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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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INDEX

Note: the abbreviation ECs refers to executory contracts.

 

adversarial legalism 1.18

agency agreements

Argentina 3.44, 3.45, 3.46

Croatia 9.67–71

Netherlands 23.24

Turkey 24.39

aircraft register

Croatia

security right: predbilježba 9.51

Albania 1.14, 2.01–4

concluding remarks 2.70–73

reform of insolvency law 2.74–88

insolvency procedure 2.05–8

eligibility requirements 2.09–15

informal turnarounds 2.26–9

insolvency requirement 2.16–18

locus standi 2.19–25

ranking of creditors 2.23–5, 2.53–5

ipso facto clauses 2.33

past reforms and current debate 2.66–9

Civil Procedure Code 2.62

Insolvency Administrator 2.60–61, 2.70

Insolvency Agency 2.45–52

legal stalemate 2.52–5

proceedings started in other jurisdictions 2.63–5

promotion of use of insolvency law 2.56–8

Prosecutor 2.59, 2.71

pre-insolvency asset movements 2.71

treatments of ECs 2.30–36

administrator’s rights 2.37–44

anticipatory breach 1.20, 1.35

Australia 25.17

Finland 11.28

Netherlands 23.09

Singapore 29.03, 29.51–67, 29.72

arbitration clauses

Panama 18.22–3

United States 30.53

Argentina 1.15, 3.01–8

concluding remarks 3.85–8

insolvency procedures 3.05

acuerdo preventivo extrajudicial (APE) or pre-packaged reorganization 1.26, 3.09–11

concurso preventivo (CP) or reorganization proceeding 1.26, 3.11, 3.12–14, 3.87

‘quiebra’ or liquidation 3.15–19, 3.87

reforms 3.03, 3.83–4, 3.88

treatment of ECs 3.07, 3.08, 3.85–7

accidental corporations or joint ventures 3.50–53

in APEs and CPs 3.20–24

commission or consignment contracts 3.47

company contracts – law of recess 3.48

conservation and preservation of dispossessed property 3.69

continuous execution contracts 3.44, 3.45

contracts on dispossessed property 3.70–73

debentures and securities 3.54

employment contracts 3.45, 3.77–82

fixed-term contracts 3.55–7

general scheme of all contracts 3.26–31

insurance contracts 3.58

ipso facto clauses 3.36–8

lease agreements: continuation of business 3.74–5

leases, real estate 3.45, 3.61–5, 3.75

life annuity agreements 3.66–8

mortgages and pledges: continuation of business 3.76

non-integrated contributions to corporation 3.49

normative contracts 3.44, 3.46

personal performance by bankrupt 3.44

preliminary contracts 3.39–43

protest of security or negotiable instrument 3.59–60

in ‘quiebra’ procedures 3.25

real estate leases 3.45, 3.61–5, 3.75

reciprocal pending obligations 3.32–5

work cooperative 3.73, 3.79, 3.83

attorney agreements

South Africa 34.13

Turkey 24.39

Australia 1.16, 1.21, 27.103, 28.43, 28.44, 29.08

concluding remarks 25.46

insolvency procedures

corporate rescue 25.13–16

informal arrangements 25.16

liquidation 25.04, 25.06, 25.09–11

receivership 25.04, 25.12, 25.21

scheme of arrangement 25.04, 25.13, 25.20

voluntary administration 25.04, 25.14–15, 25.21

introduction 25.01–8

ipso facto clauses 1.34, 1.36, 1.41, 1.43, 25.01, 25.07, 25.39, 25.40–45, 25.46, 29.48

corporate rescue 25.29–30, 25.33

liquidation 25.20

receivership 25.24

reforms 1.36, 25.34–45

treatment of ECs 25.06, 25.46

corporate rescue 25.29–33

employment contracts 25.21, 25.27

lease contracts 25.22, 25.28, 25.32

liquidation 25.17–22

receivership 25.23–8

unprofitable contracts 25.22

Austria 4.01–2, 22.54

automatic stay 1.43, 4.15–28, 4.30, 4.35, 4.49, 4.50

breach prior to insolvency 4.20–23

constitutional law 4.25

exemptions 4.24–8

limitations 4.18–19

practical consequences 4.39–40

preliminary injunction 4.40

text 4.17

concluding remarks 4.47–50

insolvency procedures

formal proceedings 4.02, 4.03–8

out-of-court workouts 4.02, 4.09–11, 4.46, 4.48–9

three kinds of 4.05

ipso facto clauses 1.43, 4.15, 4.16, 4.29–33, 4.35, 4.39, 4.40, 4.43

reforms 4.45–50

reorganization of non-insolvent debtors 4.10, 4.44

treatment of ECs 4.02, 4.12, 4.48–50

automatic stay 1.43, 4.15–28, 4.30, 4.35, 4.39–40, 4.49, 4.50

ipso facto clauses 1.43, 4.15, 4.16, 4.29–33, 4.35, 4.39, 4.40, 4.43

power to continue and reject contracts 4.13–14

practical consequences 4.39–40

proposal for Directive on preventive restructuring 4.41–3

timely decision 4.34–8

bad faith

Argentina 1.26

Denmark 10.01, 10.19

Singapore 29.30

Turkey 24.58

UAE 35.29

see also good faith

Baltic countries 1.56–7, 17.62

Lithuania see separate entry

Bangladesh 1.16, 1.27

concluding remarks 26.43–4

insolvency procedures 26.16–23

introduction 26.01–3

colonial period: commercial and creditor-debtor relations in Bengal 26.04–8

early insolvency legislation 26.09–15

ipso facto clauses 1.35, 26.28

reforms 26.41–2

treatment of ECs 26.24, 26.43

creditors, role of 26.35–6

deemed to be assumed 26.25–31

employment contracts 26.40

flip clauses 26.29, 26.43

ipso facto clauses 1.35, 26.28

loan agreements 26.38

penalty clauses 26.37

rejected by disclaimer 26.32–4

special contracts and contractual provisions 26.37–40

utility contracts 26.27

bank account contracts

Argentina 3.44, 3.46

Greece 14.22

Turkey 24.39

Belgium 22.39, 22.54

Brazil 1.15, 5.01–5

available procedures 5.05, 5.06

bankruptcy liquidation 5.18, 5.20, 5.27, 5.33–53

extrajudicial reorganization 5.30–32

judicial reorganization 5.08–29, 5.31, 5.32, 5.33

bankruptcy liquidation: treatment of ECs 5.56, 5.58, 5.59–79, 5.96

advance payment 5.68

clearing system 5.74, 5.75

developing and constructing companies 5.76

ipso facto clauses 5.60

leases of properties 5.77

long-term legal services agreement 5.64–8

movable asset with retention of title 5.73

netting 5.68, 5.69, 5.75, 5.79

non-bankruptcy law 5.63, 5.65, 5.69

purchaser in good faith 5.71

rejection of contract 5.61

concluding remarks 5.95–8

ipso facto clauses 5.60, 5.83–8, 5.94, 5.97

out-of-court arrangements 5.03–5

reforms 5.94

reorganizations: treatment of ECs 5.56, 5.57, 5.58, 5.63, 5.74, 5.80–93, 5.94, 5.95–7

