On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime:

For more information, please contact the relevant Herbert Smith Freehills partner referred to in the contact list or Simone Pearlman, head of legal knowledge on +44 (0) 20 7466 2021 or email simone. [email protected]. This is a guide to key legal developments in the coming months and years ahead (UK perspective).

In an address last week to the Insolvency Lawyers Association, Sir Geoffrey Vos,

the new Chancellor of the High Court, looked at the future for Insolvency and Business Litigation in London, especially after Brexit.

As the dust begins to settle after the EU referendum and the potential ramifications of Brexit continue to be digested, we examine the potential impact of Brexit on the UK cross-border restructuring and insolvency regime and its consequences for the UK’s reputation as a leading creditor-friendly restructuring jurisdiction.

The EU referendum outcome - to "Brexit" has divided the country. Whilst supporters of both the "Remain" and "Leave" campaigns continue to speculate on what might have happened had the result been different, or what will happen if, as or when Article 50 of the Lisbon Treaty is invoked, the only apparent certainty is that these are uncertain times for the UK. Unprecedented, uncertain times.

September 2016

Commercial Litigation

Can a conflicting email and attachment regarding settlement amount to an acceptance, or does it constitute a counter offer?

Summary

In an appeal from the County Court, regarding the forfeiture of a lease, the High Court confirmed that a purported acceptance of a settlement offer was actually a counter offer. In suggesting an alternative payment date, the company had made a counter offer which the other party had not accepted.

Background

1

Inhalt

I. Brexit what does it involve and when could it happen?............................................................ 3

II. Legal areas affected................................................................................................................... 5

1. Choice of law clauses in existing legal relationships and the law applicable to non-contractual

obligations........................................................................................................................... 5

Cross-border insolvency proceedings involving the UK

The question of which law is applicable to cross-border insolvency proceedings within the EU and which court has jurisdiction over the opening, monitoring or conducting of the insolvency proceedings, is regulated by Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings (Insolvency Regulation) that is directly applicable in all EU member states, with the exception of Denmark.

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

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