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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 18: NATIONAL REPORT FOR PANAMA

José Maria Lezcano Navarro

Extract

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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