cooperative creditors 5.91

injunctive relief 5.83–8

ipso facto clauses 5.83–8, 5.97

netting 5.92–3, 5.97

treatment of ECs 5.54, 5.94, 5.95–8

Bankruptcy Law/LRF 5.55–8

bankruptcy liquidation 5.56, 5.58, 5.59–79, 5.96

reorganizations 5.56, 5.57, 5.58, 5.63, 5.74, 5.80–93, 5.94, 5.95–7

Brexit 4.46, 27.79, 27.93, 27.94, 27.105

building contracts

England and Wales 27.55, 27.89

Germany 13.53–7, 13.75

Italy 15.30, 15.45–50

Japan 16.30–32

Lithuania 17.33–4

Russia 19.44

Bulgaria 1.14, 6.01

available procedures 6.02–4

insolvency proceedings 6.05–35, 6.93

out-of-court proceedings 6.48–51

stabilization procedure 6.02, 6.36–47

concluding remarks 6.92–3

insolvency proceedings: treatment of ECs 6.52–68, 6.90

partial termination 6.65

right of administrator to terminate ECs 6.52–66

right of creditor to set-off 6.67–8

ipso facto clauses 6.82, 6.84, 6.86

reforms 6.90–91

stabilization procedure: treatment of ECs 6.69–89, 6.91

close-out netting clause 6.88–9

ipso facto clauses 6.82, 6.84, 6.86

partial termination 6.80

relevant restrictions on fulfilment of ECs 6.79–81

right to terminate ECs 6.70–78

statutory treatment of contractual remedies agreed in solvent times 6.82–7

treatment of ECs 6.93

insolvency proceedings 6.52–68, 6.90

stabilization procedure 6.69–89, 6.91

Canada 1.21, 29.50

assignment 1.50

concluding remarks 31.34

insolvency procedures 31.01

BIA commercial proposals 31.09–10

CCAA restructuring 31.02–8

liquidation 31.11

out-of-court procedures 31.11

receivership 31.11

ipso facto clauses 1.34, 1.43, 29.48, 31.12

reforms 31.23–33

treatment of ECs 31.24–33

collective bargaining agreements 31.15, 31.16, 31.19, 31.22, 31.25, 31.29

disclaimer and assignment in BIA commercial reorganizations 31.12–16

disclaimer and assignment under CCAA 31.17–22

eligible financial contracts (EFCs) 31.15, 31.16, 31.19, 31.22, 31.25, 31.27

intellectual property 31.15, 31.19, 31.25, 31.26, 31.27, 31.33

real property leases 31.15, 31.19, 31.20, 31.25

Chile 1.15, 1.21, 7.01–4

contracts: dual regulation approach 7.03

definition of EC 1.15, 7.04

insolvency procedures

commencement 7.08–11

effects arising from 7.16–18

extrajudicial reorganization 7.13

liquidation 7.05–7, 7.08–11, 7.12, 7.14, 7.15, 7.17–18, 7.31

out-of-court negotiations 7.14–15

reorganization 7.05–7, 7.08–11, 7.12, 7.14, 7.15, 7.16, 7.31

ipso facto clauses 7.23, 7.29–30

reforms and concluding remarks 7.31–2

treatment of ECs 7.16, 7.19

contractual agreements negotiated in solvent times and ECs 7.29–30

leasing contracts and liquidation 7.28, 7.29

liquidation proceedings 7.24–8, 7.29, 7.31

reorganization proceedings 7.20–23, 7.30, 7.31

China 1.16

assignment 1.49

concluding remarks 8.60–64

Hong Kong 29.14

introduction 8.01–3

contract law and insolvency 8.04–6

ECs in insolvency 8.07–15

ipso facto clauses 1.38–40, 1.49, 8.51–9, 8.61, 8.64, 29.48

judicial supervision 1.28–30

legal framework

compromise 8.33, 8.34

development of insolvency law 8.27–32

existing procedures 8.33–6

liquidation 8.10, 8.33, 8.35, 8.36

liquidation and bankruptcy division courts 8.23

obstacles and new movements 8.16–26

reorganization 8.10, 8.24, 8.33, 8.34, 8.35, 8.36

supply-side structural reform 8.21

paritas creditorum 8.07, 8.25, 8.41

treatment of ECs 8.61–2, 8.64

commission contracts 8.45

concept of EC 1.16, 8.40–45

effect of continuation and termination 8.46–50

ipso facto clauses 1.38–40, 1.49, 8.51–9, 8.61, 8.64, 29.48

life insurance contracts 8.45

options for administrators 8.37–9

unsafe right defence 8.06, 8.08, 8.09, 8.12, 8.14, 8.52, 8.61, 8.62

close-out netting 1.43

Austria 4.29

Bulgaria 6.88–9

China 8.59

Croatia 9.82, 9.91

Denmark 10.46

England and Wales 27.78, 27.83

Finland 11.32

France 12.41

Greece 14.26

Japan 16.34, 16.46

Slovenia 20.22

Switzerland 22.38, 22.49

UAE 35.16–17, 35.23, 35.44, 35.46

set-off and close-out netting 35.36–8

collective bargaining agreements

Canada 31.15, 31.16, 31.19, 31.22, 31.25, 31.29

commission contracts

Argentina 3.47

China 8.45

Turkey 24.39

concession agreements

Argentina 3.44, 3.45, 3.46

consignment contracts

Argentina 3.47

constitutional law

Albania 2.63

Australia 25.02

Austria 4.25

China 8.30

Croatia 9.12

France 12.60

South Africa 1.21, 34.25–7

construction companies

Finland 11.15

Russia 19.44

construction contracts

England and Wales 27.55, 27.89

Germany 13.53–7, 13.75

Italy 15.30, 15.45–50

Japan 16.30–32

Lithuania 17.33–4

Russia 19.44

continuous contracts/continuous execution/continuous obligations 1.13

Argentina 3.44, 3.45

Denmark 10.30–32, 10.42

definition 10.30

Germany 13.57

Italy 15.44, 15.64–9

Japan 16.28

Lithuania 17.66

Switzerland 22.32, 22.56

see also leasing contracts; utilities

continuous or periodic performance

Italy: contracts with 15.64–9

Japan: bilateral contracts for continuous performance 16.28

Netherlands 23.10

copyright

Canada 31.26

creditors see equal treatment of creditors/par conditio creditorum/pari passu/paritas creditorum

