The Great Brexit Debate dentons.com Introduction The UK is now counting down to the 23 June 2016 referendum on whether to stay in or leave the European Union. Dentons summarises the background to this momentous choice, and takes a deeper look at some of the legal issues involved in some key areas that would be impacted by a vote to leave the EU.

The UK’s EU Referendum on membership is looming on the horizon – What are the legal implications of a so-called “Brexit” for restructuring and insolvency professionals?

The EU Referendum Act 2015 obtained Royal Assent on 17 December 2015 and provides for the following question to be put forward for voting in a referendum in the UK until the end of 2017: “Should the United Kingdom remain a member of the EU or leave the EU?”

Before I hazard any kind of answer to the above, let me first declare my interest in the #Brexit / #Bremain debate, from the perspective of an insolvency lawyer.

In case you have just returned from Outer Space- the UK Government has announced that it is holding a referendum on 23 June 2016 on the question:

“Should the United Kingdom remain a member of the EU or leave the EU?”

In the meantime, whilst the UK decides whether to Brexit or not, the EU Commission is taking a “business as usual” stance.

Introduction

Welcome  to  the  September  2015  Newsletters:    Highlights  this month include:

In Ferreira da Silva e Brito and others v Estado portuges (C-160/14) the European Court of Justice (the ECJ) considered the meaning of a "transfer of a business" under the Acquired Rights Directive (the Directive) in relation to a situation whereby a majority shareholder assumed significant functions of a former subsidiary, which had been wound up.

Background

In this case the High Court had to consider the mutual recognition provision in the EU Bank Recovery and Resolution Directive ("BRRD") and the Winding Up Directive for Banks (WUD) which provide for how the insolvency of EEA banks should be managed by member states.

This case highlights the different tensions that arise in the aftermath of the collapse of Banco Espirito Santo ("BES") between how creditors are treated under the BRRD and WUD and the flexibility given to central banks to restructure good and bad debts when a bank fails.

Current state of play

Following on from our recent blog on ‘How the UK General Election Might Influence the Recast Insolvency Regulation’ and whether the UK will still be part of the EU in 2017 when it comes into force, we consider the ‘hokey cokey’ of the upcoming EU referendum.

1.  The characterisation of art. 1(1) ERIP and role of the Annex