Suppliers can no longer rely on contractual terms entitling them to terminate a contract on the grounds of a corporate customer’s insolvency (ipso facto clauses) in most cases. This prohibition was introduced by the Corporate Insolvency and Governance Act which came into force on 26 June 2020 (the Act). This briefing looks at the changes suppliers may need to make to their contracts, as well as to their credit and enforcement strategies, in light of this prohibition.
What does the new law do?
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets
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USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
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Introduction
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Title 11 of the US Code
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USA, Delaware, Insolvency & Restructuring, Litigation, Shipping & Transport, Fox Rothschild LLP, Bankruptcy, Liquefied natural gas, United States bankruptcy court
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USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Holding company, Office of the Comptroller of the Currency (USA), United States bankruptcy court
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On October 17, 2012, Back Yard Burgers, Inc.
USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, United States bankruptcy court