Croatia

bankruptcy proceedings: treatment of ECs 9.16–72, 9.100

agency contracts 9.67–71

divisible contracts 9.37

employment contracts 9.59–63, 9.74

expiry of offers 9.72

extraordinary management procedure 9.73–5, 9.95

finance leases 9.52

fixed date transactions, financial performances and qualified financial contracts with fixed date 9.43–7, 9.91

general treatment 9.18–41

management contracts 9.67–71

operational lease and rental contracts 9.53–8

pension contracts 9.64–5

power of attorney 9.67–71

sales and hire-purchase contracts 9.48–51

security right: predbilježba 9.49, 9.51

special rules 9.32, 9.37, 9.42–72

utility contracts 9.66

concluding remarks 9.96–100

extraordinary management procedure 9.11–12, 9.73–5, 9.88, 9.95, 9.100

insolvency procedures 9.01

bankruptcy proceedings 9.03–13

extraordinary management procedure 9.11–12, 9.95

out-of-court proceedings 9.10

pre-bankruptcy proceedings 9.02, 9.09

reorganization 9.02, 9.05, 9.08, 9.09, 9.11–12

ipso facto clauses 1.40, 9.78–81

pre-insolvency agreed contractual remedies 9.92, 9.94, 9.100

bankruptcy proceedings 9.77–87

close-out netting 9.82, 9.91

conditional rights 9.86

extraordinary management procedure 9.88, 9.95

flip clauses 9.83–5

ipso facto clauses 1.40, 9.78–81

penalty provisions 9.87

pre-bankruptcy proceedings 9.76

reforms 9.89–95

systematic importance, companies of 9.11–12, 9.73–5, 9.88, 9.95, 9.100

treatment of ECs 9.100

bankruptcy proceedings 9.16–72, 9.100

extraordinary management procedure 9.73–5, 9.95, 9.100

pre-bankruptcy proceedings 9.14–15, 9.100

cross-border insolvency 11.36

Brazil 5.10, 5.11

England and Wales 27.60, 27.85, 27.89

Europe 12.76, 15.124

France 12.78

Italy 15.119

Japan 16.06

Lithuania 17.63

New Zealand 28.41

Panama 18.03, 18.06, 18.07, 18.13, 18.14, 18.23, 18.26–31, 18.36, 18.54, 18.56

Singapore 29.01, 29.21, 29.68

Cyprus 1.14, 32.01–2

concluding remarks 32.48

insolvency procedures

compulsory liquidation 32.03–21, 32.42, 32.48

examinership 32.22–9, 32.41, 32.47, 32.48

ipso facto clauses 32.33

reforms 32.39–47

treatment of ECs 32.30–28, 32.46

employment contracts 32.38

leases 32.37

deed of gift

Turkey 24.39

definitions of executory contracts 1.17–18, 1.58

Albania 1.14, 2.34

Argentina 1.15

Australia 1.16, 25.03

Bangladesh 1.16

Brazil 1.15

Bulgaria 1.14

Chile 1.15, 7.04

China 1.16, 8.40–44

Cyprus 1.14

Denmark 1.14

England 1.12

Finland 1.13

France 1.14, 12.17

Germany 1.14

Greece 1.14, 14.15

India 1.16

Italy 1.13, 15.101

Lithuania 17.24

Netherlands 1.13

New Zealand 1.16

Panama 1.15, 18.37

Singapore 1.16, 29.22

Slovenia 1.14, 20.24

South Africa 34.09, 34.46

Spain 1.13, 21.13

Switzerland 1.14

Turkey 1.14

United States 1.10–11, 1.18, 30.28–39, 30.53–61

Denmark 1.14, 1.21, 10.01, 11.36, 17.62

assignment 1.45–6

concluding remarks 10.65

insolvency procedures 10.02

bankruptcy 10.03, 10.05, 10.07–8

out-of-court restructuring 10.09–12

restructuring 10.04, 10.06, 10.07–8, 10.58–60

ipso facto clauses 1.43, 10.44, 10.45

reforms 10.57

2011: restructuring procedure 10.58–60

2011: treatment of ECs 10.61–2

insolvency framework: future 10.63–4

treatment of ECs 10.13–14, 10.61–2, 10.65

assignment 10.54–6

assumption of ECs 10.19–32

continuation of ECs 10.48–53

effects of rejection 10.37–8

employment contracts 10.25, 10.40, 10.41, 10.42, 10.63

indefinite contracts 10.39–43

long-term contracts 10.39–43

mandatory rules 10.44–6

protection of counterparty 10.33–6

regulation 10.15–18

restructuring proceedings 10.47–56, 10.59, 10.60

derivatives, contracts for 1.43

China 8.59

Croatia 9.44

Denmark 10.46

Greece 14.26

Japan 16.34

distribution contracts

Argentina 3.44, 3.45

United States 30.53

domain names

England and Wales 27.55

employment contracts 1.13, 1.43

Albania 2.66, 2.67

Argentina 3.45, 3.77–82

Australia 25.21, 25.27

Austria 4.27

Bangladesh 26.40

Bulgaria 6.66

Croatia 9.32, 9.59–63, 9.74

Cyprus 32.38

Denmark 10.25, 10.40, 10.41, 10.42, 10.63

England and Wales 27.70–76, 27.91

Finland 11.21, 11.27, 11.30

France 12.33–6, 12.39

Germany 13.40, 13.45

Greece 14.18, 14.24–5

Japan 16.29

Lithuania 17.28, 17.30, 17.40, 17.52, 17.56

Netherlands 23.07, 23.11, 23.21

New Zealand 28.19, 28.20, 28.27

Panama 18.47–8

Singapore 29.33–5

South Africa 34.40–41

Spain 21.43–4

Switzerland 22.32, 22.45

Turkey 24.44–7

United States 30.53

England and Wales 1.12, 27.01–2, 35.20

concluding remarks 27.105–8

insolvency procedures 27.03–7

liquidation 27.08–11

rescue proceedings 27.12–20

schemes of arrangement 27.21–2

ipso facto clauses 1.33, 1.41, 27.81, 27.82–5, 29.41, 29.42, 29.46, 29.48

reforms 27.93–104

treatment of ECs 27.23–4, 27.91–2, 27.105–8

conditional sales 27.47

contractual clauses agreed in solvent times 27.80–90

domain names 27.55

effects of insolvency proceedings 27.25–41

employment contracts 27.70–76, 27.91

environmental costs 27.38

financial collaterals 27.77–9

hire-purchase agreements 27.47

insurance contracts 27.51–3

intellectual property 27.55

ipso facto clauses 1.33, 1.41, 27.81, 27.82–5, 29.41, 29.42, 29.46, 29.48

leases 27.27–9, 27.40, 27.47, 27.67–8

licensing contracts 27.55

money or assets in trust 27.46

non-assignment clauses 27.81, 27.86–90, 27.91

onerous property 1.12, 27.35–8, 27.41, 29.28–30

pension contracts 27.54

retention of title 27.45, 27.47

sales contracts 27.44–5

specific contracts 27.42–79

utility and essential contracts 27.57–66

waste management licences 27.38

environment

England and Wales 27.38

Scotland 27.40

equal treatment of creditors/par conditio creditorum/pari passu/paritas creditorum

