Government Preparing For A "Hard Brexit" – Effects On Corporate Law

Now that the British parliament has rejected the Brexit deal in a vote last week, fears of a lawless exit of the UK from the EU are growing daily. In anticipation of this no-longer-unlikely scenario, the Austrian government is preparing for a "hard Brexit".

How did we get here?

As it stands, the UK will – following the outcome of the 2016 referendum and the country's sovereign decision – withdraw from the EU on 29 March 2019. Even though negotiators on the EU and the UK side agreed on a draft withdrawal agreement to set out a framework for their future relationship,¹ to become effective such a "Brexit deal" needs to be approved by the British parliament (as well as by the European Parliament and the European Council).