Corporate management teams around the globe are working hard to find the best response to the unprecedented challenges posed by the COVID-19 pandemic. The precise impact on global and regional economies is far from certain, and forecasts range from a projected drop of up to 12 % for the Eurozone GDP in 2020 (ECB), to a mid-term rebound of the economy, possibly followed by an inflation wave triggered by massive monetary interventions. On the other hand, it appears that the negative economic effects of the pandemic will not be evenly distributed - some sectors will be hard-hit, while others will be less affected or may even benefit in the short run.

What all businesses have in common, however, is that we are in a period of extreme financial and planning uncertainty.

Against the background of the present - or any other - economic crisis, we aim to provide answers to two of the most pressing questions frequently asked by senior executives of CEE/SEE-based businesses in (near) financial distress (1) What are my legal duties in the context of general financial uncertainty? And (2) What are my options in terms of adjustment/restructuring of my organisation's financial liabilities?

Therefore, the international Schoenherr restructuring and insolvency team compiled checklists which clearly present the respective local possibilities and obligations.

Have a look at the CFO Crisis Management Checklist - CEE edition

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.