No one disputed that the interconnection agreement was an executory
Generally, Bankruptcy Code [section] 365(c) precludes assumption (and, accordingly, subsequent assignment) of an executory
contract only if applicable law precludes assignment and the other party to the contract does not consent.
When an executory
contract cannot be assigned under applicable nonbankruptcy law, it may not be assumed or assigned by a debtor-in-possession without the permission of the other contracting party.
Restraining the executory
suspension of the erring commissioners may be interpreted as undue interference on the powers and independence of the Office of the Ombudsman, as well as the Office of the President.
Contracts and the Contact Assumption Defense
As previously mentioned, the Code allows a debtor-in-possession or bankruptcy trustee to reject executory
Pension Plans May Be Rejected as Executory
All leases do not merely transfer ROUs; there is no step in the ROU approach to analyze the contractual rights and obligations and to separate leases by their legal nature--that is, either capital leases (rights of ownership [ROO] leases) or executory
contracts (ROU leases).
Some critics, however, object to any distinction at all between capital and operating leases because they believe that all executory
contracts should be recognized on the financial statements, preferably at fair value, and that operating leases are an excellent place to start.
The verdict of the Supreme People's Court of China is final and executory
and it will do everything to assist the family of the convicted Filipino national," the DFA said.
Some of the topics to be covered in break-out sessions include means testing, section 363 sales, single-asset real estate cases, tax issues, executory
contracts, discharge of debt, and e-discovery issues.
In simple terms, executory
contracts are agreements that have not yet been completely performed.