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Part III Sovereign Debt Restructuring, 11 Litigation Aspects of Sovereign Debt

Rodrigo Olivares-Caminal, Randall D. Guynn, Alan W. Kornberg, Sarah Paterson, Dalvinder Singh

From: Debt Restructuring (3rd Edition)

Rodrigo Olivares-Caminal, Alan Kornberg, Sarah Paterson, Dalvinder Singh, Eric McLaughlin

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 April 2024

Bank resolution and insolvency — Central bank immunity

Chapter 11 presents the options and obstacles that a creditor faces has when pursuing a claim against a debtor, mainly in New York and English courts. It presents a practical step-by-step guide covering the issues that need to be addressed to evaluated prior to and in the process of obtaining a court order. In doing so, it looks at pre-action issues such as the applicable contractual and post judgment interests (the economic analysis prior to action) and different considerations on which courts to use. Then, it moves into more procedural aspects such as immunity from suit, personal and subject matter jurisdiction, the doctrines of act of state and comity, etc. Then, this chapter looks at the other side of the coin, enforcement. It is one thing obtaining a judgment and quite another enforcing it. Within the enforcement analysis the chapter focuses on the pari passu litigation and other key legal precedents in the US, UK, and other jurisdictions to illustrate the different challenges that may arise.

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