Corporate finance is, seemingly, a boring, mundane subject in the world of high-speed, hyper-powered financial services, where assets trading can move at the speeds close to one 29 millionth of a second. In contrast, companies’ financial matters evolve over months, quarters, and even years. Thus, corporate finance comes to life amidst big, existential crises, when cumulated effects of decades of organisational mis-management, fraud and repeated errors in strategic decisions combine to produce spectacular fireworks on the road to corporate insolvency. Today’s Covid-19 pandemic is the catalyst for re-learning often-overlooked lessons in that field. First, systemic shocks, especially those severely stressing…

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