NewsWeinhold Legal: The Impact of Brexit on Czech Corporate Law

Le Brexit? C’est arrivé!

As many of you may well be aware, the United Kingdom ac- tually, finally, left the formal influence of European Union on 31 December, 2020, following a slightly tortuous transitional period that started on 1st February, 2020.

While the transition period appeared to be more than enough time to reach a final deal on what the relationship between the United Kingdom and the European Union would look like after 31st December, 2020, as became painfully apparent, this did not quite work out and the rather rushed agreement reached around Christmas last year appears to have as many holes in it as an idle Scottish fisherman’s net, as exporters and importers are discovering to their cost.

An area less talked about in the media is how the Trade and Cooperation Agreement between the United Kingdom and the European Union impacts on corporate law and on the day-to-day business of corporate relationships between United Kingdom companies and their Czech counterparts, now that the United Kingdom is to be treated as a third country in relation to the European Union and can no longer take advantage of some of the European Union’s corporate law goodies.

It should be pointed out that while Trade and Cooperation Agreement has not yet been approved by the European Parliament, it is expected to be so and has been provisionally applied since 1st January.

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