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ARTICLE · 12 OCTOBER 2020

Collecting Foreign Debts In The Covid Era

RDJ LLP
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The novel coronavirus has spread around the world rapidly and while in recent months, lockdown measures and associated health restrictions have stunted the spread of Covid-19 and many businesses have reopened.

IrelandFinance and Banking
Darryl Broderick
Darryl Broderick
Chris Murray
Chris Murray
Niamh Meagher
Niamh Meagher
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Introduction

The novel coronavirus has spread around the world rapidly and while in recent months, lockdown measures and associated health restrictions have stunted the spread of Covid-19 and many businesses have reopened, subject to Department of Health guidelines, the past few months of lockdown have taken a significant toll on businesses and financial markets.

Covid-19 has had a drastic impact on all sectors of the economy but in particular travel, hospitality and retail. Businesses in all sectors are unable to operate as they did before and income streams have been partially or completely diminished. As businesses naturally slip into financial difficulties, a glut of payment defaults and insolvencies are anticipated in the coming weeks and months ahead. With the increase of cross border trade, a significant amount of these bad debts are likely to arise not just domestically but also internationally, both within the European Union (EU) and outside the EU.

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