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- Preliminary Material
- General Editors’ Preface
- Preface
- Foreword
- Contents
- Table of Cases
- Table of Sovereign Bonds
- Table of Legislation, Treaties, and Official Documents
- Main Text
- Introduction
- 1 Theoretical Underpinnings of Sovereign Debt
- 2 Contractual Background of Sovereign Debt Litigation
- 3 Jurisdiction and Cognate Matters
- I Jurisdiction
- II Stay of Proceedings
- III Interim Measures in Sovereign Debt Litigation
- 4 Governing Law of Sovereign Bonds
- I Introduction
- II Applicability of Rome I Regulation
- 4.19
- 4.20
- 4.21
- 1 The Law Applicable under Art 4(1)(b)
- 2 Escape Clause (Art 4(3))
- 3 Mandatory Provisions
- 5 Unilateral Modification of Sovereign Domestic-Law Bonds
- I Introduction
- II Constitutionality of the Unilateral Repudiation or Modification of Sovereign Bonds
- III Conflict of Laws Analysis
- IV Interim Conclusions
- 6 Defences to Repayment
- 6.01
- I Obligation to repay
- II Defences
- 6.35
- 6.36
- 6.37
- 1 Relevance of Events of Default Clause
- 2 Act of State
- 3 Prescription
- 4 Champerty
- 5 Odious Debt
- 6 Usury and Penal Clauses
- 7 Capacity to Issue Bonds
- 8 Capacity to Repay/Debt ‘Overhang’
- 9 Frustration
- 10 Counterclaims
- 7 A Taxonomy of Challenges to Sovereign Debt Restructurings
- I Introduction
- II General Principles of the Judicial Scrutiny of Majority Powers
- 1 The Proper Respondent
- 2 The Standard of Scrutiny
- 3 Timing of the Challenge
- 4 Remedies
- 5 Payment-Related Modifications
- 6 Payment-Unrelated Modifications
- 7.59
- 7.60
- 7.61
- 7.62
- 7.63
- 7.64
- 7.65
- 7.66
- 7.67
- 7.68
- 7.69
- Limiting the Free Transferability of Bonds on the Secondary Market
- Removing All Protective Financial Covenants
- Modifying Waivers of Sovereign Immunity
- Introducing Provisions that Will Allow Compulsory Buy-Back of Bonds
- Modifying a Right in the Bonds that Is also Comprised in Another Contract Binding upon the Majority of Bondholders
- Modifying of Choice of Law and Jurisdiction Clauses
- 7 Unfair Discrimination
- 8 Disenfranchisement
- 9 Consent Payments and other Sweeteners
- 10 No-Action Clauses and Trust Deeds
- 11 Acceleration and Reverse Acceleration Clauses
- 12 Contractual Limitation of the Judicial Scrutiny
- 13 Coda: Criticism and Comparison with other Regimes
- 8 Enforcement of Sovereign Debt
- I Introduction
- II Immunity
- Further Material
- [18.232.31.255]
- 18.232.31.255
