UK:
Termination Of A Contract Due To Insolvency
25 October 2018
Clyde & Co
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The Government is consulting on plans to prohibit the
enforcement of 'termination clauses' in favour of a
supplier in contracts for the supply of goods and services where
the clause permits the contract to be terminated on the ground that
one of the parties to it has entered formal insolvency. It will
still be possible to terminate for other reasons - for example,
non-payment. The Government acknowledges that certain types of
financial products and services represent special cases and that
there are grounds for exempting such products and services –
it is not yet known if insurance will be an exempted service. In
any event, it is fairly unusual for an insurance policy to provide
that it will be terminated in the event of an insured's (rather
than an insurer's) insolvency.
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