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Contracts and Chapter 11

  • Thread starter Thread starter Dave Ludwig
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Dave Ludwig

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Hello-
I am a small business manager in Colorado. One of the companies from which we purchase services is in chapter 11. We have a five year contract with them for their services. Can we break this contract (without having to pay the penalties stipulated in the contract) because of their chapter 11 status?
 


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I AM ALWAYS LIABLE

Senior Member
Dave Ludwig said:
Hello-
I am a small business manager in Colorado. One of the companies from which we purchase services is in chapter 11. We have a five year contract with them for their services. Can we break this contract (without having to pay the penalties stipulated in the contract) because of their chapter 11 status?
Click to expand...

My response:

I presume that all you've received is their Notice of Reorganization under Chapter 11.

Have you spoken to them concerning their intentions with your contract ? Are they the ones still running the business or is the BK Trustee ?

If you have contacted them, what have they told you ?

If you have not contacted them, why not ?

IAAL
 
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