Agribility - Insolvency

Insolvency:

This module will provide an understanding of what a default is and when a notice of default should be given. It provides a discussion on the procedure after the notice has been given.

The Gafta insolvency clause will be discussed and explained. The module provides how to determine what constitutes an act of insolvency. The steps taken after the service of a notice of insolvency are considered and explained.

By the end of this module the learner should be able to:

• Understand the Gafta Default clause
• Identify the date on which a default occurs
• Explain the affect of a default and how damages are calculated
• Understand the Gafta Insolvency clause
• Identify when the contract is closed out