LK Shields - 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.

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

 

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Source: https://www.lkshields.ie/news-insights/special-insights/covid-19-and-business-interruptions

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