"International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution away from national courts to international tribunals and...

With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state...

As public debt soars, a new wave of sovereign defaults looms. International law on sovereign defaults is underdeveloped because States have largely refrained from adjudicating disputes arising out of public debt. The looming new wave of sovereign defaults is likely to shift dispute resolution...

The UK's Debt Relief (Developing Countries) Act 2010 aims to ensure that UK courts neither give nor enforce a judgment allowing recovery against Heavily Indebted Poor Countries (‘HIPC') on covered debts exceeding the amount calculated as sustainable under the HIPC Initiative.Some have objected...

Creditor-debtor engagement in one form or another has been a feature of many sovereign debt restructurings. In some cases, debtor-creditor engagement has been formalized and took the specific form of creditor committees. Views differ considerably on the merits and demerits of CCs, and on the...

This chapter surveys some of the actors in sovereign debt restructurings. Millhouse’s quote above underscores the number and diversity of players in municipal insolvencies. Nevertheless, the number and heterogeneity of the actors involved in municipal and corporate bankruptcies pale in...