A Global Guide
Chapter 18: NATIONAL REPORT FOR PANAMA
This chapter describes the treatment of executory contracts under Panamanian corporate insolvency law and the effects of recent reforms on their treatment. In regard to executory contracts the insolvency law (LA LEY ) is cautious as it restricts the possibility to amend the terms and conditions of ongoing contracts. Nevertheless, specific rules apply to some contracts, such as trusts and contracts with ROT clauses. This chapter investigates the treatment of these and other contracts, as well as clauses negotiated by the parties in solvent times (such as ipso facto clauses). Finally, it discusses recent changes in the LA LEY and options for reform
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