Much has been written in the past few weeks about how the world, or a particular region of it, is facing a financial recession as deep as, or even deeper than, what was faced in 2007-09. But the comparisons and statistics are largely meaningless at this stage. Now is not the time to focus on events 12 years ago, or on what the New Normal might look like – instead, the focus should be on getting to the New Normal in as robust a state as possible by preserving of asset value, encouraging proactivity at board level, and allowing good and adaptable businesses to maintain liquidity.

This piece by Fraser Hern explores some of the key focal points for businesses looking to deal with the challenges faced in the current economic climate, and the lessons that can be learnt from the Global Financial Crisis in 2007-2009. Fraser is one of the leading offshore restructuring and insolvency specialists with a more than 20 years' experience working in distressed and special situations for some of the world's leading investment banks and law firms. He was heavily involved in a large number of the most high-profile Asian and Middle Eastern restructurings to emanate from the Global Financial Crisis in 2007-2009. Fraser is now based in Jersey, and leads Walkers' Insolvency, Restructuring and Dispute Resolution practice in Europe.

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