Introduction

The immediate focus for Britain’s authorities when dealing with the COVID-19 pandemic has been, quite rightly, to secure the best possible health outcome for the greatest number of people.

Subsequently, following a wave of concern regarding the best way of maintaining the financial status-quo for (i) businesses, (ii) employees, and (iii) individuals, the UK government announced an unprecedented series of assistance programmes, designed to counter the impact of previously unknown, and unquantifiable, distress.

Introduction

Clearly there are some major economic challenges ahead.

Many businesses may be able to withstand the challenges ahead but it may very well be that their trading counterparties (whether suppliers, customers or other stakeholders) will not. Whilst these times can represent an opportunity for some, such as potential acquirers (whether of businesses, assets or distressed debt), in most cases, the climate represents a threat to businesses.

A second bankruptcy petition was brought by a Russian bank against a Russian debtor, who was already bankrupt in Russia. The petition was based on Russian law debts, for which the bank had already proven in the Russian bankruptcy. The petition was defended on the basis that the bank did not have standing to petition. Under Russian law, when bankruptcy proceedings are opened, creditors can only prove in the Russian bankruptcy and cannot take any other steps.

Businesses are currently facing unprecedented challenges. DAC Beachcroft is advising the NHS on covid-19 issues, as well as many corporate clients on the business issues arising out of the pandemic, particularly in relation to employees, insurance, continuity and cyber security.

This briefing looks at the potential impact of the coronavirus COVID-19 on businesses and examines steps that can be taken by stakeholders and directors to recognise, manage and mitigate the risks. In particular, we look at: the potential impact on businesses; managing insolvency risk; considerations for directors; and considerations for lenders.

Global outlook for the coronavirus situation

In this blog, we highlight changes to law, practice and procedure that will or could impact the restructuring insolvency market this year – covering important changes that should be on your radar – as well as providing an update on those changes that were expected but which might be delayed beyond 2020.

Brexit – will it be business as usual for R&I practitioners?

This week sees the UK finally leave Europe.

Summary and Overview

Most of the aspects governing cross-border litigation within the EU are governed by EU Regulation, or by international agreements applicable to the UK by virtue of EU membership. Key aspects relating to commercial litigation will be affected by the UK’s exit from the EU.

Introduction

After a turbulent year in British politics, the UK is now clearly charting a momentous course out of the European Union.

Leaving the European Union is likely to have far-reaching implications, particularly for International Banks who have traditionally used London as a gateway for accessing financial services markets in the rest of Europe. What will happen to single market access in the long term remains to be seen.

The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue, amongst other items, we cover:

In this week’s update: an update from the Parker Review on board ethnic diversity, the Investment Association sets out its 2020 priorities and a few other items.