The Covid-19 crisis has caused unprecedented economic challenges for businesses. Financial support from the government has so far helped many businesses weather the storm but unfortunately increased numbers of corporate insolvencies are likely to be seen.
Insolvency practitioners and directors of struggling companies will continue to face challenges from the uncertain economic environment and from changes to their legal duties in response to the crisis.
The government has announced changes it intends to make to the UK insolvency regime in response to the Covid-19 crisis, but the guidance is high level and changing rapidly. This leaves businesses unclear on where they stand in the event of insolvency within their own business and their supply chain.
Insolvency practitioners will need to take expert advice to implement legally robust solutions and protect officeholders. Similarly, creditors and other stakeholders who seek legal advice will be best placed to maximise their recoveries, whether through a consensual process or the courts.
We have wide-ranging and substantive experience in this area, acting for insolvency practitioners and stakeholders. Our contentious insolvency and restructuring specialists investigate and pursue insolvency claims to maximise recovery of assets. We have acted on some of the largest and highest-profile insolvencies of recent times, which have defined the scope of liquidators’ powers in cross-border situations.
Further details of our contentious insolvency expertise can be found here – Contentious Insolvency.
Webinar recording: Force majeure – litigation in the wake of Covid-19
In this webinar, Sean Upson, Mo Bhaskaran and Lucy Ward used their experience relating to force majeure clauses following the California energy crisis, the Japan earthquake and tsunami in 2011 and in the wake of 9/11 terrorist attacks, to cover: What is force majeure and frustration?; Considerations when applying force majeure to the current UK situation; What events would a force majeure clause cover?; The requirements to consider when a force majeure clause is used; and The burden of proof when invoking force majeure.
Meet our specialist Contentious Insolvency team
Our contentious insolvency and restructuring specialists investigate and pursue insolvency claims to maximise recovery of assets.
Our team comprises some of the UK’s leading litigation lawyers and has vast experience conducting multi-jurisdictional disputes.
Commercial Litigation expertise
We act in some of the most high-profile and groundbreaking commercial litigation cases in the UK.
Our clients include FTSE 100 companies, Fortune 500 and other international corporations, as well as institutional investors, foreign governments, public bodies and individuals.
We are conflict free, enabling us to act for our clients against global banks and multinationals in high-value and complex disputes. Many of our cases are groundbreaking and involve the application of new and developing areas of the law.
Our lawyers have unrivalled experience in putting together innovative costs arrangements. The use of third party funding, after-the-event insurance and risk-sharing fee agreements enables our clients to manage risk and litigate from a position of financial strength.
Our team of more than 50 lawyers has the depth and expertise to conduct heavyweight litigation. All our partners have experience in coordinating proceedings in multiple jurisdictions. We have strategic alliances with handpicked law firms around the world to enable our clients to take a cross-border approach to litigation.
"If someone wanted to take on the banks, Stewarts would be my first port of call. They have high-quality people there and are innovative in terms of funding"Chambers
"Experienced, innovative, knowledgeable, responsive, energetic, committed and cutting edge"Chambers and The Legal 500
"I found them to be first class. Their knowledge is excellent"