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July 7, 2016 0

Overview: The Impact of the Brexit Vote

Commenting on the decision by the UK to leave the European Union, Andrew Tate, president of UK insolvency trade body R3, says:

“Leaving the EU will have a major impact on the way corporate insolvency works in the UK. The UK’s insolvency regime…is entwined with rules on employment, tax, property, and more; and all of these are linked with European rules.”

“There will naturally be uncertainty for UK businesses and the decision to leave could create immediate problems for some. Businesses should seek out informed, professional, and regulated advice to help them navigate any uncertainties they encounter, and the sooner they seek advice, the more options they will have.”

The Impact of Brexit on Businesses

The press has reported one firm that has gone into Administration due to the uncertainties surrounding the EU referendum. The directors of the manufacturing firm decided the business was no longer viable after a period of reduced activity and orders in the build up to the vote.

Since the result of the EU referendum, there will be firms who are looking forward to the opportunities that will open up for them.

However, there are also many firms that are worrying about the current prolonged period of uncertainty and the longer-term effects of Brexit.

For those business owners who are worried, we would urge you to take the advice above from the insolvency trade body R3, i.e. “…the sooner they seek advice, the more options they will have.”

Free Advice from Clarke Bell

Give us a call on 0161 907 4044 or email [email protected] and we will help you determine what are the best options for you and your business.

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