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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 14: NATIONAL REPORT FOR GREECE

Loukas Panetsos

Extract

This chapter investigates the treatment of executory contracts under Greek insolvency law. After an introductory section on the procedures available to companies to turn around their business or liquidate their assets, the report focuses on the treatment of permanent and instant executory contracts under the law. With reference to remedies agreed by the parties in solvent times, this report observes that as a general principle, ipso facto clauses are not valid in Greek insolvency law. However, this general rule is subject to many exceptions, concerning certain special types of executory contracts, such as financial contracts or contracts of personal character. Further, the relative novelty of the legislative amendments means that there is little guidance from the judiciary on the treatment of contracts which feature ipso facto clauses. With reference to recent reforms, the chapter discusses the main drivers behind the regulatory changes and the factors that may hinder the improvement of the efficiency of the system.

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