The effects of the termination of a purchase agreement in the insolvency proceedings

Abstract

When a purchase agreement (not fully performed by either party upon the opening of insolvency proceedings) is terminated by the solvent buyer, and the termination is based on the breach of said agreement by the insolvent seller, then the buyer's right to restitution will be a claim against the estate, regardless of whether the breach occurred before oder after the opening of insolvency proceedings. However, had the buyer's claim been notified as an insolvency claim, this qualification shall remain.