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Frustrating Events: Are Your Contracts Brexit-Proof?

Law360 (March 4, 2019, 4:34 PM EST) -- In one of the most high-profile cases of early 2019, the English High Court has determined that the United Kingdom's withdrawal from the European Union will not have the effect of discharging a lease of business premises in Canary Wharf T1 Limited and Others v. European Medicines Agency.[1] The tenant, the European Medicines Agency, argued that Brexit — and the EMA's consequent relocation to Amsterdam — would have the effect in law of frustrating the lease such that the EMA would no longer be bound by its lease covenants and other obligations. The landlords, Canary Wharf Group, preemptively sought a declaration...

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