On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States and the UK.
While the TCA seeks to avoid a so-called no-deal Brexit, it does not appear to promote a scenario whereby reciprocal automatic recognition and cooperation between the UK and the EU in relation to cross-border restructuring and insolvency (R&I) proceedings would continue to have effect after December 31, 2020. Consequently, key pieces of EU legislation will no longer be…
Read the full article at: https://www.sidley.com/en/insights/newsupdates/2021/01/brexit-deal-is-done-what-does-it-mean-for-recognition-in-crossborder-restructurings-insolvencies