{"title":"Insolvency of Significant Non-Financial Enterprises: Lessons from Bank Failures and Bank Resolution","authors":"I. Kokorin","doi":"10.2139/ssrn.3609285","DOIUrl":"https://doi.org/10.2139/ssrn.3609285","url":null,"abstract":"In the aftermath of the global financial crisis the EU bank resolution regime went through fundamental changes that seek to preserve financial stability and ensure continuity of critical functions. The same cannot be said of insolvency rules applicable to non-financial enterprises. Unlike bank resolution with its macroprudential and proactive focus, insolvency law has largely remained microprudential and reactive. Admittedly, unlike bank failures, corporate insolvencies usually do not pose systemic risk. However, in practice this may not hold true for significant non-financial enterprises (SNFEs). Such enterprises oftentimes play a major role in national economies and serve important public functions. Their failure may trigger contagion and cause disruptive consequences. Insofar as insolvency of SNFEs raises concerns common to bank failures, the question arises whether certain strategies and tools embraced within the EU bank recovery and resolution framework should be extended to regulate SNFE insolvency. This article explores the feasibility of such an extension.\u0000Bank resolution, insolvency, significant non-financial enterprises, enterprise groups, Carillion, early intervention, recovery and resolution planning, living wills, public interest, systemic risk, critical functions.","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125149410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Circumstantial Evidence, Adverse Inferences, and Findings of Corruption: Metal-Tech v. The Republic of Uzbekistan","authors":"Cecily Rose","doi":"10.2139/SSRN.2435051","DOIUrl":"https://doi.org/10.2139/SSRN.2435051","url":null,"abstract":"In an October 2013 award, the ICSID tribunal in Metal-Tech v. Uzbekistan determined that it lacked jurisdiction over the dispute between the parties on account of Metal-Tech’s violations of Uzbek anti-bribery laws. The tribunal held that the existence of bribery in connection with the establishment of Metal-Tech’s investment in Uzbekistan in the late 1990s deprived it of jurisdiction under the applicable bilateral investment treaty (BIT), which requires investments to be implemented in accordance with the laws of the host State. This case represents a rare example of an ICSID tribunal declining to hear a dispute on account of findings of corruption. While allegations of corruption have arisen in many other ICSID cases, the World Duty Free v. Republic of Kenya case represents the only other instance in which findings of corruption by an ICSID tribunal have resulted in the tribunal’s dismissal of the claims. The tribunal’s decision in Metal-Tech v. Uzbekistan is also notable for its especially thorough examination of circumstantial evidence, on which it relied heavily in concluding that bribery had taken place.","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133247153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"New IMF Initiative Revives Old Inter-Creditor Issues","authors":"Yanying Li","doi":"10.2139/SSRN.2287641","DOIUrl":"https://doi.org/10.2139/SSRN.2287641","url":null,"abstract":"In 2003, the IMF abandoned its proposal for a treaty-based framework to restructure sovereign debt. Triggered by lessons from the Greek debt restructuring and Argentine bondholder litigation, the IMF revisited potential reforms of sovereign debt restructuring in May 2013. This paper introduces the revisit and analyses various inter-creditor issues involved.","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"164 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123366076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Playing Sovereign Debt Creditors’ Orchestra: Inter-Creditor Issues in Sovereign Debt Restructuring","authors":"Yanying Li","doi":"10.2139/SSRN.2200306","DOIUrl":"https://doi.org/10.2139/SSRN.2200306","url":null,"abstract":"Lack of support for the Sovereign Debt Restructuring Mechanism (SDRM) discussion at the IMF a decade ago has encouraged several debt NGOs to actively advance proposals for sovereign debt arbitration - a bankruptcy-type arbitral tribunal to handle sovereign debt disputes in a collective manner. In response to these proposals, the Government of the Netherlands and the Permanent Court of Arbitration recently initiated a project to investigate the desirability and feasibility of sovereign debt arbitration. The interim project report flags, among other issues, the absence of agreed principles that would be applied by the arbitral tribunal. This paper wishes to contribute to the discussion surrounding such principles by addressing inter-creditor issues in sovereign debt restructuring. It begins with an explanation of inter-creditor issues at the time of crisis, and the urgent need for better creditor coordination looking at the Argentine bondholders’ recent success in the Abaclat and NML Capital cases. It draws from the experience of domestic bankruptcy law to explore the best solution for resolving inter-creditor issues in the sovereign debt context. Importantly, this paper challenges the fundamental theory of collectivity in bankruptcy law, arguing that the approach used in most domestic bankruptcy systems to address inter-creditor issues — the inclusion of all claims in a collective proceeding that ensures equitable treatment among all creditors - should be applied differently in the sovereign debt world due to the difference of the debtor being a State.","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132080716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Justice in EU Cooperation and Development Policy","authors":"C. Stahn, Dov Jacobs","doi":"10.2139/ssrn.2958167","DOIUrl":"https://doi.org/10.2139/ssrn.2958167","url":null,"abstract":"The concept of justice is essential in this context of human development as well as in the context of cooperation. It plays a central role in the context of ‘human rights, democracy’ and ‘good governance’ which form core foundations of EU development cooperation. This study clarifies the use of the concept in EU cooperation and development practice, and possible strategies for future policies. First, it determines the content and meaning of the notion of ‘justice’, taking into account justice theories and their application in the international context. Second, it examines how the concept is applied in both internal and external European policy, especially in the framework of development and/or to justice. Following these findings, the study examines ‘justice’ strategies in the context of multilateral relationships and in the context of European external programmes, as well as peace-building and transitional justice. It concludes with a set of targeted recommendations.","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133278959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What Is Data Mining and How Does It Work?","authors":"T. Calders, B. Custers","doi":"10.1007/978-3-642-30487-3_2","DOIUrl":"https://doi.org/10.1007/978-3-642-30487-3_2","url":null,"abstract":"","PeriodicalId":426443,"journal":{"name":"Leiden Law School Legal Studies Research Paper Series","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116166483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}