The Insolvency (Amendment) (EU Exit) Regulations 2019

Temporal application and savings

5.—(1) Paragraph (2) applies where in any particular case Council Regulation (EC) 1346/2000 or the EU Insolvency Regulation applies in the United Kingdom by virtue of regulation 4 and the court considers that the effect is or would be different to what would be the effect had a member State treated the United Kingdom as a member State under the relevant Regulation, and either—

(a) the court considers that one or more of the following would be materially prejudiced—

(i) the interests of a creditor (whether alone or in common with some or all other creditors),

(ii) the interests of the debtor,

(iii) where the debtor is a body corporate, the interests of a member (whether alone or in common with some or all other members) of the debtor; or

(b) the court considers it would be manifestly contrary to public policy to apply the relevant Regulation.

(2) The Court may—

(a) apply any other relevant law of the part of the United Kingdom in which the matter is being determined (including the Cross-Border Insolvency Regulations 2006(1) or the Cross-Border Insolvency Regulations (Northern Ireland) 2007(2));

(b) make any other order that it thinks fit.

(1)

S.I. 2006/1030; relevant amendments were made by S.I. 2017/702.

(2)

S.I. 2007/115; relevant amendments were made by S.I. 2017/702.