There is a standard clause in most contracts regarding assignment and novation which cover this event.Normally the new entity takes on the legal rights of the old entity.
What determines a better deal is commercial realities. No legal term will be agreed on by the parties (both must agree at the relevant time) unless they both see a commercial benefit.
(What I find troubling is the ease by which an ASX-listed company can go into liquidation/declare bankruptcy and be rebirthed, using the same IP.)
DEALROOM
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