Hard Brexit Impact Analysis

Page 21 of 106 Category If no agreement is reached: Consequence EU Document Company Law Member States will not be obliged to recognise the legal personality and limited liability of companies, which are incorporated in the United Kingdom, but have the central administration or the principal place of business in the EU 27. Depending on the applicable national or international law rules, such companies might not have a legal standing in the EU and shareholders might be personally liable for the debts of the company. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW Company Law UK incorporated companies may be recognised in accordance with each Member State's national law (private international law rules concerning companies and the subsequently applicable substantive company law), or international law treaties. Depending on the applicable national or international law rules, such companies might not have a legal standing in the EU and shareholders might be personally liable for the debts of the company. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW Company Law Branches in EU 27 Member States of United Kingdom incorporated companies will be branches of third country companies and rules relevant to branches of third country companies will apply. Irish company law will apply to these branches WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW Company Law EU law on disclosure, incorporation, capital maintenance and alteration, and cross-border mergers will no longer apply to the United Kingdom. UK law will apply to stakeholders, including employees, creditors and investors dealing with UK companies WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW Company Law EU rules on compulsory disclosure of certain company information in the business registers (such as documents and particulars related to instruments of constitution, appointment, termination of office and particulars of persons representing a company, the winding-up of a company or a change of the registered office) will no longer apply. UK law will apply to stakeholders, including employees, creditors and investors dealing with UK companies WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW Company Law EU law on access, including cross-border, to company information available in the EU business registers, no longer applies to the United Kingdom. This means that the United Kingdom business register will no longer be connected to the business registers interconnection system (BRIS); information about United Kingdom companies will no longer be available through the e-justice portal. EU business registers will no longer be notified about certain changes in relation to UK companies (changes to UK companies with a branch in EU 27; cross-border mergers involving at least one EU company and one UK company). WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES ON COMPANY LAW