This paper addresses the main problems arising from the United Kingdom’s decision to leave the European Union with regard to insolvency proceedings. The following issues will be discussed: the modes of recognition of foreign insolvency proceedings under British law and the likely effect of Brexit, the impact of Brexit on forum and law shopping, the reform proposal for British workout procedures and the use of British workout procedures by EU companies.

Part of Series

Brexit: The International Legal Implications is a series examining the political, economic, social and legal storm that was unleashed by the United Kingdom’s June 2016 referendum and the government’s response to it. After decades of strengthening European integration and independence, the giving of notice under article 50 of the Treaty on European Union forces the UK government and the European Union to address the complex challenge of unravelling the many threads that bind them, and to chart a new course of separation and autonomy. Brexit necessitates a deep understanding of its international law implications on both sides of the English Channel, in order to chart the stormy seas of negotiating and advancing beyond separation. The paper series features international law practitioners and academics from the United Kingdom, Canada, the United States and Europe, explaining the challenges that need to be addressed in the diverse fields of trade, financial services, insolvency, intellectual property, environment and human rights.
  • Howard P. Morris is head of the Business Restructuring & Insolvency Group at Morrison & Foerster in London. He has more than 20 years’ experience in UK and international restructuring and insolvency work.

  • Gabriel Moss, Q.C., graduated with a first-class honours degree in law and a master’s-level degree (B.C.L.) from the University of Oxford. He is also generally admitted to the bars of Gibraltar and the East Caribbean and has been specially admitted to the bars of Bermuda, Cayman Islands, Hong Kong and the Isle of Man for specific cases. 

  • Federico M. Mucciarelli is a reader in law in the School of Finance and Management, SOAS University of London, and an associate professor in the Department of Economics at the University of Modena and Reggio Emilia.