These are absolutely unprecedented times for us all. You have to look back to events such as World War 2 and before that, the Great Depression of the 1930s, to find a situation with such wide-reaching and profound consequences for our society. Thankfully, and for the most part, neither of these took place during our lifetimes, or certainly during our working lifetimes.
Whilst the Government has announced wide-ranging measures to support businesses, there will be ramifications from the COVID-19 pandemic that will continue to take effect long after the lockdown measures are lifted.
It is inevitable that the economy will struggle as a result with some businesses, particularly those with complex supply chains; those in a weaker financial position prior to the COVID-19 pandemic; or those in particularly vulnerable sectors (such as travel and leisure), likely to face profound difficulties.
From unpaid invoices, broken contracts and deals which may fall through to issues around insolvency, restructuring and redundancies, the impact of COVID-19 on businesses will be seen across the country in the months – and possibly years - to come.
Here at BPE Solicitors, we want to help businesses of all sizes to not just ride-out this turbulent time, but come out the other side leaner and more resilient. Leading the charge on the BPE cross firm Restructuring and Insolvency offering, my colleagues and I provide seamless and proactive advice on all issues that you may be facing in these troubling times.
For more information click here for our Restructuring and Insolvency page and here to see the full extent of our specialism.
These notes have been prepared for the purpose of an article only. They should not be regarded as a substitute for taking legal advice.