Covid-19 has arrived with both a high human cost and a high business cost.
Already many businesses are feeling the strain and some, sadly, will become insolvent through no fault of their own. There may not even be enough insolvency practitioners to cope with the anticipated demand.
Lawyers and other professional advisers will need to have insolvency law at their fingertips, given that their clients, and possibly their own firms, may be in financial distress. This virtual classroom will outline the following areas of insolvency:
personal bankruptcy in Scotland (also applicable to partnerships and trusts)
debt arrangement schemes and trust deeds for creditors
winding-up and receivership
company voluntary arrangements and schemes of arrangement
the interaction of diligence with insolvency
It will also look at the implications of the different types of insolvency on:
secured creditors and unsecured creditors
The Government has temporarily suspended the wrongful trading provisions of s214 of the Insolvency Act 1986. Good news for most directors, less good for creditors, and very good news for a few unscrupulous directors. But what about the other provisions of the Insolvency Act 1986, such as misfeasance and fraudulent trading? And is a pandemic grounds for an insurer to avoid liability? Is Covid-19 a force majeure? And what is the Government doing to keep business going?
Join us for this essential and timely virtual classroom with Professor Nicholas Grier.