In light of the impacts of the coronavirus (COVID-19), nation states and businesses are reacting by implementing robust mitigation measures.

We are already seeing impacts of COVID-19 (and the mitigation measures), on domestic and international trade and commerce, capital flows, tourism, and migration. As a result, our firm is receiving questions about the contractual rights (force majeure) and common law / statutory rights (frustration) available to deal with the consequences of these mitigation measures and COVID-19.

But how does this relate specifically to borrowers and lenders and how will COVID-19 impact on their financing arrangements?