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The Corporate Insolvency and Governance Act 2020 introduces sweeping insolvency reforms in response to the business impacts of Covid-19, designed “to give companies breathing space and keep trading while they explore options for rescue”. Our UK Restructuring, Turnaround and Insolvency team have published an article in International Corporate Rescue which considers the key elements of … Read more
Herbert Smith Freehills has published a new guide exploring a number of areas in which we anticipate that disputes may arise around the globe as a result of the Covid-19 pandemic or associated disruption. These include contractual disputes, where parties may take steps to terminate a contract or claim damages if their counterparty is not … Read more
The High Court has set aside default judgment obtained against a defendant Council where the claim form and particulars were posted to its offices shortly after the start of the Covid-19 lockdown: Stanley v London Borough of Tower Hamlets [2020] EWHC 1622 (QB). While the court in this case was satisfied that the defendant had … Read more
The economic disruption caused by the Covid-19 pandemic inevitably exposes businesses to heightened legal risk. In particular, counterparties may seek to delay, avoid performance and/or terminate agreements. This may be either because Covid-19 has legitimately prevented them from performing their contractual obligations, or because they are seeking to use the pandemic as an excuse to … Read more
As previously noted, the new Corporate Insolvency and Governance Bill, currently expected to be enacted in mid-June 2020, is likely significantly to impact many supplies of goods and services to companies that are or may be in financial distress. However, the effects are sufficiently far-reaching that they could impact the balance of rights in all … Read more
The Civil Justice Council (CJC) has published its report and recommendations following a “rapid review” of the impact of Covid-19 on the civil justice system. The review was undertaken in the first half of May 2020 at the request of the Master of the Rolls. Unsurprisingly, the report states that the measures put in place … Read more
As a result of the COVID-19 pandemic, many commercial parties have been reviewing their contractual arrangements to consider whether there are grounds for excusing non-performance or suspending or terminating their contracts. Against that background we have developed a new interactive tool which is designed to assist clients and contacts of the firm in evaluating the … Read more
The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill, which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during a period of unprecedented interruption and turmoil. … Read more
In this latest episode of our Navigating COVID-19 podcast series, Sarah Pollock, Emma Schaafsma and Julie Farley consider the force majeure implications of a potential second wave of COVID-19 infections and the resulting re-imposition or tightening of lockdown measures. Many contracting parties have already been affected by force majeure events arising out of the pandemic and the associated restrictions. … Read more
