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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 27: NATIONAL REPORT FOR ENGLAND AND WALES

Eugenio Vaccari

Extract

This chapter forms part of a global study undertaking an international comparison of the treatment of executory contracts in the context of insolvency. The introduction covers the history of insolvency law in England and Wales and a description of the procedures available to distressed companies. Section C describes the treatment of executory contracts under the law. It explores if and to what extent it has changed over time and whether their treatment is consistent with the pivotal principles of the common law in regards to contracts: party autonomy, freedom of contract and legal predictability. These principles also undergird the English corporate insolvency framework. Section D extends this consistency exercise to recent reforms of the treatment of these clauses. The final section concludes by observing that the proposed changes to the treatment of executory contracts and termination clauses do not go as far as to reverse the long-established principles that underpin the English corporate and insolvency framework.

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