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EXECUTORY CONTRACTS IN INSOLVENCY LAW

A Global Guide

JASON CHUAH, EUGENIO VACCARI

Executory Contracts in Insolvency Law offers a unique, comprehensive, and up-to-date transnational study of the topic, including an analysis of certain countries which have never previously been undertaken in English. Written by experts in the field, with extensive experience of both research and professional experience, this is a groundbreaking investigation into the philosophies and rationales behind the different policy choices adopted and implemented by a range of over 30 jurisdictions across the globe.
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Chapter 7: NATIONAL REPORT FOR CHILE

Camila Hoyuela Zattera, Maximiliano Escobar Saavedra and Mauricio Inostroza Sáez

Extract

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.

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