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Ask any corporate what the defining feature of the onset of the Covid-19 crisis was for their business and the answer will be the same: shock at the speed with which all business activity – and therefore cashflow – halted.
Although concern about the virus had been growing in China since late 2019, many firms were blindsided when lockdowns started to hit Europe and the US in early March.
The sudden cessation of all cashflow is something that is just not supposed to happen.
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