The effect of Brexit on UK company law [Archived]
Published by a LexisNexis Corporate expert
Practice notesThe effect of Brexit on UK company law [Archived]
Published by a LexisNexis Corporate expert
Practice notes
ARCHIVED: This archived Practice Note considers what UK company law and regulation looked like at various stages in the Brexit process and the possible impact it had on corporate transactions. It reflects the position as at 31 December 2020 (IP completion day). It is not maintained and is for background information only.
On 23 June 2016, the United Kingdom held a referendum on its membership of the EU, with a majority voting in favour of the United Kingdom leaving the EU (this option has become known as Brexit). For more information, see: LNB News 24/06/2016 1.
For guidance on Brexit generally, see: Brexit toolkit and Practice Note: Brexit timeline.
Implementing Brexit
In order to give effect to Brexit, there were several procedural hurdles to overcome.
Reaching Exit day
On 29 March 2017, Theresa May MP, the then UK Prime Minister, gave formal notification of the UK's intention to withdraw from the EU (ie to Brexit), commencing the withdrawal process under Article 50 of the Treaty on European Union (TEU). Art 50 TEU prescribes
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Brexit definition
What does Brexit mean?
means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;
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