CYIL vol. 11 (2020)

DIMITRIS I. LIAKOPOULOS CYIL 11 (2020) and contemplates the possibility of settlement arrangements which are particularly favorable for entrepreneurs in difficulty, so that the transfer of the headquarters to the country can in many cases be advantageous 46 . In the post-Brexit two elements will make it unlikely that this privileged position will be maintained: Firstly, the British provisions will no longer enjoy the recognition under simplified conditions provided for by the European regulations. Furthermore, the mechanism of lis pendens and the organization of coordination between the main procedure and any ancillary procedures will no longer operate, with the consequence that proceedings parallel to the one initiated by and in the United Kingdom can now be opened in EU Member States independent. The loss of the right of establishment could also hinder transfers of headquarters and in any case, even if local British legislation continued to admit them easily, they would not necessarily be recognized as suitable also for the remaining Member States to move the COMI 47 .

46 LEHMANN, M., ZETZSCHE, D. ‘Brexit and the consequences for commercial and financial relations between the EU and the UK’, (2016), 27 EBLR 1010ss. 47 KOKKINIS, A. ‘The impact of Brexit on the legal framework for cross-border corporate activity’, (2016), 26 EBLR 959ss.

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