UK Companies may well be absorbed by their EU-based subsidiaries as they restructure in response to the decision to leave the EU. The High Court has authorised so in a very recent case and the parent company, Formenta Ltd, has now been absorbed by its Italian subsidiary Newco Immobiliare. The mechanism, in existence since 2007, was designed to avoid the need for company liquidations. The EU Directive on Cross Border Mergers of Limited Liability Companies (2005/56/EC) provides
Among Theresa May's speech of today is this very important statement for legal security in the UK: “I recognise how important it is to provide business, the public sector, and everybody with as much certainty as possible as we move through the process. So where we can offer that certainty, we will do so. That is why last year we acted quickly to give clarity about farm payments and university funding. And it is why, as we repeal the European Communities Act, we will convert t
Until recently, it had been understood that Theresa May’s Government would serve notice under Article 50 before the end of March 2017, triggering a 2-year negotiation process with the EU and the exit of the UK from the EU around 1 April 2019. However we need to wait until the UK Supreme Court’s decision in R (on the application of Miller and Dos Santos) v. Secretary of State for Exiting the European Union, which is expected later this month, and which will rule on whether the
Legal experts have been questioned by the House of Commons Justice Committee on civil justice effect of Brexit. The experts reiterated calls made by other bodies, including the Bar Council's Brexit working group, that the Government should prioritise maintaining EU directives which regulate the reciprocal enforcement of judgements between the UK and member States.