[(1) An insolvency-related term of a contract for the supply of essential goods or services to a company ceases to have effect if—
(a) the company enters administration, or
(b) a voluntary arrangement approved under Part 1 takes effect in relation to the company.
(2) An insolvency-related term of a contract does not cease to have effect by virtue of subsection (1) to the extent that—
(a) it provides for the contract or the supply to terminate, or any other thing to take place, because the company becomes subject to an insolvency procedure other than administration or a voluntary arrangement;
(b) it entitles a supplier to terminate the contract or the supply, or do any other thing, because the company becomes subject to an insolvency procedure other than administration or a voluntary arrangement; or
(c) it entitles a supplier to terminate the contract or the supply because of an event that occurs, or may occur, after the company enters administr
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