Force Majeure Provisions & Insolvency

Force majeure provisions may come into effect if a circumstance(s) beyond the control of a party to a contract arises. The provisions, if properly drawn, enable a party to a contract to escape liability for failing to perform the contract as a result of the circumstance.

Bankruptcy: Section 73 Proposals

During the course of bankruptcy, a bankrupt may be in a position to make a proposal to creditors to satisfy his or her debts and consequently end bankruptcy.

Bankruptcy: Part X Personal Insolvency Arrangements

Part X (Part 10) of the Bankruptcy Act allows a debtor to enter into an arrangement with their creditors to satisfy their debts without being made a bankrupt.  This type of proposed arrangement to creditors is called a personal insolvency agreement (‘PIA’).