Treatment of Contracts in Insolvency
- ISBN 13:
- ISBN 10:
- Format: Hardcover
- Copyright: 12/24/2013
- Publisher: Oxford University Press
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It is essential for all commercial lawyers to consider the implications of insolvency (whether of their client or of the counter-party) on any contract that is under discussion, particularly where there are international aspects to the transaction. This work provides authoritative guidance on the consequences of insolvency on the contractual relationship covering issues such as performance, rights of counterparties, and the special treatment of nominated contracts. Also considered are the effects of pre-insolvency negotiated contractual remedies such as flip clauses, automatic termination, acceleration clauses, close out netting provisions, flawed/conditional rights and penalty provisions. The book takes a comparative approach to the treatment of restitution claims and contracts concluded during the proceedings by the insolvency administrator. There is also guidance given on striking a balance between competing interests in an insolvency situation, for example social concerns raised by some employment contracts.
Quality, uniformity and the high level of detail of National Reports are the key benefits of this book. The topic of the treatment of contracts is one in which there are significant differences internationally making this volume a valuable reference tool for practitioners and scholars alike.