Brexit impact on insolvency avoidance actions under Italian law
The exit of the United Kingdom from the European Union (‘Brexit’) has direct consequences on clawback actions which might be brought against UK creditors by insolvency practitioners of EU Member States. It also has an impact on those situations where English law comes into play as governing law and a UK entity is the beneficiary of an act, a contract or a payment which is detrimental to all the other creditors. This is particularly true in the ambit of those financial derivatives normally regulated by ISDA agreements subject to UK law as governing law, and which have often been offered by UK entities to Italian clients.
In this article, published in Insolvency and Restructuring International (The Journal of the IBA Insolvency Section), Giuseppe DeFalco explores the details of these impacts.
