Brexit—impact of the implementation period for R&I lawyers

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Brexit—impact of the implementation period for R&I lawyers
  • European Union (Withdrawal Agreement) Act 2020
  • Key dates
  • How is the definition of exit day impacted by the Act?
  • During the transition period/implementation period
  • After the transition period: if deal covering insolvency is reached
  • After the transition period: if no deal covering insolvency
  • Table showing impact of Brexit at various times

Brexit—impact of the implementation period for R&I lawyers

European Union (Withdrawal Agreement) Act 2020

The European Union (Withdrawal Agreement) Act 2020 (the Act) has been introduced to facilitate the ratification and implementation of the Withdrawal Agreement (31 Jan 2020) agreed in principle between the UK and the EU on 17 October 2019. For further details on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement.

The Act contains provisions on various matters, including the implementation period (the term used by the UK or transition period, the term used by the EU; these terms are used interchangeably, see Q&A: In the context of Brexit, what is meant by the ‘transition or implementation 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 implementation period.

Key dates

31 January 2020—Exit Day and implementation period begins.

30 June 2020 at 11 pm—deadline for any decision on whether to extend the implementation period / transition period (Article 132(3) of Withdrawal Agreement) (no application to extend was made, see News Analysis: Can the Brexit transition period still be extended?).

31 December 2020 at 11 pm—IP completion day (Implementation Period completion day) (as defined in section 39 of the Act). Where no extension is agreed, the implementation period will come to

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