Download This PaperEnglish schemes of arrangement - [how] will they be recognized by the EU Member States?
Lex&Forum 2021. Prozeßrechtsvergleichung und prozessuale Vereinheitlichung. Studia in memoriam Peter Gilles. Pp. 195-203
8 Pages Posted: 29 Jul 2022
Date Written: October 4, 2021
Abstract
A scheme of arrangement is an English pre-insolvency procedure. It allows financially distressed companies to work out problematic bank or bond debt without having to commence an insolvency proceeding. It was an almost unique procedure among EU Member States, until Brexit.
It seems that the recognition of the English schemes of arrangement (and the similar to them procedures) by the EU Member States, from 1 January 2021 onward will take place on an “or” and “or” basis.
Keywords: Insolvency, Brexit, Schemes of arrangement, Recast Regulation
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