General Observations
With Brexit fast approaching, the risk of a “no deal” Brexit is very real unless significant progress is made in the next few weeks or an extension of the negotiation process is sought and granted. Our view (without any formal basis for it) is that there will be an extension and an orderly process of change management over a number of years based on broad-based principles designed to mitigate the effects on the parties involved. In light of Brexit, the Irish Parliament (known as the Oireachtas) has published the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 (commonly referred to as the Omnibus Bill) (the “Bill”) to protect Irish citizens and the Irish economy from a disorderly Brexit. There is a strong political slant to the draft Bill and there is a clear intention to protect relations between Northern Ireland and the Republic of Ireland. The ethos of the Bill is to maintain the status quo once Brexit has occurred.
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