Brexit: good news for cross-border insolvency or a disaster?
October 7, 2016
Corporate Rescue & Insolvency magazine has published our concerns about the impact of Brexit not just on the handling of future cross-border failures, but on the struggle to modernise insolvency regimes and create adequate professional and judicial capacity around the world.
“Slowing the pace of global insolvency reform and restricting the development of sufficient professional and judicial capacity in markets desperately short of these key resources seems an unlikely piece of collateral damage from a generally and genuinely unexpected vote by a small island off the coast of mainland Europe, as Britain may eventually be seen to have become. If this leads to an obstruction of the vital work of cleansing non-performing loans from banking systems, to non-productive assets being left in the sterile hands of zombie companies and to millions of over indebted consumers being denied financial rehabilitation, it will surely qualify as the most grotesquely unintended set of consequences.”