The departure of the United Kingdom from the European Union, in particular in the case of a "hard Brexit" in which there is no continued bilateral application of EU law, will have many consequences within the European Union. In contrast to German law, for example, English law provides for a pre-insolvency restructuring instrument, the (solvent) Scheme of Arrangement, which has been widely used by both UK incorporated and non-UK incorporated companies as means of implementing a financial restructuring. This article examines the question of recognition of the Scheme of Arrangement as a pre-insolvency restructuring instrument following a possible "hard Brexit", in particular in Germany.

Related Capabilities