Swap contracts – Unforeseen circumstances

The Portuguese Supreme Court, on the basis of the doctrine of  unforeseen circumstances, created by the financial crisis, has blessed the termination of the contract.
In Belgian law we wonder whether the same solution would apply. First, the doctrine of unforeseen circumstances is not yet explicitly recognised, even if the recent decisions of the High Court go in this direction. Secondly, a swap contract could be considered as an aleatory contract and the case law would be reluctant to apply the doctrine of unforeseen circumstances to this kind of contracts.

Download here the article of Denis Philippe