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<a href="http://www.accessmylibrary.com/coms2/summary_0286-29012587_ITM" title="Facts and information about A trade creditor's post-petition obligations under an unexpired executory contract prior to assumption or rejection: the muddled state of the law.(CREDIT COLUMN)">A trade creditor's post-petition obligations under an unexpired executory contract prior to assumption or rejection: the muddled state of the law.(CREDIT COLUMN)</a>
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A trade creditor's post-petition obligations under an unexpired executory contract prior to assumption or rejection: the muddled state of the law.(CREDIT COLUMN)
Let us suppose that a trade creditor had entered into a supply agreement to provide goods and/or services to a financially troubled customer over an extended period of time. The agreement included a provision where payment is due a set number of days from the date of the invoice. We all know where this story is going--the customer files Chapter 11. Must the trade creditor continue to extend credit terms to its customer during the Chapter 11?
The supply agreement is most likely an executory contract. Section 365 of the Bankruptcy Code governs the rights of the debtor and the creditor counterparty to an executory contract. Neither Section 365, nor any other section ...
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