Our Cross Border Bulletin provides helpful guidance on the changes.
It is inevitable that the changes will increase the timing and costs of insolvency and enforcement proceedings and it will be more important than ever to obtain early local advice on the applicable local laws to the process required.
Following Brexit, the cross-border regime in insolvencies as between Member States and the UK has significantly changed and it will inevitably increase timing and costs of such proceedings, especially in the early days of applying "new" laws. Separate recognition applications will likely be needed by UK Insolvency Practitioners across each Member State where the debtors assets are situated whereas Insolvency Practitioners in EU Member States will have the advantage of a single application under the CBIR in the UK. It will be more important than ever to consider the need for the cross-border proceedings and obtain early advice on the local laws that may be applicable to the proposed process.