In light of the ongoing business uncertainty occasioned by the COVID-19 pandemic it is perhaps more important than ever that the international trade lawyer is aware of the practical impact of cross-border insolvency on their clients' rights. To that end, the articles in this special edition address a wide range of topical practical issues including Material Adverse Change clauses, Contractual Termination clauses and the doctrine of frustration. In addition to these common law areas the special edition contains articles addressing the impact of the Corporate Insolvency and Governance Act 2020, or CIGA, that entered into force in June 2020. CIGA represents a significant change for international trade lawyers since (among other things) it restricts rights to terminate contracts upon the event of counter-party insolvency and also provides some protection from personal liability for directors of companies that may be wrongfully trading before they enter into insolvency.
The breadth and depth of the articles illustrates the broad range of expertise that Quadrant Chambers now boasts in the area. Pre-COVID we had as a Chambers represented many of the main players in the large cross-border insolvencies in recent times including OW Bunkers and Hanjin Shipping. Since the pandemic we have continued that trend by advising major parties in all our main areas of practice including international trade, aviation, energy, banking and shipping.
Our barristers regularly contribute to the specialist journal, International Corporate Rescue, published by Chase Cambria. Here we bring you Quadrant Chambers Special Edition: Cross-Border Insolvency and International Trade (vol 3).
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.