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Bankruptcy Procedures For Sovereigns
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Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Mr.Kenneth Rogoff
Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-03-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
Book Synopsis Bankruptcy Procedures for Sovereigns by : Kenneth Rogoff
Download or read book Bankruptcy Procedures for Sovereigns written by Kenneth Rogoff and published by International Monetary Fund. This book was released on 2002-08 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Toward a Statutory Approach to Sovereign Debt Restructuring by : Mr.Patrick Bolton
Download or read book Toward a Statutory Approach to Sovereign Debt Restructuring written by Mr.Patrick Bolton and published by International Monetary Fund. This book was released on 2003-01-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to prevent a costly run for the assets, broad enforcement of absolute priority, majority voting among creditors on the proposed reorganization plan, and new higher priority financing to keep the firm going while its liabilities are restructured. The paper argues that these components ought to be present in any sovereign debt restructuring procedure.
Book Synopsis Crisis? What Crisis? Orderly Workouts for Sovereign Debtors by : Barry J. Eichengreen
Download or read book Crisis? What Crisis? Orderly Workouts for Sovereign Debtors written by Barry J. Eichengreen and published by . This book was released on 1995 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collected the research papers examining whether there are lessons to be learned from the debt-restructuring experience of the 1980s and earlier periods, which could point the way towards a more orderly approach to the resolution of future sovereign debt crises and command a measure of international agreement.
Book Synopsis Bankruptcy Procedures for Sovereign Debtors by :
Download or read book Bankruptcy Procedures for Sovereign Debtors written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea of bankruptcy for insolvent sovereign borrowers has been under discussion for a long time, yet has never been implemented. This paper presents various proposed solutions to apply bankruptcy reorganization principles to sovereign debt crises. The current international framework is inadequate and lacks the efficiency of a working bankruptcy system. This paper analyses the case for an international institutional arrangement to deal with sovereign debt problems considering underlying problems in sovereign credit markets. It finds that certain well-designed sovereign bankruptcy procedures may be one step toward a better international institutional arrangement. However, in order to have any chance to be successful these procedures need to be complemented by a broad set of (international) policy measures in other areas.
Book Synopsis Bankruptcy Proceedings for Sovereign State Insolvency by : Jonathan Thomas
Download or read book Bankruptcy Proceedings for Sovereign State Insolvency written by Jonathan Thomas and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A Bankruptcy Procedure for Sovereign Debtors? by : Hal S. Scott
Download or read book A Bankruptcy Procedure for Sovereign Debtors? written by Hal S. Scott and published by . This book was released on 2003 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores whether a more formal bankruptcy procedure, the quot;Sovereign Debt Restructuring Mechanismquot; (SDRM) as proposed by the IMF, or in some modified form, is needed to deal with sovereign debt problems. The key consequences of the invocation of such a procedure would be a standstill on creditors' collections of principal and interest, a stay on creditors' attachments or foreclosures on assets, and new money priority for any funds lent to a sovereign during the duration of the procedure. Negotiations would ensue between the sovereign and the creditors over the terms of restructuring, with super-majority voting on acceptance of any restructuring plan. Once accepted, creditors could not holdout by asking courts to enforce the original terms of their debt instruments. The article also explores whether more widespread use of collective action clauses (CACs) in sovereign bonds would be an alternative to SDRM.The article proposes that credible restraints be placed on IMF and official lending since without such constraints sovereigns will not have sufficient incentives to restructure. It further proposes that the G-7 efforts to encourage CACs be abandoned since they will not be adopted and cannot solve the restructuring problem. It then recommends a modified SDRM that is more creditor friendly. The modifications would require: (1) the development of a benchmark on debt valuation to insure creditors receive fair value in a reorganization; (2) the inclusion of all debt, except secured debt, in the process - specifically multilateral, official and domestic debt - to eliminate debt discrimination; (3) the use of cramdown; and (4) minimization of the role of the IMF.
Book Synopsis Sovereign Debt Restructuring by : Netanella Tani Zahavi
Download or read book Sovereign Debt Restructuring written by Netanella Tani Zahavi and published by . This book was released on 2005 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Design of the Sovereign Debt Restructuring Mechanism - Further Considerations by : International Monetary Fund. Legal Dept.
Download or read book The Design of the Sovereign Debt Restructuring Mechanism - Further Considerations written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2002-11-27 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Early Ideas on Sovereign Bankruptcy Reorganization by : Kenneth Rogoff
Download or read book Early Ideas on Sovereign Bankruptcy Reorganization written by Kenneth Rogoff and published by . This book was released on 2006 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief reference to the formal economics literature on sovereign debt. Beginning with a paper by Oechsli (1981), several key contributions are made during this period, including the analogy with domestic bankruptcy procedures, an understanding of the inefficiencies in international lending that might justify such procedures, and specific institutional and legal suggestions that continue to play a role in the current debate.
Book Synopsis A 'Bankruptcy' Procedure for Sovereign States by : Marcus Miller
Download or read book A 'Bankruptcy' Procedure for Sovereign States written by Marcus Miller and published by . This book was released on 1997 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bankruptcy Procedures for Sovereign Debtors by : Arttu Makipaa
Download or read book Bankruptcy Procedures for Sovereign Debtors written by Arttu Makipaa and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Debt Restructuring Mechanism for Sovereigns by : Christoph G. Paulus
Download or read book A Debt Restructuring Mechanism for Sovereigns written by Christoph G. Paulus and published by Nomos Verlagsgesellschaft. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Conference held at the Humboldt-Universiteat, Berlin, January 2012" --Page [iii].
Book Synopsis The Law of International Insolvencies and Debt Restructurings by : James R. Silkenat (jurist.)
Download or read book The Law of International Insolvencies and Debt Restructurings written by James R. Silkenat (jurist.) and published by . This book was released on 2006 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Sovereign Debt Restructuring and the Law by : Sebastian Grund
Download or read book Sovereign Debt Restructuring and the Law written by Sebastian Grund and published by Taylor & Francis. This book was released on 2022-12-30 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Book Synopsis Strategies for Creditors in Bankruptcy Proceedings by : Lynn M. LoPucki
Download or read book Strategies for Creditors in Bankruptcy Proceedings written by Lynn M. LoPucki and published by Aspen Publishers. This book was released on 1997 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This invaluable storehouse of tactical guidance has earned unanimous praise for its practical, expert advice on securing your client's rights and achieving the best possible outcome from the bankruptcy process. Attorneys who are faced with perplexing developments in a case or are trying to plan ahead and anticipate new developments in a case -- can turn with confidence to Strategies for Creditors in Bankruptcy Proceedings to find all the possible solutions to their clients' problems. Some of the interesting strategies address: Selling the company in an LBO? Structure the transaction to insulate it from preference avoidance. -- Licensing intellectual property from a company? Structure the license to take advantage of special protections in the Bankruptcy Code. -- Considering a loan to a financially troubled company? Better dust off your DePrizio waivers. -- Mortgagees, take a close look at your security agreement you may be secured by more than just the debtor's personal residence, and that's not what you want in a chapter 13. -- Secured lenders, eliminate the possibility of a later 506(c) claim by settling early with the trustee. -- 203 North Lasalle prohibited exclusive deals to shareholders -- but new ways of avoiding it are being found. Here's how to oppose them. -- Watch for shareholder releases in the plan. If you don't object, you may be out of luck -- but the right objection can save your cause of action.
Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das
Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
