Countdown to Brexit
The United Kingdom is expected to relinquish its membership of the European Union by 31 October 2019 at the latest. It is hoped this third extension will allow sufficient time for a solution be found as the terms of the UK’s departure remain unclear.
For Brexit, a number of options remain on the table and with all to play for: no deal, deal, deferral or deletion. Will the UK ‘crash out’ with no transitional arrangements in place? Or, after several times rejecting it, will the Withdrawal Agreement or a variant of it now be adopted by the UK Parliament? Another long extension to article 50 could be agreed but after two extensions already, it would require compelling justification to persuade the remaining 27 EU Member States to delay again. What would those justifying reasons be and to when would the extension be given? Or, will political deadlock continue to threaten the possibility of a ‘no deal’ secession becoming a probability and cause the revocation of the article 50 notice?
Brexit accordingly has some distance to travel before the “when”, “how” and “if” of it become clear on or before 31 October. In the meantime, there are steps you can take now to get your business ready for Brexit.
Is your business ready for Brexit?
Businesses are faced with uncertainties in relation to, for example, supply chains, customs and tariffs, export and import markets, regulatory compliance and co-operation, and retaining and attracting staff. As with the unprecedented challenges posed by Brexit, the unprecedented opportunities cannot be overlooked.
The impact of Brexit on businesses operating in the UK or EU markets cannot be predicted with accuracy. The European Council has reiterated that it wishes to retain the UK as a close partner going forward however, until the exact nature of the UK’s exit arrangement is agreed, there are no certainties.
Firms must continue to assess the potential impacts of Brexit on their business and the sector in which they operate. Planning for the post-Brexit environment now can minimise disruption, mitigate the risks, and position the business to exploit potential opportunities of Brexit from day one. This task is made more difficult by the fact that the exact nature of “Brexit” is changing on a regular basis.
To help you prepare, ByrneWallace’s dedicated multi-disciplinary team can advise on the possible legal and regulatory implications of Brexit and offers expert-led guidance to both Irish and international clients.
Our services & expertise
Our lawyers offer significant international experience, travelling regularly to the UK, US and other international markets, advising local business and law firms around the legal implications of doing business in Ireland. Some of our team have qualified in the UK and have practised under the local legal system, and are therefore well positioned to be able to consider the key aspects of doing business after Brexit.
Outlined below is a list of the key areas which businesses, depending on the nature of their operations, should addressed as part of their preparation for Brexit. Under each heading, we have highlighted the main issues, opportunities and risks to be considered and may impact upon your business:
- Commercial Contracts
- Corporate Governance
- Data Protection & IP
- Energy & Natural Resources
- Financial Services
- Immigration, Employment & Pensions
- Life Sciences
- Litigation & Dispute Resolution
- VAT & Customs
We will continue to monitor and update on developments in the countdown to Brexit and thereafter. Our publications on Brexit can be accessed here. To register for our Brexit Mailing list, please email firstname.lastname@example.org
For more information or advice on what Brexit will mean for you and your business, contact a member of our Brexit team or your usual ByrneWallace contact.