A Global Guide
This chapter looks at the treatment of executory contracts under Croatian corporate insolvency law and the need for regulatory reform in the area. With reference to the first aspect, the chapter observes that Croatia has a good general framework of rules on treatment of the executory contracts in bankruptcy proceedings. Statutory improvements are desirable in the area of the pre-bankruptcy proceedings, because the effects of the opening of these proceedings on the debtor’s contracts could be better regulated. Statutory improvements are also desirable with reference to the treatment of the pre-insolvency agreed contractual remedies, in order to enhance legal predictability and certainty. Completely new rules are necessary regarding insolvency of a group of interconnected (related) companies, including the rules that would regulate executory contracts in such a situation. With reference to the latter, the authors argue that the main ‘drivers’ of reform in the area of insolvency law in Croatia are neither a need to secure international funds or political support, nor a desire to boost national competitiveness and international attractiveness. The principal motive for the reform is the necessity, perceived by the legal and business community, to have good and efficient insolvency procedures. This necessity is even accentuated in a situation where the country’s economy is struggling in the aftermath of the financial crisis.
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