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Article: The Day After Brexit

24 June 2016 | Harvard Law School Feed
 

Posted by Alec J. Burnside, Cadwalader, Wickersham & Taft LLP, on Friday, June 24, 2016

Editor's Note:

Alec J. Burnside is a partner in the Brussels office of Cadwalader, Wickersham & Taft LLP. This post summarizes a recent Cadwalader presentation by Mr. Burnside and Adam Blakemore, available here.

An exit vote yesterday, June 23, 2016, will confront many companies with a host of challenges. Our presentation, available here, discusses the immediate legal questions firms will need to examine:

  • Does the vote trigger break clauses or termination rights in my contracts?
  • Will my seconded staff have to return to base?
  • Will my firm’s passport to do cross-border business be cancelled?
  • Where will I have to notify my latest company acquisition?
  • Will my exports and imports face tariffs?
  • How might the UK’s tax system be affected?
  • Will the new Data Protection regulation apply in the UK?

This concerns businesses in Asia, the US and worldwide for whom the UK is an entry point to the EU market. To say nothing of trade between the UK and its former EU partners. In the complete presentation, available here, we look over the horizon into an uncertain future.