The economic impact of COVID-19 has been far-reaching, with Chapter 11 bankruptcy filings surging 26% in the last month compared to 2019.
The Coronavirus (COVID-19) pandemic continues to devastate economies worldwide. The surge of Chapter 11 bankruptcy filings, which provide protection to companies as they reorganize their businesses so creditors may be paid over time, is just one example of the fallout.
With a looming recession, and as organizations try their best to navigate and/or restructure their business, understanding exactly what is in your contracts (from provisions and clauses to the language used) is more crucial than ever. Luckily, AI-powered software tools make it that much easier for both distressed companies and non-debtors alike to benefit from the certainty and efficiency certain clauses provide, saving all parties time, money, and effort in the process.