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As a result of the Directive on preventive restructuring frameworks, there are now more preventive restructuring measures available to financially distressed companies across the EU. It was speculated that the combined effect of the implementation of the Directive and Brexit would reduce the appeal of England and Wales as a leading restructuring forum and disincentivise overseas companies from implementing English law restructurings. This paper argues that this is not the case.
Neither the implementation of the Directive nor Brexit has had the effect of diminishing the strength of the UK’s restructuring prowess. Rather, the enactment of the Corporate Insolvency and Governance Act 2020 has further strengthened the UK’s robust restructuring regime. As such, the UK remains a leading European restructuring forum, as demonstrated by recent case law.
