When to use termination for insolvency sample clause?

When to use termination for insolvency sample clause?

Termination for Insolvency . If voluntary or involuntary proceedings by or against a party are instituted in bankruptcy under any insolvency law, or a receiver or custodian is appointed for such party, or proceedings are instituted by or against such party for corporate reorganization or the dissolution…

When does the Insolvency Act come into force?

The Act came into force on 26 June and makes major changes to insolvency procedures. Suppliers now need to continue to supply insolvent corporate clients on an ongoing basis, as the right to terminate on an insolvency event is effectively void.

What’s the difference between insubordination and insolence?

For that reason, our law recognises insolence and insubordination by an employee as misconduct that, if wilful and sufficiently serious, could justify dismissal after a single offence. An employee can be both insolent and insubordinate, or merely insolent. Insolence refers to rudeness and disrespect.

What happens to suppliers during an insolvency process?

Suppliers will often stop supplying, or threaten to stop supplying, a company that has entered into an insolvency process or a restructuring procedure. They do this in order to gain leverage to get previous debts paid, and can sometimes effectively evade the statutory ‘waterfall’ of payments in an insolvency as a result.

What does it mean to be fired for insolence?

Misconduct suitable for firing involves a serious lack of judgment that is incompatible with the employee’s duties. ..insolence is derisive, contemptuous or abusive language or conduct, perhaps expressed in a confrontational attitude, directed by an employee toward the employer.

When does insolence and misconduct occur in the workplace?

Insolence occurs when an employee mocks, insults, disrespects or shows similar inappropriate behavior toward a manager or supervisor. Misconduct occurs when employee behavior is criminal, harassing, or unethical. This behavior is often outlined in a code of conduct.

How is a termination for insolence lawnow judged?

This is judged by: whether the employee and superior are capable of continuing a working relationship; the incident undermined the supervisor’s credibility and ability to supervise effectively in the workplace; or

What is the difference between insubordination and insolence?

Insubordination differs from insolence, which is an employee’s derisive, disrespectful, or abusive language, generally directed at a superior such as a manager or supervisor. What are some examples of insubordination? An employee who refuses to attend a medical examination. What is not considered insubordination?