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Oxford Law Citator
Contents
Expand All
Collapse All
Preliminary Material
General Editors’ Preface
Preface
Foreword
Contents
Table of Cases
English Cases
US Cases
Other Domestic Cases
(I) Argentina
(II) Australia
(III) Austria
(IV) Belgium
(V) France
(VI) Germany
(VII) Hong Kong
(VIII) Italy
(IX) Russia
(X) Spain
(XI) Sweden
(XII) The Netherlands
European Court of Human Rights
International Court of Justice (Permanent Court of International Justice)
International Arbitration Cases
Court of Justice of the European Union
Table of Sovereign Bonds
Table of Legislation, Treaties, and Official Documents
UK Statutes and Instruments
US Statutes and Instruments
EU Treaties, Regulations, and Instruments
International Conventions and Instruments
Miscellaneous
Main Text
Introduction
I A Problem Stated
I.01
I.02
I.03
I.04
I.05
I.06
I.07
I.08
I.09
I.10
I.11
I.12
I.13
I.14
I.15
I.16
I.17
II Objectives and Scope
I.18
I.19
I.20
I.21
I.22
I.23
I.24
I.25
I.26
I.27
I.28
III Methodology
I.29
1 Theoretical Underpinnings of Sovereign Debt
I Introduction
1.01
1.02
1.03
1.04
II Characterisation
1 Commercial Character of Sovereign Debt Issuance
1.05
1.06
1.07
1.08
1.09
1.10
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19
1.20
1.21
1.22
1.23
1.24
1.25
2 Sovereign Debt Restructurings
1.26
1.27
1.28
3 The Antinomy of Bilateral/Multilateral in Sovereign Lending
1.29
1.30
1.31
1.32
1.33
1.34
1.35
III Relevance of Broader Public Policy Arguments
1 Broader Public Policy Considerations and their Rejection in Sovereign Debt Litigation
1.36
1.37
1.38
1.39
1.40
1.41
1.42
1.43
1.44
1.45
1.46
1.47
1.48
1.49
1.50
1.51
2 Embedded Public Policy Considerations in the Private Law Reasoning
1.52
1.53
1.54
1.55
1.56
1.57
IV Insolvency Analogy
1.58
1.59
1.60
1.61
1.62
1.63
1.64
1.65
1.66
1.67
V The Doctrine of Comity and its Limits in Sovereign Debt Litigation
1.68
1.69
1.70
1 Application of the Doctrine of Comity of Nations in English Litigation
1.71
1.72
1.73
1.74
VI Relevance of Pricing-In
1.75
1.76
1.77
1.78
1.79
1.80
1.81
1.82
1.83
1.84
1.85
1.86
1.87
1.88
1.89
1.90
1.91
1.92
1.93
1.94
1.95
1.96
1.97
1.98
1.99
1.100
1.101
VII Rethinking Sovereign Debt Adjudication in Light of the Theoretical Framework Outlined
1.102
1.103
2 Contractual Background of Sovereign Debt Litigation
2.01
2.02
I Majority Action Clauses
2.03
2.04
2.05
2.06
2.07
2.08
2.09
2.10
2.11
2.12
2.13
2.14
2.15
2.16
2.17
2.18
2.19
2.20
2.21
II Other Clauses
2.22
2.23
2.24
2.25
2.26
2.27
2.28
2.29
2.30
2.31
2.32
2.33
2.34
2.35
2.36
2.37
2.38
2.39
2.40
3 Jurisdiction and Cognate Matters
I Jurisdiction
1 Introduction
3.01
3.02
2 Service
3.03
3.04
3.05
3.06
3 Applicability of the Brussels Regulation
3.07
3.08
3.09