Albania 2.72

Australia 25.18

Austria 4.23

Brazil 5.50, 5.79, 5.92

Chile 7.15, 7.18

China 8.07, 8.25, 8.41

Denmark 10.11, 10.31

England and Wales 27.31

France 12.44

Germany 13.02, 13.68, 13.74

Italy 15.15

Netherlands 23.25, 23.26, 23.40

Panama 18.10

Slovenia 20.08, 20.09, 20.14, 20.19, 20.23, 20.35, 20.41, 20.42, 20.47, 20.48

Spain 21.14, 21.22, 21.25, 21.31, 21.38, 21.67

Switzerland 22.44

European Union 9.99, 11.36

Brexit 4.46, 27.79, 27.93, 27.94, 27.105

Bulgaria 6.36–7, 6.92

Commission 4.45, 9.02, 14.36, 17.58, 32.43, 32.45

proposal for Directive on preventive restructuring 4.09, 4.41–3, 12.75, 12.77

Cyprus 32.38, 32.43, 32.45

England and Wales 27.04, 27.69, 27.71, 27.72, 27.77–9

France 12.38, 12.75–7, 12.81

Greece 14.35, 14.37, 14.45, 14.46

Italy 15.114, 15.118, 15.124

Lithuania 17.03, 17.27, 17.58, 17.63

Netherlands 23.33

Spain 21.01

finance leases

Croatia 9.52

Denmark 10.41

France 12.31

Italy 15.44, 15.51–7

Japan 16.27, 16.38, 16.39, 16.45, 16.50

Turkey 24.39

financial contracts 1.43

Albania 2.34, 2.39, 2.44

Bangladesh 26.29, 26.43

Bulgaria 6.88–9

Canada: eligible (EFCs) 31.15, 31.16, 31.19, 31.22, 31.25, 31.27

Croatia 9.43–7, 9.91

Denmark 10.46

England and Wales 27.77–9

France 12.38

Germany 13.61–71

Greece 14.18, 14.20

Italy 15.86–9

Japan 16.33–4, 16.50

Lithuania 17.03, 17.27

Panama 18.53

Slovenia 20.18, 20.22

South Africa 34.38–9

Spain 21.36

Switzerland 22.37–40, 22.47, 22.49, 22.56

United Arab Emirates 35.16–17, 35.36–8

see also close-out netting; flip clauses

Finland 1.13, 17.62

concluding remarks 11.41–4

insolvency procedures

bankruptcy 11.01, 11.04, 11.05–6

out-of-court solutions 11.11

restructuring 11.02–3, 11.04, 11.07–10, 11.44

reforms 11.35–40

treatment of ECs 11.43–4

bankruptcy 11.12–26

contractual remedies agreed by parties in solvent times 11.30–34

divisible contracts 11.19

employment contracts 11.21, 11.27, 11.30

ipso facto clauses 11.32–3

leases 11.19, 11.22, 11.25, 11.27

restructuring 11.27–9, 11.44

retention of title 11.23, 11.24

fixed-term contracts

Albania 2.39, 2.66

Argentina 3.55–7

France 12.20

Greece 14.19

Japan 16.42

flip clauses

Bangladesh 26.29, 26.43

Croatia 9.83–5

England and Wales 27.83

France 12.42

football

Austria: club relegation 4.39, 4.40

force majeure 3.57, 3.72, 26.05

foreign judicial awards or orders

Albania 2.63–5

forum shopping 18.06

forward contracts

Italy 15.86–9

France 1.14, 1.21, 15.120

concluding remarks 12.79–83

insolvency procedures 12.01–4, 12.15–16

liquidation proceedings 12.05–7, 12.16

out-of-court proceedings 12.12–14, 12.16, 12.72, 12.73, 12.74

pre-insolvency proceedings 12.09–11, 12.16, 12.74

rehabilitation proceedings 12.08, 12.16

reorganization 12.09, 12.11, 12.16

ipso facto clauses 1.43, 12.39–40

reforms

European context underpinning 12.75–8

general trends in 12.70–74

impact on ECs provisions 12.64–9

influences behind 12.59–63

major 12.45–58

treatment of ECs 12.17–19, 12.64–9, 12.82

ad hoc and conciliation proceedings 12.21

assumption and rejection of ECs 12.23–7

close-out netting 12.41

employment contracts 12.33–6, 12.39

finance leases 12.31

financial contracts 12.38

fixed or indefinite term 12.20

flawed/conditional rights 12.43

flip clauses 12.42

hire-purchase 12.30

liquidated damages/penalty provisions 12.44

pension contracts 12.37

safeguard and rehabilitation 12.22

sales contracts 12.29

special types 12.28–38

statutory treatment of contractual remedies 12.39–44

utilities 12.32

franchising

Argentina 3.45, 3.46

Finland 11.15

United States 30.39

functional test 1.10, 1.11, 30.29, 30.31, 30.54, 30.57

Germany 1.14, 1.21, 13.01–2, 15.120, 19.22, 22.22

concluding remarks 13.72–6

influence on law in other countries 9.07, 19.46, 22.39

insolvency procedures 13.04

insolvency plan: Insolvenzplanverfahren 13.32–3

main procedure: Regelinsolvenzverfahren 13.06–31

out-of-court proceedings 13.05

self-administration procedure: Eigenverwaltung 13.34–5

ipso facto clauses 1.43, 4.30, 13.46–57, 13.64, 13.72, 29.48

reforms 13.58–71

treatment of ECs 13.36–7

building contracts 13.53–7, 13.75

contractual remedies 13.46–57, 13.75, 13.76

employment contracts 13.40, 13.45

extinction theory 13.43–4

insolvency administrator’s right of choice 13.38–45, 13.74, 13.76

quality leap theory 13.44

rent and leasing contracts 13.40, 13.45

good faith 1.21, 1.61

Brazil: rule to protect purchaser in 5.71

Canada 31.19

China

assignment 1.49

England and Wales 29.46

Greece 14.19

Netherlands 23.14, 23.26, 23.27, 23.40

New Zealand 28.24

Nordic and Baltic states 1.56

Panama 18.18

Russia 19.41, 19.43

assignment 1.47

Singapore 29.30

see also bad faith

Greece 1.14

concluding remarks 14.44–6

legal transplant 14.46

insolvency procedures 14.06–12, 14.39–42, 14.45

main procedure 14.06, 14.10–11, 14.33

rehabilitation procedure 14.07–9, 14.29, 14.32

restructuring plan 14.06, 14.10, 14.11

introduction 14.01

actors 14.05

application 14.03–4

out-of-court non-insolvency mechanism 14.05, 14.45

terminology 14.02

ipso facto clauses 1.43, 14.14, 14.15, 14.18–23, 14.27, 14.29, 14.37–8, 14.43, 14.44, 14.46

reforms 14.28–9, 14.43

drivers for 14.34–6

ipso facto clauses and ECs 14.37–8

quantitative and qualitative studies 14.39–42

timeline 14.30–33

treatment of ECs 14.13–15, 14.27

employment contracts 14.18, 14.24–5

fixed-term 14.19

instant ECs 14.15, 14.16–17

ipso facto clauses 1.43, 14.14, 14.15, 14.18–23, 14.27, 14.29, 14.37–8, 14.43, 14.44, 14.46

miscellaneous provisions 14.26

permanent ECs 14.15, 14.18, 14.19

of personal character 14.18, 14.21–3

retention of title clause 14.18, 14.26

hire-purchase agreements

Brazil 5.73

Bulgaria 6.66

Croatia 9.48

England and Wales 27.47

Finland 11.27

France 12.30

Japan 16.25–6, 16.37, 16.50

Hong Kong 29.14

indemnity clauses

United States 30.53

India 1.16, 26.44, 33.01–3

colonial 26.04–11, 33.02, 33.03

concluding remarks 33.27–9

evolution of corporate insolvency law 33.04–8

bank nationalizations and impact on insolvency 33.09–10

economic reform and insolvency 33.11–16

insolvency framework 33.17–21

treatment of ECs 33.22–6

INSOL International 4.11, 16.10

insurance contracts

Argentina 5.58

China 8.45

Denmark 10.30

England and Wales 27.51–3

France 12.64

Italy 15.83–5

Turkey 24.39

intellectual property (IP)

