This chapter discusses the treatment of executory contracts and the options of reform under Chilean corporate insolvency law. It observes that Chilean insolvency law deals differently with the effects of executory contracts, depending on whether it is a reorganization or liquidation proceeding. Such differentiation relates to the objective that both these proceedings aim for, this is, reorganization aims to reorganize viable and salvable companies, whereas liquidation aims to liquidate those companies that do not hold any possibilities of subsisting. The chapter highlights that it is not clear the quality that the creditor’s rights must have in order to be exercised in insolvency proceedings. The legislative choice to either preserve or terminate executory contracts may be affected by the opportunity for the creditors to exercise their rights in the insolvency procedure.