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FS Disputes Trends

There is no doubt that the COVID-19 pandemic has had a profound effect on societies, economies and businesses across the globe. With many governments imposing stringent periods of lockdown, local and international trade has been severely affected and businesses both in the UK and overseas have had to carefully review their commercial relationships and the contracts that underpin them.

It seems likely that the impact of COVID-19 will be felt for a long time into the future. We have seen some economies enter recession and it is inevitable that many markets across the globe will suffer major distress. History tells us that the scope for dispute and litigation increases during economic downturns and so businesses will need to consider the various areas of risk that they face and take steps in order to reduce and manage those risks.

Top three things on the horizon

1. LIBOR transition - Following the announcement in March 2020 of the cessation dates for LIBOR, preparations by market participants, governments and regulators have continued as the benchmark approaches the first sunset date on 31 December 2021 - Read here
2. FCA Guidance Consultation on Cancellations and Refunds due to Covid-19 - In June 2020 the FCA published statements to help consumers identify how they can attempt to claim a refund if they have had an event or travel plan cancelled - Read here
3. Increased scrutiny - An insight into Business Interruption Insurance claims as a result of COVID-19 - Read here

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