3.10
3.11
3.12
3.13
4 Grounds of Jurisdiction
3.14
Jurisdiction Agreements
3.15
3.16
3.17
3.18
3.19
3.20
3.21
Exclusive Jurisdiction
3.22
3.23
Special Jurisdiction
3.24
3.25
3.26
3.27
3.28
3.29
3.30
3.31
3.32
3.33
Joinder of the Sovereign Debtor
3.34
Consumer Contracts
3.35
5 National Rules of Jurisdiction
3.36
3.37
3.38
3.39
3.40
3.41
3.42
3.43
3.44
6 United States
3.45
3.46
3.47
3.48
3.49
3.50
3.51
3.52
3.53
3.54
3.55
3.56
3.57
7 Standing
3.58
3.59
3.60
3.61
3.62
3.63
3.64
3.65
3.66
3.67
3.68
8 Class Actions
3.69
3.70
3.71
II Stay of Proceedings
1 Introduction
3.72
3.73
3.74
3.75
3.76
3.77
3.78
3.79
3.80
3.81
2 The Implied Term to Stall Pre-emptive Strikes
The Modification of the Financial Terms of Sovereign Bonds
3.82
3.83
3.84
3.85
3.86
3.87
3.88
Modification of Non-Financial Terms of the Bonds
3.89
3.90
3 Case Management Powers of English Courts to Stall Pre-emptive Strikes
3.91
3.92
3.93
3.94
3.95
3.96
3.97
3.98
3.99
3.100
3.101
3.102
3.103
3.104
3.105
3.106
3.107
3.108
3.109
3.110
3.111
3.112
3 Exceptions to the Stay of Proceedings
Actionable Restructurings
3.113
3.114
3.115
Waiver of the Right to Request Stay of Proceedings
3.116
3.117
3.118
4 Interference of the Majority Power of Bondholders with the Finality of English Judgments
Modification of Financial Terms
3.119
3.120
3.121
3.122
3.123
3.124
3.125
Modification of Non-Financial Covenants
3.126
3.127
5 The Stay of Proceedings in the US
3.128
3.129
3.130
3.131
3.132
3.133
3.134
III Interim Measures in Sovereign Debt Litigation
1 Interim measures before US courts
3.135
3.136
3.137
3.138
3.139
3.140
3.141
3.142
3.143
3.144
3.145
3.146
3.147
2 Interim measures before English courts
3.148
3.149
3.150
3.151
3.152
3.153
4 Governing Law of Sovereign Bonds
I Introduction
4.01
4.02
4.03
4.04
4.05
4.06
4.07
4.08
4.09
4.10
4.11
4.12
4.13
4.14
4.15
4.16
4.17
4.18
II Applicability of Rome I Regulation
4.19
4.20
4.21
1 The Law Applicable under Art 4(1)(b)
4.22
4.23
4.24
4.25
4.26
4.27
4.28
4.29
2 Escape Clause (Art 4(3))
4.30
4.31
Law of the Sovereign Debtor
4.32
Historical Presumption of Application of the Law of the Sovereign Debtor
4.33
4.34
4.35
4.36
4.37
4.38
4.39
4.40
4.41
4.42
4.43
4.44
4.45
4.46
The Law of the Sovereign Debtor under Art 4(3)
4.47
4.48
4.49
4.50
4.51
4.52
4.53
4.54
4.55
Law of the Market
4.56
4.57
4.58
4.59
4.60
Law of the Majority of Bondholders
4.61
4.62
4.63
3 Mandatory Provisions
4.64
4.65
4.66
4.67
Article 3(3) of the Rome I Regulation
4.68
4.69
4.70
4.71
4.72
4.73
Overriding Mandatory Provisions
4.74
4.75
4.76
4.77
4.78
4.79
4.80
4.81
4.82
4.83
4.84
4.85
4.86
4.87
4.88
4.89
Article VIII(2)(b) of the IMF Agreement
4.90
4.91
4.92
4.93
5 Unilateral Modification of Sovereign Domestic-Law Bonds
I Introduction
5.01
5.02
5.03
