On March 17, 2020, Ontario declared a state of emergency and
ordered the closing of restaurants, movie theaters and concert
venues, among other restrictions. The Premier of Ontario has stated
"We are facing an unprecedented time in our history."
This formal declaration is reflective of the widespread disruption
of "business as usual" throughout the Canadian
economy.
Remarkably, the Ontario court system has also shut
down—other than for emergency matters.
Individual businesses are facing unprecedented challenges. Sales
are being disrupted and liquidity is drying up. For many
businesses, meeting their ongoing liabilities will be challenging.
Defaults on payments to landlords, lenders and suppliers may be
imminent.
