Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

Cross-border recognition of UK schemes of arrangement: post-Brexit landscape, Rome I, Chapter 15, and strategies (experts, parallel schemes, undertakings, COMI shifts, governing law changes)

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Basic principles

Owing to the versatility of schemes of arrangement (schemes) (see Practice Note: Benefits of schemes compared to other processes), together with their ability to bind every creditor within the affected classes of a scheme compromise, and the shortcomings perceived in certain domestic restructuring tools in some overseas jurisdictions, schemes are frequently deployed to restructure foreign companies or English companies with substantial assets or creditor bases outside the UK (see Practice Note: Establishing jurisdiction and sufficient connection). Yet, absent recognition, a scheme may have little practical effect, or the scheme company may remain vulnerable to being subject to an overseas insolvency procedure. Consequently, advisers should address recognition questions from the outset of the scheme process. For proceedings issued on or after 31 December 2020, the operative elements of the EU Recast Regulation on Insolvency dealing with automatic recognition, and the EU Brussels I recast, no longer apply to the UK (see: No deal Brexit—impact on jurisdiction agreements—checklist), with recognition now turning on private international law (see Practice Note: INSOL Europe/Lexis®PSL Joint Project on ‘How EU Member States recognise insolvency and restructuring proceedings of a third country’: consolidated table)...

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Web page updated on 21/05/2026

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