Q&As

What is the EU Recast Regulation on Insolvency?

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Published by a LexisNexis Restructuring & Insolvency expert
Published on: 07 December 2020
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European Union (Withdrawal agreement) Act 2020

The European Union (Withdrawal Agreement) Act 2020 (the Act) was introduced to facilitate the ratification and implementation of the Withdrawal Agreement (31 Jan 2020) agreed in principle between the UK and the EU on 17 October 2019. For further details on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement.

The Act contains provisions on various matters, including the implementation period (the term used by the UK or transition period, the term used by the EU; these terms are used interchangeably, see Q&A: In the context of Brexit, what is meant by the ‘transition or implementation period’?). It incorporates several amendments to the European Union (Withdrawal) Act 2018 (EU(W)A 2018), particularly for the purpose of legislating for transition, deferring several provisions from exit day to the end of the implementation period.

During the transition period/implementation period

The provisions relating to Insolvency are largely unchanged; Article 67(3)(c) of the Withdrawal Agreement

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Jurisdiction(s):
United Kingdom
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Key definition:
Recast Regulation definition
What does Recast Regulation mean?

Also known as the Regulation (EU) 848/2015 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation). It repeals the EC Regulation on Insolvency and is intended to improve the efficiency and effectiveness of insolvency proceedings with a cross-border element.

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