Debtor-States and an International Bankruptcy Court: The IMF Creditor Problem
Hilgers, Michael T., Chicago Journal of International Law
Bankruptcy can happen to any person or organization. It can happen to small businesses, corporations, and multinational conglomerates; even sovereign states are not immune from financial default. Contemporary business bankruptcies are arenas for creditors and debtors to handle their negotiations in a systematic manner under national laws in national courts. Yet when a sovereign state defaults on its debts, there is no equivalent forum to adjudicate the disputes between creditors and the state. The increasing numbers of creditors of debtor-countries make creditor refusals to consent to debt restructuring, also known as creditor-holdouts, increasingly likely. In academic circles there have …
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Publication information:
Article title: Debtor-States and an International Bankruptcy Court: The IMF Creditor Problem.
Contributors: Hilgers, Michael T. - Author.
Journal title: Chicago Journal of International Law.
Volume: 4.
Issue: 1
Publication date: Spring 2003.
Page number: 257.
© University of Chicago Law School Winter 2009.
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