Restructuring Regimes at the Cross-Roads: Reform or Reflect?
1 min read
In November 2016, the EU Commission published a draft directive that sets out an ambitious vision for partial harmonisation of restructuring and insolvency frameworks across Europe. Meanwhile, the UK Government is mulling over the responses to last summer’s consultation on reforming our corporate insolvency framework. Both these initiatives were in the pipeline long before the Brexit vote, but the outcome may mean that compliance with the directive never becomes mandatory. At the same time, a ‘hard, fast Brexit’ has implications for cross-border restructurings with a UK angle. The UK restructuring and insolvency industry therefore finds itself at a cross-roads. This briefing considers the key elements of the EU harmonisation drive and asks whether this is the time to reform, or the time to pause and reflect.
