Corporations

Abstract

This chapter discusses the private international law of insolvency and bankruptcy. Prior to Exit Day, the private international law of insolvency and bankruptcy was covered in part by two European Regulations: the Insolvency Regulation 1346/2000, and the recast Insolvency Regulation 2015/848. According to the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019 No 146, a fragment of Regulation 2015/848 is retained as English law, but otherwise it is not retained as English law. The principal effect of this is that the court will continue to have jurisdiction to open insolvency proceedings when the debtor’s centre of main interests is in the United Kingdom. Otherwise Part 1 of the Schedule to SI 2019 No 146 provides that the recast Insolvency Regulation shall not have effect in the United Kingdom. Consequential amendment is made to secondary legislation. Transitional provisions are made to provide for the continued application of the Regulations after Exit Day in the case of insolvency proceedings opened before Exit Day.