How is Sick Company defined in a legal contract?
- Sick Company means an entity that has been unable to pay, secure or reconcile the debts it owes to a secured creditor within the specified time period. Seen in 2 SEC filings
- Sick Company means any entity that has not been able to pay its secured creditors within [number] days of receiving a notice of demand, or it has failed to secure or reconcile it to the reasonable satisfaction of the secured creditors. Seen in 1 SEC filing
- Sick Company means any firm in existence for no less than [number] years that, at the end of any financial year, has been found to have incurred losses equal to or more than its entire net worth. Seen in 1 SEC filing
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of sick company' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Sick Company means an entity unable to reconcile its debts to secured creditors within a specified time.
Relevant Contract Types
Relevant Circumstances
- Financial distress
- Bankruptcy cases
- Acquisition of insolvent companies
- Debt settlements
Relevant Sectors
Genie Definition 2
- Sick Company means a firm that has incurred losses equalling or exceeding its net worth.
Relevant Contract Types
Relevant Circumstances
- Corporate insolvency
- Company liquidation
- Financial risk evaluation
Relevant Sectors
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Sick Company means an entity unable to reconcile its debts to secured creditors within a specified time.
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