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    Working with companies in financial trouble - ipso facto clauses may be terminated
    2020-06-19

    What’s changing?

    Businesses like safeguards when they enter into any venture with a third party. For example, they like to have the option of exiting an arrangement with a business that has run into financial difficulties – so that they can avoid any related obligations and risks. UK contracts therefore often include a mechanism to allow termination of an agreement if a party enters into an insolvency process (e.g. administration). However, an imminent change to UK law means that this will not always be an option in the future.

    Filed under:
    United Kingdom, Copyrights, Insolvency & Restructuring, Patents, Marks & Clerk, Coronavirus
    Location:
    United Kingdom
    Firm:
    Marks & Clerk
    US and Ontario court jointly distribute $7.3 billion in liquidated assets of insolvent technology business: Nortel Networks Corporation (Re), 2015 ONSC 2987 (ONSC – commercial list)
    2015-06-04

    Nortel Networks Corporation was a telecommunications firm that filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”) in 2009. At the time, a large number of interrelated companies representing the global business operations of Nortel also filed for protection, including Nortel Networks Limited (“NNL”), its direct Canadian subsidiary and legal owner of the Nortel Group’s worldwide patent portfolio.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Litigation, Patents, Marks & Clerk
    Location:
    Canada, USA
    Firm:
    Marks & Clerk
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