WHEN WILL TIME BE OF THE ESSENCE? Time will be of the essence in a contract when a time limit is an essential condition of a contract. Parties may agree to stipulate that a right must be exercised by a certain time and/or that a contractual obligation is performed by a certain time. If parties fail to meet these deadlines they may find themselves having lost a beneficial right of the contract or having terminated the contract.
Corporate insolvency is governed by the Insolvency Act 1986 and the Insolvency Rules 1986. A new set of rules will come into force on 6 April 2017, with the aim of modernising existing practices and procedures. All statutory sections mentioned throughout this article refer to the Insolvency Act 1986.