The UK Government alongside other European jurisdictions implements the directive on preventive restructuring frameworks

When the European Directive on preventive restructuring frameworks [1] was published by the EU on 26 June 2019, there was excitement within the insolvency community that the EU might finally have taken its first step towards harmonisation of substantive insolvency law across Europe, which was thought to be essential to the success of the Capital Markets Union. Indeed, Ashurst warned in an update back in 2018 (see here) that the UK should take heed of this project to ensure that the UK remained competitive post-Brexit. The Directive was, in part, a reaction to the forum shopping taking place as a result of the low jurisdictional thresholds required to launch a scheme of arrangement in the UK, as evidenced by increasing numbers of EU corporates that came to the UK in the 2010s to seek

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Ru-woei Foong, Olga Galazoula, Drew Sainsbury, Giles Bothman, The UK Government alongside other European jurisdictions implements the directive on preventive restructuring frameworks, 20 June 2019, e-Competitions June 2019, Art. N° 103995

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