The international law of sovereign debt dispute settlement:
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 fin...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Cambridge, United Kingdom ; New York, NY
Cambridge University Press
2022
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Schriftenreihe: | Cambridge studies in international and comparative law (Cambridge, England : 1996)
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Schlagworte: | |
Online-Zugang: | BSB01 UBG01 URL des Erstveröffentlichers |
Zusammenfassung: | 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 |
Beschreibung: | Title from publisher's bibliographic system (viewed on 27 Sep 2022) Setting the scene -- The emerging framework for sovereign debt discourse -- Sovereign immunities and other statutory mechanisms -- Collective Action Clauses (CACs) : contractual regulation of holdout litigation -- The Pari Passu Clause : regulating holdouts through injunctive relief -- Jurisdiction of arbitral tribunals over sovereign debt disputes -- Admissibility of sovereign bond claims : mass claims arbitration as a supplemental leverage over holdouts -- Checks and balances at the stage of merits |
Beschreibung: | 1 Online-Ressource (xxx, 339 Seiten) |
ISBN: | 9781009250054 |
DOI: | 10.1017/9781009250054 |
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520 | |a 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 | ||
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author | Nakajima, Kei 1983- |
author_GND | (DE-588)1272287033 |
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dewey-ones | 343 - Military, tax, trade & industrial law |
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dewey-sort | 3343 237 |
dewey-tens | 340 - Law |
discipline | Rechtswissenschaft |
discipline_str_mv | Rechtswissenschaft |
doi_str_mv | 10.1017/9781009250054 |
format | Electronic eBook |
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institution | BVB |
isbn | 9781009250054 |
language | English |
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series2 | Cambridge studies in international and comparative law (Cambridge, England : 1996) |
spelling | Nakajima, Kei 1983- (DE-588)1272287033 aut The international law of sovereign debt dispute settlement Kei Nakajima, The University of Tokyo Cambridge, United Kingdom ; New York, NY Cambridge University Press 2022 1 Online-Ressource (xxx, 339 Seiten) txt rdacontent c rdamedia cr rdacarrier Cambridge studies in international and comparative law (Cambridge, England : 1996) Title from publisher's bibliographic system (viewed on 27 Sep 2022) Setting the scene -- The emerging framework for sovereign debt discourse -- Sovereign immunities and other statutory mechanisms -- Collective Action Clauses (CACs) : contractual regulation of holdout litigation -- The Pari Passu Clause : regulating holdouts through injunctive relief -- Jurisdiction of arbitral tribunals over sovereign debt disputes -- Admissibility of sovereign bond claims : mass claims arbitration as a supplemental leverage over holdouts -- Checks and balances at the stage of merits 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 Debts, Public / Law and legislation Debts, External / Law and legislation Arbitration (International law) Default (Finance) / Law and legislation Debt relief Dispute resolution (Law) Erscheint auch als Druck-Ausgabe 978-1-00-925002-3 https://doi.org/10.1017/9781009250054 Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Nakajima, Kei 1983- The international law of sovereign debt dispute settlement Debts, Public / Law and legislation Debts, External / Law and legislation Arbitration (International law) Default (Finance) / Law and legislation Debt relief Dispute resolution (Law) |
title | The international law of sovereign debt dispute settlement |
title_auth | The international law of sovereign debt dispute settlement |
title_exact_search | The international law of sovereign debt dispute settlement |
title_exact_search_txtP | The international law of sovereign debt dispute settlement |
title_full | The international law of sovereign debt dispute settlement Kei Nakajima, The University of Tokyo |
title_fullStr | The international law of sovereign debt dispute settlement Kei Nakajima, The University of Tokyo |
title_full_unstemmed | The international law of sovereign debt dispute settlement Kei Nakajima, The University of Tokyo |
title_short | The international law of sovereign debt dispute settlement |
title_sort | the international law of sovereign debt dispute settlement |
topic | Debts, Public / Law and legislation Debts, External / Law and legislation Arbitration (International law) Default (Finance) / Law and legislation Debt relief Dispute resolution (Law) |
topic_facet | Debts, Public / Law and legislation Debts, External / Law and legislation Arbitration (International law) Default (Finance) / Law and legislation Debt relief Dispute resolution (Law) |
url | https://doi.org/10.1017/9781009250054 |
work_keys_str_mv | AT nakajimakei theinternationallawofsovereigndebtdisputesettlement |