Singapore as International Debt Restructuring Center: Aspiration and Challenges

2021 ◽  
Author(s):  
Meng Seng Wee ◽  
Hans Tjio
Keyword(s):  
Debt Restructuring ◽  
International Debt

Curbing ‘Vulture Fund’ Litigation

2018 ◽  
pp. 498-513
Author(s):  
Cephas Lumina
Keyword(s):  
Developing Countries ◽  
Human Rights ◽  
Sovereign Debt ◽  
Legal Framework ◽  
Sovereign Immunity ◽  
Debt Restructuring ◽  
Predatory Behaviour ◽  
International Debt ◽  
Full Face ◽  
The Impact

The lack of an international legal framework for the restructuring of sovereign debt, and the voluntary nature of current international debt restructuring initiatives have created opportunities for predatory private commercial entities—called ‘vulture funds’—to acquire defaulted sovereign debts at substantial discounts, refuse to participate in debt restructurings and aggressively pursue repayment of the full face value of the debt through litigation, often in multiple jurisdictions. This chapter discusses current official initiatives designed to curb vulture fund litigation and proposes a rethink of the doctrine of sovereign immunity as a key measure to curb the predatory behaviour of ‘vulture funds’. It also discusses the impact of the activities of these 'vulture funds’ on the realisation of human rights, particularly in developing countries, as well other consequences for the countries targeted by ‘vulture funds’

Preventive Debt Restructuring and the Nigerian Draft Insolvency Legislation: Lessons from a Comparative Perspective

2020 ◽  
Vol 28 (1) ◽  
pp. 66-84
Author(s):  
Sanford U. Mba
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Final Analysis ◽  
The European Union ◽  
Debt Restructuring ◽  
The Us ◽  
Financially Distressed ◽  
Bankruptcy Code ◽  
Second Chance

Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.

International Debt Statistics 2020

2019 ◽  
Author(s):  
Keyword(s):  
International Debt

Reprofiling Today for a Sustainable Tomorrow: A Unilateral Italian Debt Restructuring

2019 ◽  
Author(s):  
Emma Cervantes ◽  
Victoria Dodev ◽  
Shane Ellement ◽  
Isabelle Sawhney
Keyword(s):  
Debt Restructuring

Bank Seniority and Corporate Debt Restructuring

2004 ◽  
Author(s):  
Laurent Vilanova
Keyword(s):  
Corporate Debt ◽  
Debt Restructuring

Jurisdiction and Cognate Matters

2018 ◽  
Author(s):  
Hayk Kupelyants
Keyword(s):  
Sovereign Debt ◽  
English Court ◽  
Debt Restructuring ◽  
International Jurisdiction ◽  
Class Actions ◽  
Brussels Regulation

Chapter 3 examines the international jurisdiction in sovereign debt disputes and particularly the following matters: service of proceedings; the jurisdiction under the Brussels Regulation, the jurisdiction under English national rules; individual standing of beneficial bondholders; class actions. The chapter also examines the issue of pre-emptive strikes in sovereign debt litigation, in other words whether private creditors may initiate legal actions before the conclusion of the sovereign debt restructuring and how courts may constrain such litigation. The chapter argues that the English courts may stay proceedings if they are brought in contravention of the powers of bondholders under majority action clauses. The chapter lastly addresses the issue of whether the majority may modify the bonds after the English court has issued a judgment.

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