The unprecedented healthcare and economic challenges brought on by the COVID-19 pandemic have seen governments globally resort to drastic measures in a bid to save both lives and livelihoods. They have thrown hundreds of billions of dollars at programs whose initial aim was to support vital healthcare infrastructure, corporations, and their employees.
Now, as thoughts turn to recovery, attention is shifting to fiscal measures that – if successful – will stimulate investment, growth, and employment. All of this has occurred in less than six months. Whatever shape the recovery ultimately takes, it is inevitable that many individuals, companies, public bodies, and government agencies will find themselves in financial distress, requiring debt restructuring or even facing bankruptcy.