Maintaining a going concern status during and post-Covid – palliatives and restructuring considerations for businesses

The coronavirus disease was declared a global pandemic on 11 March 2020 by the World Health Organization (WHO) due to the alarming spread and severity. ¹ To curb its spread, many countries around the world declared national lockdowns which practically grounded all forms of social and business activities, thereby having an adverse effect on businesses and economic activity. Given the circumstances, it became imperative for governments across the world to step up and cushion the severe economic and social impact of the Covid-19 pandemic on their citizens. Several businesses may also have to seek capital and other resources from investors in order to maintain their going concern status.