Sponsored by AAB Group
If your business is in financial distress and trades in both Northern Ireland and the Republic, or has creditors based in both jurisdictions, there’s something important you need to be aware of.
Pre-Brexit, entering restructuring as a cross-border business was straightforward. When both the UK and Ireland operated under EU legislation, companies in distress benefited from shared recognition of insolvency proceedings. For example, a company that went into administration in Newry, which traded in Ireland, could simply engage a Northern Ireland Insolvency Practitioner (IP), who would manage all aspects of the proceedings, without having to enter the Republic of Ireland courts system.
However, since Brexit, that…