Canada 31.15, 31.19, 31.25, 31.26, 31.27, 31.33

England and Wales 27.55

Netherlands 23.09

patents

Japan 16.24

United States 30.33

United States 30.39, 30.41

trademarks 30.53

International Monetary Fund (IMF) 3.88, 4.15, 14.35, 14.36, 14.37, 14.45, 20.41, 20.45, 32.43, 32.45

ipso facto clauses 1.32–43

Albania 2.33

Argentina 3.36–8

Australia 1.34, 1.36, 1.41, 1.43, 25.01, 25.07, 25.20, 25.24, 25.29–30, 25.33, 25.39, 25.40–45, 25.46, 29.48

Austria 1.43, 4.15, 4.16, 4.29–33, 4.35, 4.39, 4.40, 4.43

Bangladesh 1.35, 26.28

Brazil 5.60, 5.83–8, 5.94, 5.97

Bulgaria 6.82, 6.84, 6.86

Canada 1.34, 1.43, 29.48, 31.12

Chile 7.23, 7.29–30

China 1.38–40, 1.49, 8.51–9, 8.61, 8.64, 29.48

Croatia 1.40, 9.78–81

Cyprus 32.33

Denmark 1.43, 10.44, 10.45

England and Wales 1.33, 1.41, 27.81, 27.82–5, 29.41, 29.42, 29.46, 29.48

Finland 11.32–3

France 1.43, 12.39–40

Germany 1.43, 4.30, 13.46–57, 13.64, 13.72, 29.48

Greece 1.43, 14.14, 14.15, 14.18–23, 14.27, 14.29, 14.37–8, 14.43, 14.44, 14.46

Japan 16.01, 16.02, 16.03, 16.36–42, 16.47, 16.51, 29.48

Lithuania 1.40, 1.41, 17.36, 17.37–8, 17.49–51, 17.66

Netherlands 23.12–14

New Zealand 28.17, 28.24, 28.29, 28.36, 28.37, 28.42–3, 28.44

Singapore 1.33, 1.35, 29.03, 29.12, 29.40–51, 29.71–2

South Africa 34.12, 34.14

Spain 1.43, 21.35–7

Switzerland 22.39, 22.44, 22.45, 22.46, 22.48, 22.59

Turkey 1.40, 1.42, 24.48–50, 24.61

United Arab Emirates 1.43, 35.01, 35.17, 35.31, 35.33, 35.35, 35.39–43, 35.44, 35.46

United States 1.43, 29.41, 29.44, 29.48, 29.71, 30.40, 35.41

Italy 1.13, 15.01

arrangement with creditors: treatment of ECs 15.100–109, 15.140, 15.143

based on liquidation 15.90–94

going concern basis 15.95–9, 15.110–12

available procedures 15.02–19

arrangement with creditors 15.02–4, 15.06, 15.08–9, 15.12–13, 15.16–17

bankruptcy 15.06, 15.08–11, 15.13, 15.16–28

bankruptcy: treatment of ECs 15.29–89, 15.141, 15.143

business lease agreements 15.70–73

continuous or periodic performance 15.64–9

finance leases 15.51–7

general treatment 15.29–43

insurance contracts 15.83–5

procurement contracts 15.80–82

property lease agreements 15.74–9

real estate to be built 15.30, 15.45–50

sales with retention of title 15.30, 15.58–63

stock market forward contracts 15.86–9

concluding remarks 15.139–48

reforms 15.144–8

crisis of groups of companies 15.122–8

general principles 15.120–21

global ‘Rordorf Reform’ 15.113–19, 15.142, 15.144

judicial winding-up procedure 15.129–38

terminology 15.18–19, 15.120

treatment of ECs 15.14–15, 15.132–4, 15.137, 15.139, 15.144

arrangement with creditors 15.90–112, 15.140, 15.143

bankruptcy 15.29–89, 15.141, 15.143

Japan 1.22, 16.01–3

concluding remarks 16.50–51

insolvency procedures 16.04–10

bankruptcy 16.05, 16.07

civil rehabilitation 16.05, 16.06, 16.08

out-of-court workouts 16.10

reorganizations 16.05, 16.09

ipso facto clauses 16.01, 16.02, 16.03, 16.36–42, 16.47, 16.51, 29.48

reforms 16.43

executory contracts 16.44–6

ipso facto clauses 16.47

principal supporters of 16.48–9

treatment of ECs 16.01–2, 16.44–6

company and directors 16.35

conditional rights and penalty clauses 16.42

construction contracts 16.30–32

employment contracts 16.29

finance leases 16.27, 16.38, 16.39, 16.45, 16.50

financial contracts 16.33–4, 16.50

general rule 16.11–20

hire-purchase agreements 16.25–6, 16.37, 16.50

ipso facto clauses 16.01, 16.02, 16.03, 16.36–42, 16.47, 16.51, 29.48

licensing contracts 16.23–4

mandate contracts 16.35

objective of general rule 16.16–18

rental contracts: lessor insolvent 16.22

significantly unfair consequences 16.19–20

special rules 16.21–35, 16.45

utility contracts 16.28

labour contracts see employment contracts

land see real estate

Latin America 18.07, 18.08, 18.16, 18.17, 18.25, 18.26, 18.54, 18.55 see also Argentina; Brazil; Chile; Panama

