Simon Farrell QC & Joe Edwards discuss fraud & corporate wrongdoing in the wake of a predicted economic crisis
In brief
- Debt bubbles.
- A wave of both civil and criminal litigation.
- Statutory powers and cans of litigious worms.
As Warren Buffet once famously said ‘you only discover who has been swimming naked when the tide goes out’. This was a reference to those exposed in the face of an economic crash. The phrase has often also been used more precisely to refer to those caught out and brought to book either in the criminal and/or the civil courts after a severe economic downturn.
World debt levels have risen inexorably since the 2008 crisis and rose across all sectors by over $10trn in 2019 to $255trn. This was before the COVID crisis. Global debt now stands at 322% of global GDP and is $87trn higher than at the onset of the 2008 financial crisis. This debt rise has been fuelled by low interest