5.04
5.05
5.06
5.07
5.08
5.09
II Constitutionality of the Unilateral Repudiation or Modification of Sovereign Bonds
5.10
5.11
5.12
III Conflict of Laws Analysis
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
5.22
5.23
1 The Position in England and Overseas as a Basis for the Conflict of Laws Analysis
England and Wales
5.24
5.25
5.26
5.27
5.28
5.29
5.30
5.31
5.32
The United States
5.33
5.34
5.35
5.36
5.37
5.38
5.39
5.40
5.41
5.42
5.43
5.44
5.45
5.46
5.47
5.48
The Russian Federation
5.49
5.50
5.51
Germany
5.52
5.53
5.54
Argentina
5.55
5.56
5.57
5.58
5.59
Greece (and Imprimatur of the European Court of Human Rights)
5.60
5.61
5.62
5.63
5.64
5.65
IV Interim Conclusions
5.66
5.67
5.68
5.69
5.70
5.71
5.72
1 Tolerable Types of Unilateral Modification of Sovereign Bonds
5.73
5.74
5.75
5.76
5.77
5.78
6 Defences to Repayment
6.01
I Obligation to repay
6.02
6.03
6.04
6.05
6.06
6.07
6.08
6.09
6.10
6.11
6.12
6.13
6.14
1 Risk of Default
6.15
6.16
6.17
6.18
2 Abusive Lending
6.19
6.20
6.21
6.22
3 Unjust Enrichment
6.23
4 Fairness
6.24
6.25
6.26
6.27
6.28
6.29
6.30
6.31
6.32
6.33
6.34
II Defences
6.35
6.36
6.37
1 Relevance of Events of Default Clause
6.38
6.39
6.40
6.41
6.42
2 Act of State
6.43
6.44
6.45
6.46
6.47
6.48
6.49
6.50
6.51
6.52
3 Prescription
6.53
6.54
6.55
6.56
6.57
6.58
The Limitation Act of 1980
6.59
6.60
6.61
Acknowledgement and Part Payments
6.62
6.63
6.64
The Exception of Loan Contracts
6.65
6.66
Limitation Period Renewed Each Time the Bonds Pass Hands
6.67
A Claim of Expropriation of Debt
6.68
Regulation of Prescription in Sovereign Bonds
6.69
6.70
6.71
6.72
6.73
6.74
6.75
Adjudication in Alternative Forums
6.76
6.77
4 Champerty
6.78
6.79
6.80
5 Odious Debt
6.81
6.82
6.83
6.84
6 Usury and Penal Clauses
6.85
6.86
6.87
6.88
7 Capacity to Issue Bonds
6.89
6.90
6.91
6.92
6.93
6.94
6.95
6.96
6.97
6.98
6.99
6.100
6.101
6.102
6.103
6.104
6.105
6.106
6.107
6.108
8 Capacity to Repay/Debt ‘Overhang’
6.109
6.110
6.111
6.112
6.113
6.114
6.115
6.116
6.117
6.118
6.119
6.120
9 Frustration
6.121
10 Counterclaims
6.122
6.123
6.124
7 A Taxonomy of Challenges to Sovereign Debt Restructurings
I Introduction
7.01
7.02
7.03
7.04
7.05
7.06
7.07
II General Principles of the Judicial Scrutiny of Majority Powers
1 The Proper Respondent
7.08
7.09
7.10
7.11
7.12
7.13
7.14
7.15
7.16
7.17
7.18
2 The Standard of Scrutiny
7.19
7.20
7.21
7.22
7.23
7.24
7.25
7.26
7.27
7.28
7.29
7.30
7.31
7.32
7.33
7.34
7.35
7.36
7.37
7.38
3 Timing of the Challenge
7.39
4 Remedies
7.40
7.41
7.42
7.43
7.44
7.45
5 Payment-Related Modifications
7.46
7.47
7.48
7.49
7.50
7.51
7.52
7.53
7.54
7.55
7.56
7.57
7.58
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
7.70
7.71
Removing All Protective Financial Covenants
7.72
7.73
7.74
7.75