leases of properties

Albania 2.41

Argentina 3.45, 3.61–5, 3.75

Australia 25.22, 25.28, 25.32

Brazil 5.15, 5.77

Canada 31.15, 31.19, 31.20, 31.25

Croatia 9.55–8

Cyprus 32.37

Denmark 10.23, 10.40

England and Wales 27.27–9, 27.67–8

Finland 11.22, 11.25

France 12.64

Germany 13.40, 13.45

Italy 15.74–9

Japan 16.22, 16.42

Lithuania 17.66

Netherlands 23.09, 23.18

New Zealand 28.19, 28.21, 28.25, 28.32–3

Panama 18.46

South Africa 34.32–4

Spain 21.33

leases/leasing contracts 1.13

Albania 2.41

Argentina 3.25, 3.34, 3.45, 3.61–5

continuation of business 3.74–5

Australia 25.22, 25.28, 25.32

Austria 4.13

Brazil 5.15, 5.23, 5.77

Bulgaria 6.66

Canada 31.15, 31.19, 31.20, 31.25

Chile 7.03, 7.28, 7.29

Croatia 9.32, 9.52, 9.53–8

Cyprus 32.37

Denmark 10.23, 10.30, 10.40, 10.41, 10.42

England and Wales 27.27–9, 27.39, 27.47, 27.67–8

Finland 11.19, 11.22, 11.25, 11.27

France 12.31, 12.64

Germany 13.40, 13.45, 13.49

Greece 14.20

Italy 15.44, 15.51–7, 15.70–79

Japan 16.22, 16.27, 16.38, 16.39, 16.42, 16.45, 16.50

Lithuania 17.30, 17.66

Netherlands 23.07, 23.09, 23.10, 23.11, 23.15–20

New Zealand 28.19, 28.21, 28.25, 28.32–3

Panama 18.46

sale and leaseback of assets 1.69

South Africa 34.32–4

Spain 21.33

Switzerland 22.32, 22.45

Turkey 24.39

usufruct 24.39

United States 30.26, 30.27, 30.53

legalism 1.17

adversarial 1.18

licensing contracts

England and Wales 27.55

Japan 16.23–4

United States 30.53

life annuity agreements

Argentina 3.66–8

France 12.29

Turkey 24.39

life insurance contracts

China 8.45

lifelong support agreements

Turkey 24.39

limits on assumption or disclaiming of executory obligations 1.19–22

assignment 1.44–58

ipso facto clauses 1.32–43

judicial supervision 1.23–31

value extraction 1.59–60

Lithuania

concluding remarks 17.63–6

EBL: treatment of ECs 17.25–44, 17.66

employment contracts 17.28, 17.30, 17.40

general 17.25–7, 17.32

ipso facto clauses 17.36, 17.37–8

management, contracts with 17.29

severable contracts 17.33–4

ERL: treatment of ECs 17.45–54, 17.66

general 17.45–7

ipso facto clauses 17.49–51

insolvency procedures 17.01

Enterprise Bankruptcy Law (EBL) 17.02–12

Enterprise Restructuring Law (ERL) 17.17–21

extrajudicial 17.13–16

informal restructuring 17.22–3

ipso facto clauses 1.40, 1.41, 17.36, 17.37–8, 17.49–51, 17.66

reforms 16.63

ECs 17.59–62

general 17.55–8

treatment of ECs 17.24, 17.64, 17.66

EBL 17.25–44, 17.66

ERL 17.45–54, 17.66

mandate contracts

Albania 2.66, 2.68

Argentina 3.44

Croatia 9.67–71

Greece 14.20, 14.22

Japan 16.35

South Africa 34.13–14

material breach/Countryman test 1.10, 1.11, 30.29, 30.30, 30.53–61

methodology 1.08–9

Netherlands 1.13

concluding remarks 23.39–41

insolvency procedures 23.01, 23.36

composition plan 23.03, 23.05

liquidation 23.02–3, 23.05

suspension of payment procedure 23.04–5

reforms 23.33–8

fraud 23.25

reorganization 23.36, 23.38

treatment of ECs 23.39–41

agency 23.24

basic framework 23.06–14

contractual increases (multipliers) 23.28

divestment clauses 23.25–7

fixed penalty clauses 23.29, 23.30–31

future contracts 23.23

ipso facto clauses 23.12–14

labour contracts 23.07, 23.11, 23.21

lease contracts 23.07, 23.11, 23.15–20

penalty clauses 23.25–6, 23.29–32

pure penalty clauses 23.29, 23.32

termination clauses in unspecified contracts 23.12–14

utility contracts 23.22

netting see set-off or netting

New Zealand 1.16

concluding remarks 28.44

insolvency procedures 28.01

creditors’ compromise 28.10–12

liquidation 28.07–9

receivership 28.02–4

scheme of arrangement 28.13–14

statutory management 28.15

voluntary administration 28.05–6

ipso facto clauses 28.17, 28.24, 28.29, 28.36, 28.37, 28.42–3, 28.44

reforms 28.41–3

treatment of ECs 28.16–17, 28.44

creditors’ compromises 28.34–7

employment contracts 28.19, 28.20, 28.27

essential services 28.22, 28.26, 28.32, 28.38

ipso facto clauses 28.17, 28.24, 28.29, 28.36, 28.37, 28.42–3, 28.44

leases 28.19, 28.21, 28.25, 28.32–3

liquidation 28.29–33

netting or set-off 28.28, 28.31, 28.38, 28.40

onerous property 28.30

receivership 28.18–22

schemes of arrangement 28.34–7

statutory management 28.38–40

voluntary administration 28.23–8

Nordic countries 1.56–7, 17.62 see also individual countries

Norway 11.36, 17.62, 22.54

One.tel 1.36, 1.41, 25.39, 25.40

option on futures contracts

Italy 15.89

out-of-court solutions

Albania 2.26–8

Australia 25.05, 25.16

Austria 4.02, 4.09–11, 4.46, 4.48–9

Brazil 5.04–5

Bulgaria 6.48–51

Canada 31.11

Chile 7.14–15

Croatia 9.10

Cyprus 32.48

Denmark 10.09–12

Finland 11.11

France 12.12–14, 12.16

Germany 13.05

Greece 14.05, 14.06, 14.12, 14.45

Japan 16.10

Lithuania 17.13–16, 17.22–3

Russia 19.06–7, 19.49

Slovenia 20.20–21

Spain 21.09–11, 21.46

Switzerland 22.21

Turkey 24.01

United States 30.01, 30.24–5

Panama 1.15

insolvency procedures 18.32

effect 18.35–6

objective 18.33

trigger 18.34

introduction 18.01–9

arbitration clauses 18.22–3

cross-border insolvency 18.26–31

insolvency courts 18.21–5

rationale 18.10–14

reorganization 18.15–20, 18.32, 18.56

reforms and concluding remarks 18.55–8

treatment of ECs 18.37–9, 18.56

contrato de fideicomiso (trust) 18.51

cross-border insolvency 18.54

employment contracts 18.47–8

financial contracts 18.53

property lease contracts 18.46

proteccion financiera concursal 18.43–4

public procurement contracts 18.52

reorganization 18.40–42

retention of title 18.49

service and utility contracts 18.50

par conditio creditorum see equal treatment of creditors/par conditio creditorum/pari passu/paritas creditorum

