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25 Mar 2021

Brexit - its impact on jurisdiction clauses

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In 2016, the United Kingdom (the "UK") voted to leave the European Union (the "EU") as a Member State. Since then, the UK has maintained its participation in the EU for a transition period during which the EU legislative framework continued to apply to the UK. The transition period has since ended on 31 December 2020 ("IP Completion Day") and today, the UK is officially no longer a member of the EU. One major ramification relates to the recognition and enforcement of English court judgements in EU Member States which is key in respect of transactions involving borrowers or security parties located or based in the EU. If enforceability of a judgment in the EU is a significant factor in the choice of jurisdiction, where does this leave parties to financing transactions which often provide for submission to the jurisdiction of the English courts?

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