ICLG - Restructuring & Insolvency

Welcome to the 2020 edition of ICLG - Restructuring & Insolvency. Macfarlanes is delighted to continue to serve as the publication's contributing editor. The economic landscape against which we operate, as well as the world at large, has altered significantly for the worse since the time much of this publication was written. For example, we have seen in the UK, that a quarter of businesses have suspended normal trading as a consequence of COVID-19, causing significant hardship for individuals and businesses alike. Further, whilst it is easy to see the inter-connected nature of business operations across borders when one considers sectors such as retail, automotive and leisure to name a few, it is much less easy to navigate the myriad insolvency laws which might apply to those operations in a worst-case scenario. I expect, therefore, that this book should be of even greater value to those of you who are having to manage the financial distress arising from COVID-19, both in respect of yourselves and your counterparties, across multiple jurisdictions. Indeed, it would appear that the piece written by my colleagues Simon Beale and Tim Bromley-White, thinking ahead to how restructuring processes may differ in the next recession, will be tested as to the accuracy of its predictions much sooner than we expected. We look forward to reporting back on this next year. This year's edition contains contributions from many leading practitioners, including an insight into the issues in restructuring and insolvency across 27 jurisdictions. We are very grateful for their support and we trust that you will find it valuable. In many, if not all, jurisdictions, measures are being taken by governments to update, suspend and/or enhance laws in order to protect individuals and businesses from the effects of the economic turmoil that they are currently facing. We also expect further change to follow as the unforeseen consequences of the first rounds of law reform, and the consequences of the first waves of distress, become better known. Please do get in touch with relevant contributors directly, should you need to understand the most recent developments in any particular place.