Recognition in Spain of the english scheme of arrangement after Brexit

Abstract

This article analyses the possibility of recognizing and enforcing in Spain an English Scheme of Arrangement sanctioned by a British court in the double scenario of having started before or after December 31, 2020, the end date of the transitional period for Brexit. The mechanism of recognition and enforcement in Spain will be conditioned to its previous characterization from a doublé perspective: regarding the legal nature of the institution as a matter of civil and commercial, bankruptcy or corporate law; and on the other hand, from a procedural perspective, regarding the consideration of the court’s order as a judicial resolution, a court-approved settlement or an act of voluntary jurisdiction.