This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations amend the Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146) (“the 2019 Regulations”). Those Regulations are stated to come into force on exit day (with limited exceptions). Paragraph 1(1) of Schedule 5 to the European Union (Withdrawal Agreement) Act 2020 (c. 1) provides that references to subordinate legislation coming into force on exit day are to be read instead as references to coming into force on IP completion day.
The amendments made by these Regulations give effect to Article 67(3)(c) of the Withdrawal Agreement. This provides that the EU Insolvency Regulation (Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings) will continue to apply in respect of main proceedings (as defined in that Regulation) opened before IP completion day. These Regulations remove the saving in regulation 4 of the 2019 Regulations for the EU Insolvency Regulation (and its predecessor Regulation EC 1346/2000) as that is provided for by the Withdrawal Agreement. They also omit regulation 5 which permitted a court to depart from applying the EU Insolvency Regulation where UK interests were prejudiced by a member State not treating the UK as a member State. That is no longer needed as the Withdrawal Agreement provides that the UK will be treated as a member State in respect of insolvency proceedings opened before the end of the implementation period.
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