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Dissertation

Inter-creditor equity in sovereign debt restructuring : towards the establishment of a multilateral legal framework

This dissertation explores the relationship among creditors in sovereign debt restructuring and specifically focuses on the issue of inter-creditor equity.

Author
Yanying Li
Date
09 December 2015
Links
Leiden University Repository

It consists of five articles focusing on the core issues regarding inter-creditor equity in the context of domestic insolvency law. It is largely inspired by international developments on the legal reform and practice of sovereign debt restructuring in the past three years. Overall, this dissertation argues that a multilateral legal framework for sovereign debt restructuring should not take the form of a collective proceeding and should not include debt claims with all types of maturities. In the context of a cram-down, a safeguard procedure should be put in place to ensure that any amendment of the contract terms imposed by majority bondholders is fair and equitable with respect to minority bondholders who have voted against the amendment. Arbitral tribunals established pursuant to international investment treaties could serve as an appropriate forum to develop such a safeguard provision.

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