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Ivana Daskalova

Ivana Daskalova is a commercial barrister practising at 3 Verulam Buildings. Email: idaskalova@3vb.com

idaskalova@3vb.com

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When COVID-19 infects finance contracts: frustration, force majeure and illegality

COVID-19 will often cause borrowers to breach their loan-to-value covenants or payment or other obligations. Certain risks making performance impossible or more burdensome will be provided for in the express terms, but something as specific as a pandemic such as COVID-19 will not. The borrower will naturally look for legal routes to suspend or otherwise evade its ongoing payment obligations. This article considers that situation.

1 SEP 2021