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The international law of sovereign debt dispute settlement

Title
The international law of sovereign debt dispute settlement / Kei Nakajima, The University of Tokyo.
ISBN
9781009250054 (ebook)
9781009250023 (hardback)
9781009250078 (paperback)
Publication
Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2022.
Physical Description
1 online resource (xxx, 339 pages) : digital, PDF file(s).
Local Notes
Access is available to the Yale community.
Notes
Title from publisher's bibliographic system (viewed on 27 Sep 2022).
Access and use
Access restricted by licensing agreement.
Summary
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.
Variant and related titles
Cambridge core frontlist 2022.
Other formats
Print version:
Format
Books / Online
Language
English
Added to Catalog
October 27, 2022
Series
Cambridge studies in international and comparative law (Cambridge, England : 1996)
Cambridge studies in international and comparative law
Contents
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.
Citation

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