On 13 September 2018, the UK Government published a guidance notice (Guidance) on handling civil disputes, including cross-border insolvencies, in the event that the UK exits the EU without having first agreed a framework for ongoing civil judicial cooperation, and from which time and date (11 pm on 29 March 2019) the UK will not benefit from the EU rules to replace the current arrangements.

Introduction Following recent proposed changes to UK restructuring and insolvency law, a new European Union (“EU”) directive concerning restructuring within EU Member States proposed by the European Commission (“Commission”) has reached an advanced stage.

English law restructuring and insolvency tools are used to implement financial restructurings and the external administration of foreign companies. The attractiveness of the English tools and legal system is highlighted by the prevalence of companies incorporated abroad, especially companies incorporated in the EU, which avail themselves of those tools. English law in this area is impacted by much European law.

The Court of Justice of the European Union (CJEU) has ruled today that the Pension Protection Fund regime does not satisfy European law requirements. The judgment is likely to have a significant impact on the PPF, and could have wider knock-on effects for many occupational pension schemes.

Background to the case

KEY POINTS Investors seek reliable information, legal certainty, predictability of outcome and the

opportunity to participate in a rescue and/or restructuring which will recover value. The Recast European Insolvency Regulation (the `Recast EIR') should, at least in part,

help investors meet those objectives. It is hoped that the Recast EIR will encourage greater investment (including distressed

English Law Challenges to EU Bank Restructurings Firmly Closed off by U.K. Supreme Court

Summary – Decision of U.K. Supreme Court

It seems as though every one of our much loved high street restaurants are currently having to consider closing restaurants as part of their Company Voluntary Agreement (CVA) as restaurants struggle with their finances. But what is a CVA and how can they help the casual dining sector survive the current high-street crisis?

What is a Company Voluntary Agreement or CVA?

Over the Bank holiday weekend, the UK government announced that it intends to introduce new legislation to implement certain measures (detailed below) as soon as parliamentary time permits.

An effective and well-equipped insolvency and restructuring regime gives confidence to investors and financiers, enabling credit to flow through to businesses and boost economic activity, growth and innovation.

Obvious issues which come up in a cross-border insolvency context include the jurisdiction / court in which proceedings should be commenced (choice of jurisdiction), which law should be applied to resolve a particular problem (choice of law) whether the judgment of one court will be recognized and enforced in another court (recognition) and how parallel insolvency processes relating to the same debtor should interact (co-operation).

The EIR