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Early Proposals for a Legal Framework for Sovereign Debt Reorganisation

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Chapter Summary

This chapter provides an overview of the early proposals for an insolvency procedure for nation states. First proposals for a legal framework for sovereign debt reorganisation emerged at the end of the 19th century. The suggestions made ranged from using the debt contract as the sole source of interpretation and solution of conflict to the application of a set of national legal rules in accordance with the provisions governing the conflict of laws. Debt contracts of sovereigns, be it in the form of loans or bonds, usually contain choice of law and legal venue selection clauses. In general, the parties can agree on every national legal order, although in practice, most loan and bond agreements are governed by English or New York law. It is not necessary that the whole contract be governed by the same legal system.

Keywords: insolvency procedure; legal framework; legal venue selection clauses; nation states; national legal rules; New York law; sovereign debt reorganisation



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