Towards a reorganisation system for sovereign debt : an international law perspective / by Holger Schier.

Format:

Book

Author/Creator:

Schier, Holger.

Series:

Nijhoff eBook titles 2007

Language:

English

Subjects (All):

Debts, Public--Law and legislation.

Debts, Public.

Debt relief.

State bankruptcy.

Physical Description:

1 online resource (324 p.)

Edition:

1st ed.

Other Title:

Towards a reorganization system for sovereign debt

Place of Publication:

Leiden ; Boston : Martinus Nijhoff Publishers, 2007.

Language Note:

English

Summary:

The insolvency of sovereign debtors is a virtually timeless phenomenon and yet the existing international financial architecture does not provide any legal framework to deal with this issue. Following an overview of the main proposals as to how to bridge this gap, this study analyses the extent to which public international law can be used as a source for the establishment of a reorganisation system for sovereign debt. While there is no adequate customary international law relating to sovereign insolvencies, reference can instead be made to the growing body of general principles of law. This is illustrated by a comparison of the systems of corporate financial reorganisation in insolvency in six representatively selected countries - Argentina, England, France, Germany, Indonesia and the U.S. Due to the inherent lack of enforceability with regard to sovereign debtors, in order to be able to provide a basis for a reorganisation system for sovereign debt, these principles need to be complemented with a compliance control mechanism. This study suggests how such a system could be constructed and implemented.

Contents:

The early days of sovereign insolvency

Early proposals for a legal framework for sovereign debt reorganisation

Scope of the work

Principal reform proposals. The contractual approach

The proposal for a statutory sovereign debt restructuring mechananism

The international law perspective

The RSSD's normative basis under public international law

An insolvency system for sovereigns derived from general principles of international law

Enforcement measures

Implementation.

Notes:

Originally presented as the author's thesis (doctoral)--Justus-Liebig University, Giessen, Germany, November 2006.

Includes bibliographical references (p. [279]-301) and index.

ISBN:

1-281-93685-5

9786611936853

90-474-3142-1

OCLC:

646789612

Publisher Number:

10.1163/ej.9789004162471.i-312 DOI