HAS the uncertainty faded? What are the practical implications of our withdrawal from the EU? What does it mean for Northamptonshire businesses?
Start-up incentives (like the Seed Enterprise Investment Scheme and Enterprise Investment Scheme tax relief schemes) will be powerful tools and Brexit could provide further opportunities as a weak pound means more foreign investor interest in UK start-ups.
For Northamptonshire, there is the positive aspect that approximately 25 per cent of businesses here are classed as SMEs – traditionally SMEs are “agile’ and able to respond well to changing market conditions.
At the heart of every business are people: if freedom of movement is restricted will it have an impact on the UK labour force? Some say they have already seen a contraction in the number of EU workers available for work.
Practical steps
While many Northamptonshire SMEs can only await the negotiations, many of the day to day trading concerns can be examined immediately. For businesses trading in Europe the contracts, and T&Cs that apply will need review. Many businesses trade without formal arrangements, and now is a good time to reconsider that. Contracts do not have to be heavy, or seen as a lack of trust with a trading partner, but can avoid costly disputes later.
Businesses may want to avoid a contract (or get out of one), and the wording of clauses in those agreements is vital. What rights exist? What are the termination clauses? What about unforeseen events, like extreme weather, strikes, terrorism?(collectively called force majeure) etc.?
Contracts may have a requirement to comply with a specific piece of EU legislation. How will that be interpreted after Brexit? Similarly, how should a choice of English law as the governing law of a contract be interpreted if, at the time of contracting, EU law formed part of English law but, at the time of performance, it did not?
What about jurisdiction, or choice of law? Wording will be vital – avoid a dispute later by choosing wisely now.
We advise that alternate scenario clauses are considered for existing and new contracts and, businesses should review existing Ts&Cs for cross border trade.
No one really knows what the future holds. What we can be certain of is the fact that whatever challenges your business is facing in a changing political, economic and legislative environment there is a depth of experience and resource at Wilson Browne Solicitors that businesses can tap in to.
With a team that covers M&A, Corporate & Commercial, Commercial Property, Litigation and Dispute Resolution, Employment, Insolvency and Debt recovery, it’s no surprise that Wilson Browne Solicitors’ team is becoming increasingly recognised as the “go to” Commercial Team.
Kevin Rogers, Partner, comments “For many people Brexit is alarming, but also an opportunity. Whatever the outcome of negotiations by the government with this, as any legal issue, we’re always pleased to have a chat. We can often point out simple, cost effective steps that make a real difference. We have such a large team at our disposal there’s a good chance we can put your mind at rest.”
Contact Wilson Browne Solicitors on 0800 088 6004, by email at or by visiting www.wilsonbrowne.co.uk
