Effect on Brexit on Part 26A Arrangements and Reconstructions – Wilberforce Chambers
‘It is one of the ironies of Brexit that the UK has effectively implemented many of the features of the 2019 EU Restructuring Directive[1], providing for restructuring plans with cross-class cram down and moratoria, before all of the remaining EU member states (although the Corporate Insolvency and Governance Act 2020 was avowedly not the implementation of EU law). The EU member states are required to implement the Restructuring Directive by 17 July 2021, although to date only Germany, the Netherlands and Greece have done so and many more are expected to seek an extension of the deadline to July 2022.’
Wilberforce Chambers, February 2021
Source: www.wilberforce.co.uk