The Insolvency Law Dimension of COVID-19: Requirements for a New Risk Management for Reorganization, Restructuring and Insolvency Advisors in Crisis Intra- and Internationally Acting Companies in Light of Special COVID-19 Regulations

Abstract

In a globalised world, complicated and diverse interdependencies determine the everyday life of intra- and internationally operating companies. If a company enters a crisis, the clarification of legal issues involving reorganization, restructuring and insolvency advisors is often very complex due to the international nature of the issues. The associated problems are likely to increase significantly in the coming months and years as the COVID-19 pandemic threatens to trigger one of the largest ever waves of bankruptcies. Governments around the world, especially in the count-ries of the European Union, are therefore attempting to counteract such a develop-ment through numerous economic and legal measures. The variety of special COVID-19 regulations will make the work of reorganization, restructuring and insolvency advisors more complex and thus more liable. Here, it is important for those involved to be sensitized and to actively address the necessary realignment and necessary adjustments to their own risk management in order to be able to operate with as few risks as possible even under the conditions of the COVID-19 pandemic and its eco-nomic and legal effects.