Insolvency. Termination of ongoing contracts

DREPTUL AFACERILOR

Abstract

When the initiative of termination belongs to the co-contractor, the contract shall be deemed as terminated on a date calculated in relation to the acceptance of this request by the insolvency practitioner, however, when the notice of termination originates from the judicial receiver or liquidator, the termination date shall be the date of issue of that notice, as the will to terminate the ongoing contractual relationships is expressed on that date, without the need for the co-contractor’s consent to this end. The delay in the receipt of the notice cannot have the legal consequence of extinction of the right of the insolvency practitioner to terminate the debtor’s ongoing contracts, particularly as this right was also exercised within the legal period.