UK debt restructuring is undergoing a period of immense change. Two developments in particular have contributed to this transformation. The first is legislative: the Corporate Insolvency and Governance Act 2020 (CIGA) introduced a number of powerful new tools into the armoury of financially...

This paper surveys early intellectual antecedents of the Krueger (2001) proposal for creating bankruptcy reorganization procedures at the international level. We focus on actual proposals for new procedures made from the late 1970s up to an influential lecture by Sachs (1995), with brief...

This article systematically examines sovereign debt restructuring in light of bankruptcy reorganization law principles. It proposes that a simple and arguably practical convention, based on just three of these principles, would encourage free market funding of troubled States, thereby avoiding...

The NML v Argentina decision brought to the surface two problems which are potentially present in any sovereign debt restructuring. First, how to deal with activist holdout bond creditors once the vast majority of bond creditors and the sovereign debtor have agreed a restructuring. Second, how...

How should the contingent liabilities of a sovereign be treated in a general restructuring of the debts of that sovereign? This question has played only a minor role in past sovereign debt restructurings because the size of such contingent liabilities has in most cases been small. In recent...

Italy faces an increasingly unsustainable debt load, now totalling more than €2.4 trillion and representing more than 130% of Italian GDP. The country's economic indicators do not suggest it will grow its way out of the predicament, and thus immediate and substantial debt relief has become...

Unresolved sovereign debt problems are hurting debtor nations, their citizens and their creditors, and also can pose serious systemic threats to the international financial system. The existing contractual restructuring approach is insufficient to make sovereign debt sustainable. Although a more...