Show Less
You do not have access to this content

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.
Show Summary Details
You do not have access to this content

Chapter 29: NATIONAL REPORT FOR SINGAPORE

Bingdao Wang

Extract

This chapter considers the treatment of executory contracts upon the default of a debtor company under Singapore law and the main factors behind the most recent reforms in the area. This chapter specifically considers the issues relating to the treatment of executory contract according to Singapore corporate insolvency framework. The general and specific rules applicable to these contracts, and the overarching need not to unduly prejudice the autonomy of the parties are evaluated against the insolvency law policy goals, i.e., to maximise the insolvent’s assets for the satisfaction of their creditors and to promote the rescue of distressed yet viable businesses. According to the law (reformed as recently as 2017), the right to disclaim unprofitable contracts is not available under restructuring proceedings. This is not consistent with such objectives, and with the intention to promote corporate rescue in the legal and business community. Additionally, the enforceability of ipso facto clauses may have negative consequences on corporate rescue proceedings. As the current position under Singaporean law is too much imbalanced to favour the interests of the creditors, the author believes that reforms should be taken to regulate ipso facto clauses with the intention to find a more appropriate balance between the rights and interests of both creditors and debtors.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.