Gläubigerbehandlung bei Staateninsolvenzen

The lack of a cohesive system to address sovereign defaults has resulted in the absence of consistent rules regarding the treatment of creditors. There is no ladder of priorities for creditors of a sovereign debtor that is comparable to domestic bankruptcy proceedings. However, this does not result in equal treatment of all creditors—in fact, current restructuring processes often result in substantial differences between creditors. This study depicts these differences and examines the underlying reasons for them. Subsequently, the study illustrates the possibility of improved treatment of creditors. The special role of the debtor establishes important preconditions, which are not always considered in existing proposals. Here, the author illustrates objective criteria, pursuant to which creditors of a state can be categorised into groups within the framework of resolvency proceedings that are predictable for all parties involved and will enable efficient restructuring.