Debtors Default - Consequences

  • Options of the creditor

    • Creditor can continue to demand performance (enforceable claim exists)

    • Withdrawal after setting and expiry of a reasonable grace period. Contract is voided.

  • Interest for late payment/fulfillment

- Assumed if not proven otherwise by the debtor

- Compensation for damages caused by default

- Option Fulfillment: Damage caused by delay

- Option withdrawal: interest in performance (financial benefit from the contract)