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A consequence of the Coronavirus situation is the immediate financial impact on businesses caused by things such as contracts not being fulfilled, reduced customer footfall and increased costs due to having to find alternative suppliers. Many businesses will find their cashflows stressed for reasons completely outside of their control. Even if a force majeure can be proved (see above) and a business has a strong contractual right to claim for damages, businesses will need to ensure that they take steps to ensure they are around long enough to bring a claim.
Along with the other steps that can be taken as mentioned in this note such as reviewing credit and other insurance policies, we would recommend the following:
It is inevitable that some businesses will face severe financial difficulties, even insolvency, as a result of Coronavirus. Every business needs to be aware of the impact on its business and to the extent that external funding is involved, it always pays to involve your lenders as early as possible to give them as long as possible to consider anything they can do to support you.
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