It will have escaped no one’s attention that the UK is undergoing a seismic, once in a generation transition in exiting the European Union. With the leaving date set at March 2019, businesses need to ensure that they are prepared for any eventuality – whether it’s a good deal, a bad deal or no deal.
Our expert lawyers can assist your business in navigating through these uncertain times with the maximum of protection and the minimum of uncertainty. There are a number of areas where we can assist:
Contracts and trading
- Are you comfortable that you have robust arrangements in place with your customers and suppliers?
- Have you assessed any exposure you may have in respect of price and non-price obstacles to trade?
- Is your business positioned to apply any customs procedures which may be introduced?
As well as general considerations regarding the strength of the currency, inflation and interest rates, your key contracts should be reviewed to ensure that they provide you with the desired balance of flexibility and certainty.
Human Resources
- Do you employ any EU or non-EU citizens?
- Do your recruitment needs envisage you recruiting from overseas post-Brexit?
It may be helpful to work with your non-British employees on assisting them in their understanding of the position, completing any necessary registration procedures and generally ensuring you have the appropriate steps in place to ensure that your key skill requirements continue to be satisfied post-Brexit.
Corporate structure
- Might it be advisable to run an element of the business through a standalone legal entity with ring fenced-liability?
- Is it appropriate to protect fixed assets from any current or increased trading risk?
- Does Brexit present an opportunity to capitalise on new opportunities?
Reviewing the structure of your business is a continual process which needs to take into account legal, tax and estate planning considerations. It may be the case that Brexit is the appropriate trigger to assess whether your business is structured as favourably as possible.
Intellectual property, data protection and regulatory requirements
- Will your data protection and transfer procedures be appropriate if the UK is no longer an EU territory?
- Have you considered whether your intellectual property rights will need to be re-registered after March 2019?
- Will Brexit impact upon your regulatory considerations?
It may be the case that registrations and procedures which cover the EU no longer apply to the UK post-Brexit. Additional steps may need to be taken to ensure you are fully protected and compliant.
Our expert team are here to provide you with practical guidance and support for the issues you face. If we can assist in any way, please contact Alex Wilby on aw@swinburnemaddison.co.uk or 0191 384 2441.
