Page 407 - วารสารกฎหมาย ศาลอุทธรณ์คดีชํานัญพิเศษ

ฉบับพิเศษ ประจำ�ปี 2564

VI. Conclusion

Brexit poses relevant questions on the continued success of the English
insolvency and restructuring industry. The exclusion of the United Kingdom from the

European Insolvency Regulation has brought an end to the automatic recognition and
enforcement of English proceedings in EU Member States. Even if mechanisms such as
pre-pack administrations or the company voluntary arrangements maintain their

attractiveness as efficient instruments to restructure debt in scenarios of financial distress,
their use is likely to decrease if those proceedings are intended to produce effects in the
territory of the EU. The reinstatement of the pre-Brexit regime can only be achieved

through the conclusion of an international convention that mirrors the regime of the
Regulation.

The consequences of Brexit on schemes of arrangement are less intrusive.
Regarding the use of schemes for foreign debtors and against foreign creditors, the

disapplication of the Brussels I Regulation recast in the United Kingdom eliminated
the jurisdictional concerns that still existed over the English approach. At least, those
schemes that concern rights governed by English law could preserve their effectiveness

pursuant to the Rome I Regulation.

405