Bankruptcy Proceedings for Sovereign State Insolvency

Bankruptcy Proceedings for Sovereign State Insolvency
Author: Jonathan Thomas
Publisher:
Total Pages: 0
Release: 2004
Genre:
ISBN:

This paper examines the main issues involved in translating domestic bankruptcy procedures to the sovereign context. It considers some of the principles by which domestic bankruptcy procedures operate, and the extent to which they apply to international lending. Two recent proposals are considered in more detail, that of Krueger (A New Approach to Sovereign Debt Restructuring) and that of Pettifor (ch. 9/11, Resolving International Debt Crises - the Jubilee Framework for International Insolvency). The paper also considers the question of the ex ante effects of a procedure which makes default less costly, and concludes that despite a negative impact on the ability to borrow, the overall welfare effect need not be negative.

The Law of International Insolvencies and Debt Restructurings

The Law of International Insolvencies and Debt Restructurings
Author: James R. Silkenat (jurist.)
Publisher:
Total Pages: 744
Release: 2006
Genre: Business & Economics
ISBN:

During the past several years, there have been an unprecedented number of insolvencies and restructurings of multinational corporations, both inside and outside of traditional bankruptcy proceedings. The Law of International Insolvencies and Debt Restructurings is the first treatise to analyze the newly created doctrines of law and procedure that have developed as insolvencies and restructurings have become increasingly international in character and now frequently involve the laws of numerous jurisdictions. Leading attorneys address developments in bankruptcy and insolvency laws in the countries that have become the focal points for legal proceedings, including the United States, Mexico, England, Spain, Italy, Argentina, Brazil, China, France, Japan, and Canada. Essential topics in the law of international restructuring and insolvency are also explored in depth, including national legislation and procedures, treaties and cooperation agreements, sovereign debt litigation, and inter-creditor relationships. Coverage includes: - Methods of restructuring multinational corporate and sovereign debt - Judicial bankruptcy proceedings - Rights of creditors - Jurisdiction and venue - European Council Regulations - Choice of Law - Dispute resolution - Access by foreign parties to U.S. bankruptcy courts

Asian Insolvency Systems: Closing the Implementation Gap

Asian Insolvency Systems: Closing the Implementation Gap
Author: OECD
Publisher: OECD Publishing
Total Pages: 284
Release: 2007-11-26
Genre:
ISBN: 9264038337

A conference proceedings that provides a regional and country perspective on Asian insolvency reform, including individual Asian country reports, and reports on broader international trends and developements.

Bankruptcy Procedures for Sovereigns

Bankruptcy Procedures for Sovereigns
Author: Kenneth Rogoff
Publisher: International Monetary Fund
Total Pages: 50
Release: 2002-08
Genre: Business & Economics
ISBN:

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovereign Debt-Restructuring Mechanism," with brief reference to the economics literature on sovereign debt. We describe the perceived inefficiencies that motivate proposals, and how proposals seek to change debtor and creditor incentives. We find that there has been a moving concensus on what constitutes the underlying problem, but not on how to fix it. The range of proposed approaches remains broad and only recently shows some signs of narrowing.

Sovereign Insolvency - An Essay on State Bankruptcy

Sovereign Insolvency - An Essay on State Bankruptcy
Author: Jukka Kilpi
Publisher: Kapaibooks
Total Pages: 39
Release: 2020-11-24
Genre: Business & Economics
ISBN: 9526960009

Sovereign Insolvency examines the ethical issues that arise from state bankruptcy. Are states bound by any moral obligation to pay their debts and how sovereign insolvencies should be treated? Now we are seeing an unprecedented piling up of sovereign debt and issuing of electronic money by central banks. To be exact, the scale of public debt is not entirely unprecedented. Individual states have been more heavily indebted, and their central banks have financed the deficits even more liberally than what is going on now on a global scale. However, we have never before seen a pandemic of growing public debt funded by central banks. In the case of an individual state establishing its fiscal policy on the central bank’s note printing the historical outcome has been pretty straightforward: economic unrest and instability, often state bankruptcy. Will history repeat itself on a global scale? What are the ethical implications of state bankruptcy?