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Author: Chris Millar
Quite frankly – who knows!
The perceived opinion is as follows:-
(1) Choice of law – it is likely that the government will continue to give domestic force to the Rome (I) and (II) Regulations which govern contractual and other applicable law.
(2) On jurisdiction, one hopes we will become a party to the Lugano Convention, currently applicable to Norway, Switzerland and Iceland. Other than that, we may hopefully enter into a bilateral agreement with the EU to give effect to the Insolvency Regulation.
(3) Enforcement – again something similar to the Lugano Convention would be best. The recognition of English jurisdiction is still too powerful, and trade with the EU will still continue to a great extent, such that comity and reciprocal enforcement will be in the best interests of all concerned.