The Corporation of Foreign Bondholders
The Corporation of Foreign Bondholders

Author: Mr.Paolo Mauro

Publisher: International Monetary Fund

Published: 2003-05-01

Total Pages: 32

ISBN-13: 1451853009

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This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond finance, 1870-1913, and in the aftermath of the defaults of the 1930s. It fostered coordination among creditors, especially in cases of default, arranging successfully for many important debt restructurings, though failing persistently in a few cases. While a revamped creditor association might once again help facilitate creditor coordination, the relative appeal of defection over coordination is greater today than it was in the past. The CFB may have had an easier time than any comparable body would have today.

International Claims Settlement Act
International Claims Settlement Act

Author: United States. Congress. Senate. Committee on Foreign Relations. Special Subcommittee on International Claims Legislation

Publisher:

Published: 1959

Total Pages: 76

ISBN-13:

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Considers S. 706, to amend the International Claims Settlement Act of 1949 to extend eligibility provisions for submission of war claims, expropriation claims, and other claims against Bulgaria, Hungary, and Romania.

The International Claims Settlement Act
The International Claims Settlement Act

Author: United States. Congress. Senate. Foreign Relations

Publisher:

Published: 1959

Total Pages: 80

ISBN-13:

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Considers S. 706, to amend the International Claims Settlement Act of 1949 to extend eligibility provisions for submission of war claims, expropriation claims, and other claims against Bulgaria, Hungary, and Romania.

The International Law of Sovereign Debt Dispute Settlement
The International Law of Sovereign Debt Dispute Settlement

Author: Kei Nakajima

Publisher: Cambridge University Press

Published: 2022-09-22

Total Pages: 381

ISBN-13: 1009250035

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The first two decades of the twenty-first century witnessed a series of large-scale sovereign defaults and debt restructurings, in which sovereigns struggled to negotiate with recalcitrant bondholders, particularly hedge funds. Also, the outbreak of the COVID-19 pandemic in 2020 heralded a bleak financial outlook for many developing and emerging market countries, requiring sovereign debt restructuring in times of great macroeconomic uncertainty. Given the absence of a multilateral mechanism for sovereign debt restructuring equivalent to domestic corporate bankruptcy system, however, defaulted sovereigns often suffer from holdout litigation wrought by bondholders. This book proposes ways in which such legal actions could be regulated without the undue expense of bondholders' remedies by exploring the mechanism of balancing bondholder protection and respect for sovereign debt restructuring at various stages of litigation and arbitration proceedings.

Orderly and Effective Insolvency Procedures
Orderly and Effective Insolvency Procedures

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1999-08-02

Total Pages: 108

ISBN-13: 9781557758200

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Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.