Brexit—worst case scenarios for R&I lawyers
Produced in partnership with Chris Mallon of Skadden, Arps, Slate, Meagher & Flom (UK) LLP and Hamish Anderson of Norton Rose Fulbright LLP
Brexit—worst case scenarios for R&I lawyers

The following Restructuring & Insolvency guidance note Produced in partnership with Chris Mallon of Skadden, Arps, Slate, Meagher & Flom (UK) LLP and Hamish Anderson of Norton Rose Fulbright LLP provides comprehensive and up to date legal information covering:

  • Brexit—worst case scenarios for R&I lawyers
  • Brexit impact
  • European Union (Withdrawal) Act 2018
  • European Commission Withdrawal Agreement
  • European Union (Withdrawal Agreement) Act 2020
  • ‘No Brexit deal’ scenario
  • Main issues for R&I lawyers
  • Administration and CVAs
  • Other issues arising

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources and Practice Note: Brexit—impact on Recast Regulation on Insolvency.

We look at some of the likely issues for R&I lawyers and professionals. In particular, we consider the impact of certain key EU Regulations falling away and no longer applying to the UK (after any transition/implementation period). See Practice Note: Brexit—general issues and future relationship between the UK and EU [Archived] for further details on the immediate aftermath of the Brexit vote, exit provisions under Article 50 TEU, possible models for the future relationship between the UK and EU and the impact of Brexit on market volatility.

European Union (Withdrawal) Act 2018

In the UK, the European