The cost of the coronavirus outbreak has been widely reported and the tragic consequences continue. It is not only health and safety concerns that can have a negative impact on people’s lives: the outbreak has nearly paralyzed the global markets, causing a panic that can potentially lead to haphazard business decisions and fallacious legal battles.
The cancellation of contracts has become a real risk and most businesses seem to believe that enforcing their force majeure clause is the easiest way out.
Unfortunately, such hurried decisions can potentially cause further chaos, and lead to worse economic conditions and delays in market stabilization.
To that effect, our experts from Grant Thornton UAE and Charles Russell Speechlys have jointly prepared legal and financial analysis to provide the UAE businesses with a set of guidelines to help navigate the current climate by encouraging communication between all parties, making the right legal and financial decisions, and choosing the right path to improve their liquidity within the legal bounds.