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18. Insolvency and State Responsibility

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Chapter Summary

This chapter focuses on the general problematique of borderline situations where a State finds itself close to insolvency or has indeed fallen into insolvency, unable to meet its debts. Under domestic laws in all countries, provision is made in such instances for a procedure that seeks to bring about a fair balance between the interests of the debtor and those of the creditors. At the international level, by contrast, to date no such procedure has taken shape. Obviously, the principle of national sovereignty stands in the way of establishing a regime requiring to be administered by a superior authority that could be viewed as an element of an over-intrusive world government. Additionally, human rights guarantees in international treaties may establish further obstacles. Significantly enough, however, property enjoys protection only at regional level, not within the universal framework of the International Covenant on Civil and Political Rights (ICCPR).

Keywords: human rights; ICCPR; insolvency; Legal framework; national sovereignty; State responsibility



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