Procedures.

Federal Acquisition Regulations System 1 2023-10-01 2023-10-01 false Procedures. 42.902 Section 42.902 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACT MANAGEMENT CONTRACT ADMINISTRATION AND AUDIT SERVICES Bankruptcy 42.902 Procedures. (a) When notified of bankruptcy proceedings, agencies shall, as a minimum— (1) Furnish the notice of bankruptcy to legal counsel and other appropriate agency offices (e.g., contracting, financial, property) and affected buying activities; (2) Determine the amount of the Government's potential claim against the contractor (in assessing this impact, identify and review any contracts that have not been closed out, including those physically completed or terminated); (3) Take actions necessary to protect the Government's financial interests and safeguard Government property; and (4) Furnish pertinent contract information to the legal counsel representing the Government. (b) The contracting officer shall consult the legal counsel, whenever possible, prior to taking any action regarding the contractor's bankruptcy proceedings.