Many of the events that we as lawyers deal with are triggered by various forms of financial distress. The current economic climate clearly does not decrease the volume of such events. As an example of the many statistical sources one can quote to illustrate the worsening economic climate, Euler Hermes estimates approximately 32 per cent more insolvencies in Western Europe in 2009 compared with 2008. The same figure for the US is estimated at 45 per cent.