Brexit—impact of the Withdrawal Agreement and draft Withdrawal Agreement Bill on R&I lawyers

Brexit—impact of the Withdrawal Agreement and draft Withdrawal Agreement Bill on R&I lawyers

We look at the likely impact of the Withdrawal Agreement and draft Withdrawal Agreement Bill for R&I lawyers, in particular its impact on the Brexit SI: Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146.

What was presented/published?

Withdrawal Agreement (19 October 2019)

European Union (Withdrawal Agreement) Bill (the Bill)

European Union (Withdrawal Agreement) Bill—Explanatory Notes

This legislation has been introduced to facilitate the ratification and implementation of the Withdrawal Agreement (19 October 2019) agreed in principle between the UK and the EU on 17 October 2019.

The Bill is required in order to implement the Withdrawal Agreement, to enable the government to ratify the deal and to give it effect in domestic law. The Bill contains provisions on various matters, including the transition period. It incorporates several amendments to the European Union (Withdrawal) Act 2018 (EU(W)A 2018), particularly for the purpose of legislating for transition, deferring several provisions from exit day to the end of the transition (or ‘implementation’) period.

Key dates

  • Saturday, 19 October 2019—MPs voted to withhold approval of the new Brexit deal until the European Union (Withdrawal Agreement) Bill has passed, triggering a requirement for the Prime Minister to seek an extension to the Article 50 withdrawal period.
  • 21 October 2019—the Bill had its first reading in the House of Commons (no debate).
  • 22 October 2019—the Bill had its second reading in the House of Commons with support of 329 votes to 299. However on the same date, MPs rejected the programme motion seeking to fast track the Bill through Parliament on a shortened timetable.

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About the author:
Kathy specialises in restructuring and cross-border insolvency. She qualified as a solicitor in 1995 and has since worked for Weil Gotshal & Manges and Freshfields. Kathy has worked on some of the largest restructuring cases in the last decade, including Worldcom, Parmalat, Enron and Eurotunnel.