COVID-19 and Business Continuity  


An unforeseen business interruption, such as inclement weather and environmental events or a new strain of Coronavirus, can leave business owners and employers scrambling for a contingency plan. To avoid profit loss and ensure continuous operation, all businesses must have solid measures and plans in place for sudden business interruptions.

Business interruptions come in many forms. Volcanic ash or air traffic control strikes may hinder business travel and networking events. Force majeure might overrule existing contractual obligations. Most recently, the outbreak of Coronavirus, or COVID-19, has posed challenges to daily business operations across the globe and uprooted existing workplace practices.

What all of these events have in common is the uncertainty they pose to business owners, employers and human resources professionals as they try to effectively manage the situation, minimise losses, protect staff wellbeing and proceed with business as usual.

Some of the issues and challenges which business owners will face and need to address during these unforeseen events include:

Adhering to contractual obligations
Frustration of contracts
Retention-of-title-claims
Supply chain issues
Business interruption claims under insurance policies
Breach of financial covenants                                                      
Requirement to restructure the business
Insolvency procedures
Risk of trading while insolvent
Obligations to employees
Adherence to directors' duties 
Dealing with creditors and debtors
Refinancing requirements
Landlord-and-tenant issues

 

So, what should you do if an unforeseen event knocks your business off-kilter?


The LK Shields cross-disciplinary business crisis advisory team are available to provide practical advice and legal insights to employers, business owners, directors, insurance providers, compliance officers, HR professionals and decision-makers faced with a crisis.

If you would like to discuss this further, please contact crisis-advisory@lkshields.ie or any member of our business crisis advisory team.

To subscribe to our Crisis Advisory news and insights please click here.


Downloads

Business Continuity Planning Checklist from the Department of Business, Enterprise and Innovation


COVID-19 and Business Continuity Insights by Practice Area


Banking

Company Secretarial and Compliance

Insolvency and Corporate Restructuring

Commercial Property

Corporate and Commercial

Data Privacy

Employment, Pensions and Employee Benefits

Financial Services


Insurance Disputes


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Jill Callanan

Partner

jcallanan@lkshields.ie
+ 353 1 637 1551

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Andrew Power

Partner

apower@lkshields.ie
+353 1 638 5832

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Ruairí Mulrean

Partner

rmulrean@lkshields.ie
+ 353 1 638 5844

Photo of Patrick Ryan

Patrick Ryan

Partner

pryan@lkshields.ie
+353 1 6385892

Photo of Shane Neville

Shane Neville

Partner

sneville@lkshields.ie
+ 353 1 638 5853

Photo of Elaine Hughes

Elaine Hughes

Director of Company Secretarial and Corporate Governance

ehughes@lkshields.ie
+353 1 6371529

Photo of Einde O’Donnell

Einde O’Donnell

Associate Solicitor

eodonnell@lkshields.ie
+353 1 6385835

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