If both the bankrupt and the other party under an executory contract have not yet completely performed their obligations by the time of the commencement of bankruptcy proceedings, a bankruptcy trustee may cancel the contract or may perform the bankrupt's obligation and request the other party to perform their obligation.
In the case referred to in the preceding paragraph, the counterparty may specify a reasonable period and make a demand on the bankruptcy trustee that the trustee should give a definite answer within that period with regard to whether they will cancel the contract or request performance of the obligation. In this case, if the bankruptcy trustee fails to give a definite answer within that period, it is deemed that the trustee has cancelled the contract.
The provisions of the preceding paragraph apply mutatis mutandis if the counterparty or a bankruptcy trustee may give a notice of termination pursuant to the provisions of the first sentence of Article 631 of the Civil Code or cancel the contract pursuant to the first sentence of Article 642, paragraph (1) of that Code.
前項の規定は、相手方又は破産管財人が民法第六百三十一条前段の規定により解約の申入れをすることができる場合又は同法第六百四十二条第一項前段の規定により契約の解除をすることができる場合について準用する。
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