This paper asks whether the UK can maintain its insolvency and restructuring pre-eminence post Brexit i. e. after Britain’s departure from the European Union (EU). In the past 20 years or so, the UK is said to have become the insolvency and restructuring capital of Europe or in less politically correct terms, the bankruptcy brothel of Europe. In part, this is because of the European Insolvency Regulation which provides for automatic recognition of insolvency proceedings opened in a EU Member State in the other EU Member States. Such proceedings may make provision for the discharge of debts and the restructuring of financial obligations.The specific insolvency law regime is part of a more general European Private International Law framework. With Brexit, the UK has now left this framework without any negotiated replacement agreement, a so-called ‘skinny’ Brexit. The loss of the ability to deal with insolvencies and corporate restructurings through a single process, with automatic recognition across the EU, may make it more complex, lengthy and expensive to resolve cross-border cases. It gives rise to the prospect of parallel proceedings in different jurisdictions. The paper also addresses how any disadvantages associated with the ‘skinny’ Brexit may be alleviated.

中文翻译：

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分手很难——英国退欧对英国破产和重组法意味着什么

本文询问英国是否可以在英国脱欧后，即在英国离开欧盟 (EU) 后保持其破产和重组优势。在过去的 20 年左右的时间里，据说英国已经成为欧洲的破产重组之都，或者用不太政治正确的术语来说，是欧洲的破产妓院。部分原因是《欧洲破产条例》规定在其他欧盟成员国中自动承认在欧盟成员国启动的破产程序。此类程序可为债务的清偿和财务义务的重组做出规定。具体的破产法制度是更普遍的欧洲国际私法框架的一部分。随着英国退欧，英国现在已经离开了这个框架，没有任何谈判的替代协议，所谓的“瘦”英国退欧。失去通过单一程序处理破产和公司重组的能力，并在整个欧盟自动承认，可能会使解决跨境案件变得更加复杂、耗时和昂贵。它带来了在不同司法管辖区进行平行诉讼的前景。该论文还讨论了如何减轻与“瘦”英国退欧相关的任何不利因素。