Nicholas Hammond, partner at Hammond Partnership was a speaker at the recent Webinar run by the law association Globalaw on Tuesday which examined changes in Insolvency and Bankruptcy law and practise in central and eastern Europe arising out of COVID. He was joined by lawyers from New York, Poland, Czech and Slovakia who discussed the recent changes as well as investment opportunities arising for foreign investors because of the COVID-19 pandemic.

The topics covered in the webinar included useful information on:

  • The latest insights into the prospects for bankruptcy in the coming year.
  • Expert contributions on current issues in bankruptcy in the EU and at large.
  • Knowledge of the state of play in Poland, the Czech Republic, and Slovakia.

The pandemic caused by the COVID-19 pandemic is a huge shock to economies, both in the EU and globally, with very serious socio-economic consequences.

Economic activity in Europe suffered a major shock in the first half of the year and recovered sharply in the third quarter, with the gradual elimination of restrictive measures.

The forecasts depend on two extremely important hypotheses. First, it is assumed that public health measures will remain in place to some extent. The severity of the measures is expected to gradually decrease in 2021.

It is also assumed that the economic impact of a certain level of restrictions will decrease over time as the health system and economic agents adapt to the environment caused by the pandemic. However, even after the resolution of the global health crisis is largely expected, the associated economic losses will persist.