This Introduction is designed to draw on the rich materials the national reports have produced and to reach some preliminary findings on the study. In particular, it suggests that despite the policy concerns about reorganisation, rescue and the preservation of value in the context of executory contracts, the legal rules can in themselves lead to results which may not sit well with the policy objectives.
Edited by Jason Chuah
This chapter considers the legal circumstances impacting on the feasibility of the relevant parties coming together to renegotiate their shipping contracts – notably large scale contracts such as charterparties – in times of economic hardship. The imperatives of insolvency law and shipping law are not always the same. Insolvency law is pivoted on a state imposed belief that corporate assets should be protected at times of insolvency. This work attempts to prove that shipping relationships and realities do not always render the continuation of a shipping contractual relationship worth preserving and so shows and tests the tension between insolvency law and party autonomy in that regard.