7.76
7.77
Modifying Waivers of Sovereign Immunity
7.78
7.79
7.80
Introducing Provisions that Will Allow Compulsory Buy-Back of Bonds
7.81
Modifying a Right in the Bonds that Is also Comprised in Another Contract Binding upon the Majority of Bondholders
7.82
Modifying of Choice of Law and Jurisdiction Clauses
7.83
7.84
7.85
7 Unfair Discrimination
7.86
7.87
7.88
7.89
7.90
7.91
7.92
7.93
7.94
7.95
7.96
7.97
7.98
7.99
7.100
Unfair Discrimination in Breach of Pari Passu Clauses
7.101
7.102
7.103
7.104
7.105
7.106
7.107
7.108
7.109
7.110
7.111
7.112
7.113
7.114
7.115
7.116
7.117
7.118
7.119
8 Disenfranchisement
The Implication of Disenfranchisement Provisions in Payment-Related and Unrelated Modifications
7.120
7.121
7.122
7.123
7.124
7.125
7.126
7.127
7.128
7.129
7.130
7.131
7.132
7.133
7.134
7.135
7.136
7.137
Economic or Other Interests in a Debt Restructuring
7.138
7.139
7.140
7.141
7.142
9 Consent Payments and other Sweeteners
7.143
7.144
7.145
7.146
7.147
10 No-Action Clauses and Trust Deeds
No-Action Clauses
7.148
7.149
7.150
7.151
7.152
7.153
7.154
7.155
7.156
7.157
7.158
7.159
7.160
7.161
Trust Deeds
7.162
7.163
7.164
11 Acceleration and Reverse Acceleration Clauses
7.165
7.166
7.167
7.168
7.169
7.170
7.171
7.172
12 Contractual Limitation of the Judicial Scrutiny
7.173
7.174
7.175
13 Coda: Criticism and Comparison with other Regimes
7.176
7.177
7.178
7.179
7.180
7.181
7.182
7.183
7.184
7.185
7.186
7.187
7.188
7.189
7.190
7.191
7.192
7.193
7.194
7.195
7.196
8 Enforcement of Sovereign Debt
I Introduction
8.01
8.02
8.03
8.04
8.05
8.06
8.07
II Immunity
8.08
8.09
8.10
8.11
8.12
8.13
1 Adjudicative Immunity
8.14
Waiver/Consent
8.15
8.16
8.17
Commercial Transactions
8.18
8.19
8.20
8.21
8.22
8.23
8.24
8.25
8.26
8.27
8.28
8.29
8.30
8.31
8.32
8.33
8.34
4 Enforcement Immunity
8.35
8.36
8.37
8.38
Waiver
8.39
8.40
8.41
8.42
8.43
Commercial Use
8.44
8.45
8.46
8.47
8.48
8.49
8.50
8.51
8.52
8.53
8.54
8.55
8.56
8.57
8.58
7 Enforcement of Foreign Judgments and Awards
8.59
8.60
8.61
8.62
8 Immunity from Interim Measures
8.63
8.64
8.65
9 Disclosure of Information
8.66
8.67
10 Contempt of Court
8.68
8.69
8.70
8.71
11 Third-Party Debt Orders and Receivership Orders
8.72
8.73
8.74
8.75
8.76
8.77
8.78
8.79
12 State Entities/Subnational Authorities
8.80
8.81
8.82
8.83
8.84
8.85
8.86
8.87
8.88
8.89
8.90
8.91
Further Material
Bibliography
Index
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Table of Cases
From:
Sovereign Defaults Before Domestic Courts
Hayk Kupelyants
Content type:
Book content
Product:
Private International Law [PRIL] — Financial Law [FBL]
Series:
Oxford Private International Law Series
Published in print:
18 January 2018
ISBN:
9780198807230
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