Business Restructuring + Insolvency
In The News
Reprinted with permission
According to the head of Morrison & Foerster’s London Business Restructuring & Insolvency Group, Howard Morris, the lack of a recognition agreement between the U.K. and European Union in the event of a “no deal” Brexit will add a layer of complexity and cost to the contingency planning that local practitioners have to go through during insolvency proceedings.
“I remember what it was like pre-EIR and the difficulties getting liquidators, administrators and receivers recognised on the continent,” he said in the Global Restructuring Review article “UK government publishes draft insolvency bill for ‘no deal’ Brexit.” The UK has become a “wonderful restructuring centre” since the EIR was passed in 2000, but the negative affects of leaving the EU without a deal “could reduce our competitiveness on the international stage.”
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