Written by: Geoffrey Wynne and Ryan Johnson (trainee solicitor)

The emergence of COVID-19 (the Coronavirus) at the end of 2019 has had an unprecedented impact on the global economic system. This alert focuses on the effect the Coronavirus pandemic is likely to have on small and medium sized businesses (SMEs), their lenders in the UK and the options available to continue trading and avoid insolvency. It will also consider recent measures that have been proposed by the UK Government to enable businesses to avoid insolvency during this pandemic, specifically the temporary changes to the insolvency rules and the financial support being offered by the UK Government.

By Geoff Wynne and trainee Szonja Kolbenheyer at Sullivan in London

On 6 April 2020, the International Chamber of Commerce (ICC) published an urgent memorandum addressed to governments and Central Banks, urging them to take the necessary steps towards the immediate transition from mandating the use of paper-based trade documentation to recognising digital authentication and delivery of documents as a legally binding and enforceable alternative.