Cross Border Insolvency Regulations meaning

Brexit—R&I forms for use pre- and post-IP completion day [ARCHIVED] This Checklist is archived and is no longer being maintained. On 30 January 2019, the Insolvency (Amendment) (EU Exit) Regulations 2019 (the Insolvency Brexit Regulations), SI 2019/146, were laid under the affirmative procedure for Brexit statutory instruments to remedy deficiencies arising from the loss of mutual application of Regulation (EU) 2015/848 (OJ L141/19), the Recast Insolvency Regulation, and to make consequential amendments across related legislation. The instrument took effect in part from 31 January 2019 and in full from IP completion day, defined as 11.00 pm on 31 December 2020. The changes to the legislative framework include revisions to the prescribed information that must be supplied under the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, on the appointment of an insolvency office-holder. In many instances, the amendments correspond to the revised jurisdictional gateways for commencing a range of insolvency proceedings...

In this issue: Cross border criminal investigations Criminal procedure and evidence Proceeds of crime Bribery, corruption, sanctions and export controls Cybercrime and data protection offences Environmental offences Financial services and pensions offences Fraud, forgery, tax and theft offences Insolvency Local authority prosecutions Money laundering Corporate Crime in Scotland Other corporate crime and crime related news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Cross border criminal investigations Companies should act as corporate enforcement develops. In late June 2025, SFO Director Nick Ephgrave met with Matthew Galeotti, head of the criminal division at the US Department of Justice (DOJ), and both reiterated a pledge to work together on prominent transnational investigations. Hayley Lund, partner, and Frankie Cowl, counsel, at Weil Gotshal & Manges LLP, consider the UK’s shifting corporate enforcement landscape. See News Analysis: Companies must take action as...

Bakhshiyeva (acting as the foreign representative of OJSC International Bank of Azerbaijan) v Sberbank of Russia [2018] EWCA Civ 2802 What are the practical implications of this case? The Court of Appeal reaffirmed the Gibbs rule, a point of real importance for financial institutions, creditors and any commercial party with agreements governed by English law. In consequence, creditors with English law debts can be confident that a foreign insolvency procedure cannot alter or compromise obligations governed by English law. As with many other international counterparties, Sberbank chooses English law for cross-border deals due to its neutrality, the certainty it affords, and the predictability of the English courts. This judgment underlines the reputation, dependability and commercial focus of English law and the English judicial system. The ruling will help ensure that English law (and jurisdiction) continues to be one of the leading choices of law for commercial parties. Whether this proceeds to a further appeal before the Supreme Court remains to be seen. What was the background? ...

Restructuring & Insolvency weekly highlights—30 October 2025 In this edition: Key R&I law developments Corporate insolvency processes Document review Restructuring The office-holder Financial institutions International restructuring and insolvency Daily and weekly news alerts Key dates for insolvency and restructuring professionals New content New Q&As Key R&I law developments Economic Crime and Corporate Transparency Act 2023 (Commencement No 6 and Transitional Provisions) Regulations 2025 SI 2025/1118: Selected parts of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) take effect on 18 November 2025, namely: ECCTA 2023, s 4 (identity checks for proposed officers) to the extent not commenced ECCTA 2023, s 7 (ID verification for persons with initial significant control), save where it introduces the provisions listed in paragraph (3) ECCTA 2023, s 31 (disqualification for repeated contraventions of companies legislation: GB) ECCTA 2023, s 43 (bar on directors acting until identity is verified) ...

Premier Oil is among a number of oil and gas companies that have reassessed their funding options to cope with the effects of an extended period of low crude prices. Brexit impact From exit day (31 January 2020), the UK ceased to be an EU Member State. Nevertheless, under the Withdrawal Agreement, the UK entered an implementation period, during which EU law continued to apply. In many Brexit SIs, references to exit day should be construed as referring to IP completion day (the end of the implementation period, defined in clause 39 as 31 December 2020 at 11.00 pm), unless that wording is expressly disapplied by the relevant SI. For more detail, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers, and Brexit Bulletin—key updates, research tips and resources. While schemes do not fall within the scope of the Recast Regulation on Insolvency, their later recognition frequently depends on Brussels I (recast) (see below and Practice Note: Brexit—impact on...

Purpose of the Credit Institutions (Reorganisation and Winding Up) Directive The Credit Institutions (Reorganisation and Winding Up) Directive 2001/24/EC (CIWUD) was introduced to guarantee that a credit institution, together with its branches in other Member States, is reorganised or wound up in line with the principles of unity and universality, meaning there is a single set of insolvency proceedings in which the credit institution is handled as one single entity. Accordingly, the CIWUD therefore ensured that the institution’s assets, wherever they are found, are captured within a single, unified winding‑up procedure, thereby removing the confusion and uncertainty associated with any secondary proceedings. The CIWUD sought to prevent the separation of assets of the credit institution so that creditors outside of the...

STOP PRESS The Financial Services and Markets Act 2023 (FSMA 2023) revokes the 2004 Regulations (SI 2004/353) with effect from a date still to be appointed, alongside a range of other EU‑derived legislation. The government does not intend to begin revoking individual EU‑derived instruments and provisions unless the regulators have prepared and consulted on rules that are ready for enforcement, and only where it is appropriate that the provisions are replaced with rules. FSMA 2023 also updated the UK’s insolvency regime for insurers, both to clarify certain points and to widen the protections available to an insurer and its policyholders undergoing insolvency or write‑down procedures—the government consulted on these measures in 2021, and published its response in April 2022 (see News Analysis: Financial Services and Markets Bill sets out post‑Brexit framework for UK financial services, and LNB News 07/04/2022 78). The Prudential Regulation Authority (PRA) issued consultation paper CP3/23 on insurers in financial difficulty, setting out its proposed rules and policy in respect of those changes introduced (see: LNB...

Establishment proceedings This Q&A looks at the meaning of ‘establishment proceedings’, a concept introduced by the Insolvency (Amendment) (EU Exit) Regulations 2019 (Brexit SI 2019/146), SI 2019/146. The term is newly inserted into the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 by Brexit SI 2019/146 (see IR 2016, SI 2016/1024, r 1.2(2)). It does not feature in: (i) the EU Recast Regulation on Insolvency, nor (ii) the Retained Recast Regulation on Insolvency, but broadly appears to take the place of ‘secondary proceedings’ used in the EU Recast Regulation on Insolvency. Brexit SI 2019/146 inserts the following into IR 2016: ‘establishment proceedings’ means insolvency proceedings in England and Wales to which the EU Regulation applies where the centre of the debtor has an establishment in the United Kingdom. ‘Establishment’ was not previously defined in IR 2016, r 1.2, but Brexit SI 2019/146 adds: ‘establishment’ has the same meaning as in Article 2(10) of the EU Regulation. ...