partnership agreements

Turkey 24.39

patents

Japan 16.24

United States 30.33

penalty clauses

Bangladesh 26.37

Bulgaria 6.82, 6.83

Croatia 9.87

France 12.44

Japan 16.42

Netherlands 23.25–6, 23.29–32

Slovenia 20.41

Spain 21.40–41

Switzerland 22.47

pension contracts

China 8.31

Croatia 9.64–5

England and Wales 27.54

France 12.37

personal services, contracts for 1.43, 1.53

Finland 11.15

United States 30.41

polluter pays principle

England and Wales 27.38

power of attorney

Brazil 5.78

Croatia 9.67–71

preferential transfers

Argentina 3.19

Brazil 5.46–9

Chile 7.14

Cyprus 32.36

India 33.23

United States 30.12

pro rata basis

Bangladesh 26.29

China 8.48

Croatia 9.22, 9.34, 9.39, 9.46, 9.61

Switzerland 22.18, 22.26, 22.32, 22.33, 22.41, 22.42, 22.47

public contracts

Albania 2.66, 2.67

Croatia 9.32

England and Wales 27.25

Greece 14.20

Italy 15.112

Panama 18.52

Spain 21.42

ranking of creditors

Albania 2.23–5, 2.53–5

Brazil 5.50

China 8.09, 8.48, 8.50

Croatia 9.34, 9.61

Cyprus 32.19

Japan 16.13

Lithuania 17.39–44, 17.52–4

Russia 19.40

Slovenia 20.23

real estate 1.13

Albania

Leases 2.41

Argentina

leases 3.45, 3.61–5, 3.75

preliminary contracts for purchase 3.40–43

Australia

leases 25.22, 25.28, 25.32

Brazil

developing and construction companies 5.76

leases 5.15, 5.77

Canada

leases 31.15, 31.19, 31.20, 31.25

Croatia 9.74

lease and rental contracts 9.55–8

security right: predbilježba 9.49, 9.51

Cyprus

leases 32.37

Denmark

land register 10.42

leases 10.23, 10.40

England and Wales

building contracts 27.55, 27.89

contract of sale 27.44

leases 27.27–9, 27.67–8

Finland

leases 11.22, 11.25

sale with retention of title 11.24

France

leases 12.64

Germany

building contracts 13.53–7, 13.75

leases 13.40, 13.45

Italy

to be built 15.30, 15.45–50

Japan

construction contracts 16.30–32

leases 16.22, 16.42

Lithuania

construction contracts 17.33–4

leases 17.66

Netherlands

leases 23.09, 23.18

New Zealand

leases 28.19, 28.21, 28.25, 28.32–3

Panama

leases 18.46

Russia 19.38

building contracts 19.44

Scotland 27.40

South Africa 34.23–31

leases 34.32–4

Spain

leases 21.33

United States

restrictive covenants 30.53

religion

sharia law 35.07, 35.44

retention of title

Albania 2.36

Australia 25.09

Bangladesh 26.27

Brazil 5.73

Croatia 9.49, 9.50

England and Wales 27.45, 27.47

Finland 11.23, 11.24

Greece 14.18, 14.26

Italy 15.30, 15.44, 15.58–63

Japan 16.25, 16.37, 16.39

Lithuania 17.66

Panama 18.49

Singapore 29.36–8

Switzerland 22.46

rule-based comparative analysis 1.05

Russia 1.47, 19.01

concluding remarks 19.55–6

insolvency procedures 19.02–7, 19.48

comprehensive agreement 19.02, 19.18, 19.49

economic recovery 19.02, 19.03, 19.14–15, 19.25

external control (external administration) 19.02, 19.03, 19.16–17, 19.26

liquidation 19.02, 19.03, 19.19–21, 19.27, 19.49

observation control 19.02, 19.08–13, 19.23

out-of-court proceedings 19.06–7, 19.49

ipso facto clauses 1.40

reforms 19.46–54

treatment of ECs 19.22–7, 19.46–7, 19.50–56

performance of 19.37–45

rejection by administrator 19.28–36

Scotland 27.40

set-off or netting

Australia 25.24

Bangladesh 26.34, 26.43

Brazil 5.68–9, 5.75, 5.79, 5.92–3, 5.94, 5.97

Bulgaria 6.66–7

Canada 31.19

close-out and netting see separate entry

Croatia 9.47, 9.91

England and Wales 27.78, 27.89

Finland 11.32

Germany 13.65

Greece 14.18, 14.26

Japan 16.50

Lithuania 17.25, 17.46

Netherlands 23.31

New Zealand 28.28, 28.31, 28.38, 28.40

Russia 19.11, 19.25

Singapore 29.39

Slovenia 20.22, 20.26, 20.35, 20.36, 20.39, 20.47

Spain 21.38

Switzerland 22.38, 22.46

Turkey 24.34

UAE 35.22, 35.23

insolvency set-off and close-out netting 35.36–8

sharia law 35.07, 35.44

ship register

Croatia

security right: predbilježba 9.51

shipowners, association of

Turkey 24.39

ships: mortgage of merchant shipping vessels

Bangladesh 26.40

Singapore 1.16, 1.21, 22.54, 29.01–3

concluding remarks 29.68–73

insolvency framework and recent reforms 29.04–14

Companies (Amendment) Act 2017 29.15–21

judicial management 29.10–13, 29.14, 29.19–21

legal transplant 29.08

receivership 29.08

Scheme of Agreement 29.09

schemes of arrangement 29.14, 29.18

winding-up 29.07

ipso facto clauses 1.33, 1.35, 29.03, 29.12, 29.40–51, 29.71–2

treatment of ECs 29.22–3

anticipatory breach 29.03, 29.51–67, 29.72

chattel agreements 29.36–8

disclaimer 29.24–32

employment contracts 29.33–5

ipso facto clauses 1.33, 1.35, 29.03, 29.12, 29.40–51, 29.71–2

judicial management 29.31–2, 29.45

liquidation 29.24–30, 29.33, 29.37

onerous property 29.24–30, 29.32

scheme of arrangement 29.45

set-off and netting 29.39

special contracts 29.33–9

STX Mumbai case 29.03, 29.52–65, 29.72

unprofitable contracts 29.24, 29.25, 29.28, 29.29, 29.69, 29.70

Slovenia 1.14, 20.01–8

concluding remarks 20.48–9

corporate bankruptcy proceedings 20.01, 20.09–11

compulsory settlement proceedings 20.12–16, 20.21, 20.44, 20.45, 20.46, 20.48

out-of-court restructuring 20.20–21

preventive restructuring proceedings 20.01, 20.17–19, 20.21, 20.45

reforms 20.41–7

treatment of ECs 20.47, 20.49

by Insolvency Act 20.24–39

compulsory settlement 20.36–9

contract terms agreed in solvent times 20.40–41

general regime 20.22–3

South Africa 1.21, 34.01–5

concluding remarks 34.45–8

legal framework 34.06–8

reforms, lack of 34.43–4

treatment of ECs 34.09–10, 34.42–3, 34.44, 34.45–8

common law approach 34.11–21

credit agreements 34.35–7

employment contracts 34.40–41

immovable properties 34.23–31

ipso facto clauses 34.12, 34.14

lease agreements 34.32–4

market participation and master agreements 34.38–9

