On June 23 2016, the British voted to leave the EU. Some 9 months later, on March 29 2017, the British Government invoked Article 50, signifying the highly anticipated commencement of a two year period for the UK to negotiate its withdrawal from the EU.
The UK remains part of the EU until its exit terms are confirmed. It is unclear what will happen if a withdrawal agreement is not reached within the two year timeline. An extension may be granted, but only if the remaining 27 EU Member States are in unanimous agreement. The possibility that an agreement will not be reached on the exit terms also cannot be discounted.
The potential 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 have 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.In the interim, businesses should assess the possible areas which may be affected, and formulate long-term contingency plans to mitigate the potential risks and position themselves to exploit the potential opportunities post-Brexit.
To help you prepare, ByrneWallace has established a dedicated multi-disciplinary team to advise and represent both Irish and international clients on the possible legal and regulatory implications of Brexit.
Each of our lawyers has 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.
Click here to download our Guide to Preparing for Brexit which sets out the key areas we believe will be impacted by Brexit. These are categorised under the following:
- Financial Services
- Trade, Imports & Exports and Regulation
- Data Protection & IP
- Litigation and Dispute Resolution
- Commercial Contracts
- Mergers & Acquisitions
We also publish regular bulletins and updates on Brexit, which can be accessed here. If you would like to register for our Brexit Mailing list, please email email@example.com
For more information or general advice on what Brexit might mean for you and your business, contact a member of our Brexit team.