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Chapter Summary

This appendix section presents the model convention on sovereign debt reorganisation. The model convention applies to the reorganisation of sovereign debt. It shall facilitate the reorganisation process, increase transparency, and improve the balance of powers between the parties to the reorganisation process. A Contracting State may initiate the reorganisation procedure by filing a voluntary petition with the Neutral Authority. Immediately after that petition, the provisions of this Convention shall apply to the relationship between the Debtor State and its Creditors. To increase transparency of the procedure, all participating parties are obliged to provide all information necessary in a timely manner. Initiation of the reorganisation procedure automatically suspends the enforcement of all lawsuits and claims against the Debtor State, as well as any other actions to obtain possession of the Debtor State's property.

Keywords: Creditors; model convention; Neutral Authority; sovereign debt reorganisation



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