OLNS #6 – Leading Tech Companies through a Downturn

Orrick, Herrington & Sutcliffe LLP
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Downturns can be challenging for any company, but the current COVID-19 pandemic shows once more (as the financial crisis did in 2008 and 2009) that the effects of such a crisis on start-ups can be particularly severe. Collapsing investments and loss of sales can quickly become a threat to their existence, and founders must react quickly and effectively to the multiple challenges they are facing such as: What obligations of the start-ups must its managing directors monitor in a downturn? Which personal liability risks are involved? What happens to the employees and how do you deal with a potential loss of workflow, disrupted supply chains, unpaid invoices and the looming threat of insolvency?

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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