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The Legal Case for Debt Repudiation

Chris Jochnick

in Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis

This chapter briefly describes the tremendous social and economic costs of overindebtedness and the role of Northern creditors and governments in solving debt problems. It then sets forth legal ... More

This chapter briefly describes the tremendous social and economic costs of overindebtedness and the role of Northern creditors and governments in solving debt problems. It then sets forth legal reasons for the need for debt repudiation and/or relief: (1) the heightened level of responsibility of creditors and Northern governments; (2) violations of human rights, and (3) the illegitimacy of debt. These arguments are based on well-established principles of domestic and international law that are applicable to domestic proceedings and relevant to a future international insolvency mechanism. The arguments serve to challenge popular or political understandings of the legal sanctity of debt, thereby creating space and support for more ambitious solutions to debt crises.Less

Cross-Border Transaction Avoidance

Rebecca Parry

in Transaction Avoidance in Insolvencies

Significant differences in format and underlying policies may be noted in transaction avoidance provisions worldwide; indeed varying avoidance provisions are only one aspect of the lack of ... More

Significant differences in format and underlying policies may be noted in transaction avoidance provisions worldwide; indeed varying avoidance provisions are only one aspect of the lack of uniformity in the world’s insolvency laws. These differences may assume great practical importance in the insolvencies of companies or individuals with dealings in more than one country. The insolvency laws of more than one jurisdiction may be invoked: for example, a company may be wound up in more than one country, or enter into concurrent rescue procedures, such as a British administration procedure and a US Chapter 11 procedure. In addition, litigation arising out of the insolvency proceedings may be pursued in more than one country. Recourse to the laws of an overseas jurisdiction may occasionally be had where the laws of the country in which the winding up is being conducted are inadequate to deal with the issues that have arisen. Less

Insolvency Law

Hiroshi Oda

in Japanese Law

This chapter discusses Japanese insolvency law. Topics covered include basic laws, bankruptcy procedure, civil rehabilitation procedure, corporate reorganization procedure, and international ... More

This chapter discusses Japanese insolvency law. Topics covered include basic laws, bankruptcy procedure, civil rehabilitation procedure, corporate reorganization procedure, and international insolvency law.Less

Corporate Group Restructuring Finance Global Law Reform

Gregor Baer

in Financing Company Group Restructurings

The material contained herein is intended as a general guide only and is not intended to be a memorandum of law study, nor to provide legal advice, and should not be treated as a substitute for ... More

The material contained herein is intended as a general guide only and is not intended to be a memorandum of law study, nor to provide legal advice, and should not be treated as a substitute for legal advice concerning particular situations. Legal advice should always be sought before taking any action based on the information provided. The publishers, editors, and author bear no responsibility for any errors or omissions contained therein. Provisions of UNCITRAL and World Bank texts quoted or summarized in this chapter are provided courtesy of the United Nations Commission on International Trade Law and the World Bank, the respective copyright owners. Less

Insolvency Law

Hiroshi Oda

in Japanese Law

The Law on Civil Rehabilitation was newly enacted. For international insolvency, another law was enacted reflecting the UNCITRAL Model Law.

A Sovereign Debt Arbitral Mechanism from a Human Rights Perspective

Ilias Bantekas

in Sovereign Debt and Human Rights

From time to time, States experience difficulty in servicing their debts. This necessitates changes to the repayment terms of repayment on at least some of their debt—either that the terms are made ... More

From time to time, States experience difficulty in servicing their debts. This necessitates changes to the repayment terms of repayment on at least some of their debt—either that the terms are made flexible or the debt or part of it be cancelled. Importantly, there is a recognised need for debt repayment problems and debt-related disputes to be resolved through an independent and impartial process. This chapter discusses efforts to create an international sovereign debt restructuring mechanism which is not only independent of both lenders and borrowers but also seeks to ensure that States that are struggling with debt repayment can achieve economic viability and growth and restore their capacity to service their external debts without compromising the fulfilment of their international human rights obligations. Particular attention will be paid to the UN Basic Principles on Sovereign Debt Restructuring and their implications for the future of sovereign debt restructuring.Less