Posted on 16 August 2016
The UK has voted to leave the EU.
The outcome of this significant decision will be felt politically and economically in the UK and Europe for some time. The impact that Brexit will have on businesses in the EU cannot be predicted with any accuracy at the moment and will depend very much on the outcome of the negotiations to leave, a process that will take two years from when the UK gives formal notice under Article 50 of the Treaty on European Union. Until then, EU law continues to apply.
What is clear however, is that Brexit has created many legal uncertainties.
All businesses that have links to the UK will need to be prepared to deal with these uncertainties and the resultant legal changes that will necessarily arise from the UK withdrawal.
In particular, we see the following areas as undergoing significant change and regulation in a post-Brexit environment:
• Banking/ Financial Services
• Capital Markets
• Commercial Contracts
• Dispute Resolution
• Environment & Energy
• Intellectual Property & Data Protection
Furthermore, with Ireland set to be the only English speaking common law country in the EU, there should be many potential opportunities as international businesses look to set up in or relocate to, an English speaking EU base.
We, at Eugene F Collins, are available to support and advise you on legal implications of Brexit on your business. Please get in touch with your usual Eugene F Collins contact or with
David Hackett, Managing Partner, E firstname.lastname@example.org or
Eileen Grace, Head of our Brexit Team, E email@example.com
Benefits of an Irish Base in Brexit Changing Times
Sensible businesses must now be reviewing their strategies in light of the impending Brexit scenario and the implications that will have on their businesses. To counter the uncertainties, one option likely here to arise is for businesses to consider establishing a new base in Ireland or expanding their existing operations.
Ireland, with its common law legal jurisdiction and regulated regime as well as a well-developed and positively recognised business environment is well placed to offer solutions in the climate of Brexit uncertainties. Eugene F Collins is happy to discuss options and issues with any businesses looking to establish or expand in Ireland.
Issues likely to arise in relation to any such expansion or re-location strategy relate to a number of issues, which we can provide expert advice.
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