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Welcome /  Blog /  2018-12-doc4 CERIL-proposal for cross-border restructuring and insolvency post-Brexit

2018-12-doc4 CERIL-proposal for cross-border restructuring and insolvency post-Brexit

CERIL REPORT 2018-2 on Cross-border Restructuring and Insolvency post-Brexit is out! On 12 December 2018, CERIL issued its Report 2018-2, see
http://www.ceril.eu/projects/. The CERIL report highlights the relationship between the EU and the UK after Brexit in the area of restructuring and insolvency law and seeks to formulate a position on the nature and content of a possible future instrument governing that relationship. CERIL argues for the development of a bilateral agreement between the EU and the UK in the field of insolvency and restructuring. Such bilateral agreement would mirror, with certain safeguards, the structure and content of the EIR Recast. It would cover international jurisdiction of courts, applicable law, a mutual system of recognition and enforcement and rules on cooperation and communication between UK and EU insolvency practitioners and courts. CERIL submits that a future agreement should be developed as a , i.e. it would be a 'parallel instrument'. The Lugano Convention, which basically extends the framework of the Brussels I Regulation vis à vis EFTA States, or the bilateral agreement extending the Brussels I Regulation to Denmark may be used as a model. In this way conflicting interpretations by courts in the UK and the EU can be prevented.  
The report was initiated and chaired by Prof. Francisco Garcimartín (University Autónoma of Madrid and Linklaters), and Prof. Michael Veder (Radboud University Nijmegen and RESOR) with the support of a CERIL working group investigating the possible consequences of Brexit on cross-border restructuring and insolvency in relation to the remaining EU. CERIL Report 2018-2 presents the result of this study,
Read the entire CERIL Report 2018-2 on http://www.ceril.eu/uploads/files/20181212-ceril-report-2018-2.pdf