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Author: Kei Nakajima Publisher: Cambridge University Press ISBN: 1009250035 Category : Law Languages : en Pages : 381
Book Description
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
Author: Kei Nakajima Publisher: Cambridge University Press ISBN: 1009250035 Category : Law Languages : en Pages : 381
Book Description
The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.
Author: Calliope Makedon Sudborough Publisher: Springer Nature ISBN: 3031467876 Category : Law Languages : en Pages : 188
Book Description
This book provides a fresh perspective on resolving sovereign debt disputes within the investor-state mediation framework. In response to the limitations of traditional approaches to adjudicating public debt issues and the resulting gaps in international law concerning sovereign defaults, creditors have increasingly turned to investor-state treaty arbitrations to recover unpaid debts. However, this shift has raised numerous criticisms and concerns. Accordingly, this book explores the uncharted territory of utilizing mediation as a means to settle sovereign debt claims. It sheds light on the distinctive characteristics of mediation as a process, setting it apart from judicial litigation and private arbitration, and emphasizing the unique outcomes it can generate. The central argument of this book is that mediation should be seriously considered as a viable option for resolving sovereign debt disputes. Not only does it offer a more cost-effective and expeditious approach, but it also has the potential to facilitate economic recovery and sustain continued investment.
Author: Michael Waibel Publisher: Cambridge University Press ISBN: 1139496131 Category : Law Languages : en Pages : 429
Book Description
International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults.
Author: Burkhard Hess Publisher: BRILL ISBN: 9004384901 Category : Law Languages : en Pages : 336
Book Description
This course addresses dispute resolution in international cases from the classical perspective of the private-public divide. The main focus relates to overlapping remedies available under private international and public international law. Nowadays, a multitude of courts and arbitral tribunals at different levels (domestic, international and transnational) is accessible to litigants in cross-border settings.
Author: Carlos Espósito Publisher: OUP Oxford ISBN: 0191656119 Category : Law Languages : en Pages : 1681
Book Description
The regulation of sovereign financing is a highly topical and significant issue, in the light of continuing global financial turmoil. This book assesses the role of international law in sovereign financing, addressing this issue from both legal and economic standpoints. It takes as a starting point the recent report 'Principles on Responsible Sovereign Lending and Borrowing' by the United Nations Conference on Trade and Development (UNCTAD). This report was endorsed by the United Nations General Assembly in its December 2011 Resolution on Debt, which emphasized the need for creditors and debtors to share responsibility for preventing unsustainable debt situations and encouraged all stakeholders to pursue the ongoing discussions within the framework of the UNCTAD Initiative. Investigating the legal and economic basis for the principles which were articulated in the report, the book develops a detailed and nuanced analysis of the controversial and complex issues they raise, including those concerning finance and credit rating agencies, contingent liabilities, debt management, corruption, fiduciary relations and duties, Collective Action Clauses, and the role of the EU and UN. Ultimately, it argues that the principles elaborated in the report correspond with general principles of international law, which provide a strong, pre-existing foundation upon which to build responsible principles for sovereign financing.
Author: Michael Waibel (Lawyer) Publisher: ISBN: 9781139075589 Category : Arbitration (International law) Languages : en Pages : 366
Book Description
"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and transform the current regime for restructuring sovereign debt. Michael Waibel assesses how international tribunals balance creditor claims and sovereign capacity to pay across time. The history of adjudicating sovereign defaults internationally over the last 150 years offers a rich repository of experience for future cases: US state defaults, quasi-receiverships in the Dominican Republic and Ottoman Empire, the Venezuela Preferential Case, the Soviet repudiation in 1917, the League of Nations, the World War Foreign Debt Commission, Germany's 30-year restructuring after 1918 and ICSID arbitration on Argentina's default in 2001. The remarkable continuity in international practice and jurisprudence suggests avenues for building durable institutions capable of resolving future sovereign defaults"--
Author: MaryEllen O'Connell Publisher: Routledge ISBN: 1351562487 Category : History Languages : en Pages : 552
Book Description
The very purpose of international law is the peaceful settlement of international disputes. Over centuries, states and more recently, organizations have created substantive rules and principles, as well as affiliated procedures, in the pursuit of the peaceful settlement of disputes. This volume of the Library of Essays in International Law focuses on the classic procedures of peaceful settlement: negotiation, good offices, inquiry, conciliation, arbitration, judicial settlement, and agencies for dispute resolution. The introduction provides a unique historic overview, explaining how the procedures first developed and changed over time. Each chapter features a seminal essay that helped create the changes described in the introduction. Being at the center of international law, dispute resolution has always been a core topic of international scholarship, this volume brings together for the first time, the pivotal writing in the field.
Author: Tomas D. Rodriguez Correa (LL.M. int. Heidelberg Universität) Publisher: ISBN: Category : Languages : en Pages : 31
Book Description
This article is part of the master thesis “Dispute Settlement after Sovereign Debt Defaults: A Forum Menu for Holdout Creditors”. The article analyses issues that holdout creditors should take into account when initiating arbitral proceedings before an international investment tribunal, particularly under the International Centre for Settlement of Investment Disputes rules. The article also analyses aspects of financial law, mainly by examining hypothetical situations where treaty shopping can be executed through International Central Securities Depositories such as Euroclear and Clearstream. The article provides an objective analysis of the main pros and cons of resolving sovereign debt disputes before investment tribunals. Finally, the article demonstrates that bondholders who have acquired their bonds in the secondary market should not go before ICSID looking for full enforcement of sovereign bonds' terms, as the compensation awarded might be considerably limited, having regard only to the bonds' market value.
Author: Jeff King Publisher: Cambridge University Press ISBN: 1107128013 Category : Business & Economics Languages : en Pages : 249
Book Description
This book outlines how odious debts are not legally binding under international or domestic law, contrary to widely held legal opinion.
Author: Kei Nakajima
Author: Kei Nakajima
Author: Calliope Makedon Sudborough
Author: Michael Waibel
Author: Burkhard Hess
Author: Kei Nakajima
Author: Carlos Espósito
Author: Michael Waibel (Lawyer)
Author: MaryEllen O'Connell
Author: Tomas D. Rodriguez Correa (LL.M. int. Heidelberg Universität)
Author: Jeff King