Click cover to download

(Subscriber-only password access)

Not a subscriber?

Click here to join the FREE mailing list and receive password access

Without a crystal ball it is impossible to say with any certainty what 2021 will bring for the insolvency and restructuring industry. 2020 was an unprecedented year in so many respects, particularly with regard to the outbreak of the coronavirus (COVID-19) pandemic, which brought stresses and challenges across all industries, the like of which had not been seen in a generation.

Many sectors have been pushed to near breaking point, with some – such as retail and hospitality – suffering more than others due to national lockdowns and social distancing measures, which have made ordinary operations impossible. Government aid schemes to support jobs and businesses have staved off what may have been a tsunami of bankruptcies, but they will not last forever.

In the UK, for example, 2020 saw the introduction of two new restructuring tools – the moratorium and the restructuring plan – as well as the reintroduction of Crown preference. The new restructuring plan is a realignment of the UK’s insolvency regime along the lines of US Chapter 11 and on the existing scheme of arrangement. As restrictions on creditor enforcement actions come to an end, 2021 will begin to reveal the true post-COVID, post-Brexit economic landscape.

It is a similar picture globally, with current economic stimulus packages covering over the cracks.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

© Financier Worldwide