition period?

Pensions in Restructuring Survey Report

January 2021

2020 might provide answers to many political and economic issues, but it is not possible to see with perfect vision what the future holds for pensions in restructuring matters.

That was part of the conclusion to the

report on Taylor Wessing's previous

Pensions in Restructuring Survey; with

hindsight, 2020 brought few answers

and posed many questions.

Pensions In Restructuring Survey Report

Welcome to the results of Taylor Wessing's fifth annual Pensions in Restructuring Survey

In addition to new legislation mentioned elsewhere in this round-up (see links to other sections), commercial and tech businesses and in-house counsel should note:

The Corporate Insolvency and Governance Act

UPDATE #3 FROM THE RHTLAW CRISIS RESPONSETEAM:

Im Zuge der „Corona-Krise“ benötigen viele betroffene Unternehmen dringend staatliche Unterstützung, um akute Liquiditätsengpässe zeitnah abwenden zu können und um ihre Eigenkapitalquote zu stärken. Der Bund hat dazu nun das Gesetz zur Errichtung eines Wirtschaftsstabilisierungsfonds (WStFG) erlassen. Das WStFG sieht die Errichtung eines Wirtschaftsstabilisierungsfonds (WSF) zur Stützung der Realwirtschaft vor (Ausführliche Informationen zum WSF wie bspw. zu Antragsberechtigungen, Voraussetzungen und Zuständigkeiten finden Sie u.a.

On 16 September 2021, ordinance 2021-1193 implemented the European Directive on preventive restructuring frameworks into French law. The Ordinance applies to proceedings opened from 1 October 2021.

Key features

UK REIT Horizon Scanner Q4 2021

UK REIT Horizon Scanner Q4 2021

Key Issues

Key issues coming up for UK Main Market REITs in corporate, financial regulatory, planning, real estate, securities law and regulation and tax1 in England (including retained EU law2).

Issue/status/timing: New developments since our March 2021 edition are shown in green text. Impact: urgency/impact rating for REITs admitted to London Stock Exchange Main Market (including the Specialist Fund Segment3)

Although the UK left the EU on 31 January 2020, the impact of Brexit on cross-border insolvencies was largely postponed until the end of the transition period at 11pm on 31 December 2020.

The UK is now designated as a "third country" from the perspective of the EU, directly applicable EU laws and regulations no longer apply, and the Brexit Trade and Cooperation Agreement does not deal with cross-border insolvencies. As such, insolvency practitioners may now be left feeling that they are effectively in a "no-deal" scenario.

Background

On 11 February 2021, the English High Court confirmed in gategroup Guarantee Limited that restructuring plans are insolvency proceedings so are not covered by the Lugano Convention.

One of the debt instruments subject to the gategroup restructuring plan contains an exclusive Swiss court jurisdiction clause. Under the Lugano Convention, proceedings relating to "civil and commercial matters" must generally be brought in the jurisdiction benefitting from the exclusive jurisdiction clause.