statutory provisions 34.22–41

uncompleted contracts 34.09

Spain 1.13, 15.120

concluding remarks 21.66–8

insolvency procedures 21.01–2

hybrid pre-insolvency proceedings 21.01, 21.12, 21.16, 21.48–56, 21.61–3, 21.68

out-of-court workouts 21.09–11, 21.46

requirements and rules 21.03–8

ipso facto clauses 1.43, 21.35–7

reforms 21.47–56

ECs 21.57–65

Insolvency Act 2003 21.45–6

treatment of ECs 21.13–15, 21.57–65, 21.66–8

contractual clauses agreed in solvent times 21.35–41

cross-default clauses 21.39

employment contracts 21.43–4

fulfilment in best interests of insolvent estate 21.23–4, 21.31

general rule 21.16–18

ipso facto clauses 1.43, 21.35–7

penalty provisions 21.40–41

public sector contracts 21.42

rehabilitation of some specific contracts 21.32–4

set-offs 21.38

special rules 21.42–4

termination in best interests of insolvent estate 21.23–30

termination due to breach of contract 21.19–22

top management contracts 21.44

specific performance

Albania 2.36

Bulgaria 6.51

England and Wales 27.44, 27.45

Netherlands 23.08, 23.09, 23.10, 23.11, 23.29

Russia 19.13, 19.44

South Africa 34.21, 34.23

Turkey 24.43

stock market forward contracts

Italy 15.86–9

swap contracts

China 8.59

Croatia 9.84

Italy 15.89

Spain 21.36

Switzerland 22.37

Sweden 11.36, 11.39, 17.62

Switzerland 1.14

concluding remarks 22.56–9

insolvency procedures 22.01

composition agreement 22.06–18, 22.23

evaluation 22.21–3

liquidation 22.02–5, 22.10, 22.22, 22.23, 22.41

stay 22.19–20, 22.55

ipso facto clauses 22.39, 22.44, 22.45, 22.46, 22.48, 22.59

reforms 22.56–9

current reform on Law of Obligations 22.55

SchKG 1994 22.48–50

SchKG 2014 22.51–4

treatment of ECs 22.59

administrator’s right to decide 22.24–5, 22.30–40

composition procedure 22.41–2, 22.53, 22.54

contractual clauses agreed in solvent times 22.43–7

effects of insolvency proceedings 22.26–9

employment contracts 22.32, 22.45

financial contracts 22.37–40, 22.47, 22.49, 22.56

ipso facto clauses 22.39, 22.44, 22.45, 22.46, 22.48, 22.59

leases 22.32, 22.45

liquidation 22.30–40

penalties 22.47

retention of title 22.46

set-off 22.38, 22.49

transfer of business undertakings

England and Wales 27.71–6

trusts

England and Wales 27.46

Turkey 1.14, 1.21

concluding remarks 24.60–61

insolvency procedures 24.01, 24.60

insolvency liquidation 24.29–34

liquidation: composition with creditors 24.26–8

ordinary composition 24.02–7

post-insolvency composition 24.08–9

postponement 24.10–18, 24.52–9

restructuring 24.19–25

ipso facto clauses 1.40, 1.42, 24.48–50, 24.61

reforms 24.51–9

treatment of ECs 24.61

employment contracts 24.44–7

ipso facto clauses 1.40, 1.42, 24.48–50, 24.61

liquidation 24.39

other agreements and general approach 24.40–47

restructuring 24.35–8, 24.61

UNCITRAL 2.85

Legislative Guide on Insolvency Law 20.41, 22.54, 22.58, 26.28, 26.44

Austria 4.15, 4.20–21, 4.30–31

Singapore 29.23, 29.70, 29.71

Model Law on Cross-Border Insolvency 5.10, 5.11, 11.36, 12.78, 15.119, 16.06, 17.63

New Zealand 28.41

Panama 18.06, 18.27–8, 18.29, 18.30

Singapore 29.21, 29.68

unilateral contracts

Brazil 5.55

Russia 19.34

Singapore 29.55

United Arab Emirates (UAE) 35.01–3

available procedures and treatment of ECs 35.03, 35.09

close-out netting 35.16–17

liquidation 35.13–15

shortcomings of DIFC 35.18–23

voluntary arrangement (restructuring) 35.10–12

insolvency law 35.04–8

ipso facto clauses 1.43, 35.01, 35.17, 35.31, 35.33, 35.35, 35.39–43, 35.44, 35.46

reforms 35.24–8

insolvency set-off and close-out netting 35.36–8

ipso facto clauses 1.43, 35.01, 35.17, 35.31, 35.33, 35.35, 35.39–43, 35.44, 35.46

liquidation 35.29, 35.34–5

new insolvency legislation 35.29–35

protective composition 35.29, 35.30–31

restructuring 35.29, 35.32–3

sharia law 35.07, 35.44

three jurisdictions 35.02

United Kingdom 1.21, 29.04, 29.05, 29.10, 29.31

anti-assignment clauses 1.52

Brexit 4.46, 27.79, 27.93, 27.94, 27.105

England and Wales see separate entry

Scotland 27.40

value extraction 1.59–60

United States 1.10–11, 1.21, 25.46

adversarial legalism 1.18

automatic stay 4.15, 30.10, 30.19, 30.40

comparison with Japanese law 16.11, 16.12

concluding remarks 30.62

functional test 1.10, 1.11, 30.29, 30.31, 30.54, 30.57

influence on law in other countries 11.42, 12.09, 12.61, 16.09, 22.39, 22.54, 22.58, 27.103, 29.18, 29.68, 35.20, 35.43

insolvency procedures 30.01–4

chapter 7 procedure 30.03, 30.05–12, 30.22

chapter 11 procedure 30.03, 30.13–21, 30.23

out of court agreements vs 30.01, 30.22–5

ipso facto clauses 1.43, 29.41, 29.44, 29.48, 29.71, 30.40, 35.41

material breach/Countryman test 1.10, 1.11, 30.29, 30.30, 30.53–61

reform proposals 30.52–61

treatment of ECs 30.26–39

assignment 1.45, 1.53–5, 30.41, 30.51

assumption 30.41–9, 30.62

critical vendor doctrine 4.22

ipso facto clauses 1.43, 29.41, 29.44, 29.48, 29.71, 30.40, 35.41

pre-petition claims 4.21–2

rejection 30.41–6, 30.51, 30.62

utility contracts

Bangladesh 26.27

Croatia 9.66

Denmark 10.30

England and Wales 27.57–9, 27.96

Finland 11.14, 11.19

France 12.32

Germany 13.57, 13.63–71

Italy 15.64

Japan 16.28

Lithuania 17.33–4

Netherlands 23.22

New Zealand 28.22, 28.26, 28.32, 28.38

Panama 18.50

Switzerland 22.59

UNCITRAL 4.20

value extraction 1.59–60

Albania 2.71

waste management licenses

England and Wales 27.38

World Bank 2.88, 3.88, 6.92, 9.93, 14.39, 17.58, 26.44, 27.93, 35.11, 35.12, 35.25, 35.26

Doing Business Report

Bangladesh 26.44

England and Wales 27.93

France 12.77

Greece 14.39–40

Slovenia 20.49

United Arab Emirates 35.26

United Arab Emirates 35.26

Dubai International Financial Centre (DIFC) 35.11–12