On 31 January 2020, at midnight CET, the UK has left the EU. Since then a transition period applies based on the withdrawal agreement agreed between the UK and the EU on 17 October 2019.
The transition period will last until 31 December 2020. This transition period can be extended until 31 December 2022, provided that both the British and European parliaments agree to such extension before 1 July 2020. However, Prime Minister Johnson has announced that he will not agree to such extension.
During the transition period the UK will still be bound by all EU rules and regulations and the EU and UK shall negotiate on their future relationship. If the UK indeed refuses to agree to an extension of the transition period, it may be difficult for the EU and UK to reach a full agreement before 31 December 2020. There is a chance that the EU and UK will only be able to agree on certain aspects or that they will end up with no agreement at all. In the latter case there will be a no-deal Brexit on 31 December 2020.
Uncertainty will be the theme again this year: what will the future relationship between the EU and the UK look like and how will this affect your business?
Van Doorne Brexit-team
We have set up a special Brexit team to support (foreign) companies in process and insurance law, financial law, tax law, privacy, employment law, corporate law, insolvency and restructuring, energy and environment, consumer goods and retail and European and competition law.
Our Brexit team is available for any questions you may have on the impact of Brexit on your business. Please do not hesitate to contact any of our experts.