Each country which has gone through or is in the process of transition and social-economic transformation, in normal circumstances has its rational objectives to create the conditions for active participation in initial or advanced operations of the international business. Depending on the level...

Despite the international efforts on the development of a special surveillance regime, banks may become insolvent. The poor management, the excessive risk, the adverse conditions in the market or fraudulent practices can cause serious or even fatal financial problems. Therefore, the rules of...

While various liability rules of tort law provide efficient incentives to invest, breach remedies of contract law are claimed to be distortive. Since, at least in Germany, obligations law provides general rules for both contractual and tort relationships such discrepancy seems puzzling. The...

This paper related four topics:i) why is there such a strong movement to harmonize private, commercial law and in particular the law of secured transactions at this time, and what are some of the characteristics of hamonization efforts; ii) the body paper proposed revisions to UCC Article 8, the...

In September 1985, Brazil enacted a new Cheques Act. It is based on the Uniform Law on Cheques, pursuant to the Geneva conventions of 1930-31. This codification is of practical interest for commercial and financial transactions with Brazil since it puts an end to a period of uncertainty as to...

Ten years ago, sovereign bond markets almost universally adopted so-called collective action clauses after years of public sector pressure for more efficient procedures to cope with sovereign default and restructuring. A second policy initiative, the standard appointment of a trustee to...

Lex mercatoria or Law Merchant (‘LM’) is said to be the self-made law of international commerce. According to its proponents, LM is an autonomous legal order that not only supplements state commercial law, but works as a substitute for it. The ‘ancient’ LM, which accompanied the...

The International Monetary Fund (IMF) stated in spring of this year that a more timely restructuring of Greece’s sovereign debt would have been beneficial. But what are the available options for early debt restructuring? The report argues that current reforms in the Euro area, in particular,...