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The Impact of Brexit on Debt Restructuring

and Insolvency Practice

Manual Penades Fons*

Michael Schillig**

I. Introduction

Since the 1985/86 reforms, inspired by the highly influential Cork Report,
1
English insolvency and restructuring law has been geared towards ‘corporate rescue’.

In combination with the much older scheme of arrangement and further flexibility
enhancing reforms, English law provides a well-tested restructuring framework, widely
2
perceived as efficient and effective. Also given that the English language is to any

foreign investor much more easily accessible than any other European language, England
has emerged as the foremost restructuring destination in Europe, and one of the most
important restructuring centres worldwide.

Over the last decades, this rise has been inextricably linked to the effectiveness
of English insolvency and restructuring measures in all EU Member States on the basis

of EU-law instruments, in particular the (recast) European Insolvency Regulation.
4
3
* Senior Lecturer in Law at King’s College London.
** Professor of Law at King’s College London.
1 Report of the Review Committee, Insolvency Law and Practice (Cmnd 8558, 1982).
2 As part of the Enterprise Act 2002.
3 Regulation (EU) No. 1215/2012 of the European Parliament and of the Council of 12 December 2012
on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast) OJ
20.12.2012. L351/1 (Brussels I); Regulation (EC) No. 593/2008 of the European Parliament and of the Council of
17 June 2008 on the law applicable to contractual obligations (Rome I) OJ 4.7.2008 L177/6.
4 Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency proceedings OJ 30.06.2000
L160/1; Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency
proceedings (recast) OJ EU 5.6.2015 L141/19. Most of the provisions of the 2015 EUIR apply since 26 Jun. 2017;
2015 EUIR, Art. 92.

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