A Global Guide
Chapter 14: NATIONAL REPORT FOR GREECE
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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