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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 24: NATIONAL REPORT FOR THE REPUBLIC OF TURKEY

Çağlar Kaçar

Extract

This chapter covers the treatment of executory contracts under Turkish corporate insolvency law and the main factors behind the most recent reforms in the area. The chapter describes the rules applicable in general to executory contracts in formal rescue and liquidation procedures, as well as the special rules applicable to specific contracts. The report observes that under Turkish insolvency law, the treatment of executory contracts is not duly regulated. There are grey areas that have yet to be addressed, such as the lack of clear guidance on the treatment of ipso facto clauses and their effects in restructuring proceedings. The author blames this status quo on the fact that in the last decade reforms on insolvency proceedings have mainly be prompted by suggestions and recommendations from financial institutions. Turkish scholars and practitioners have been less influential in the regulatory reform process. The author therefore recommends some changes that could be implemented to improve the situation.

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