Published on December 29th, 2017 | by Argyro Myzithra0
New Book: Le traitement juridictionnel de l’insolvabilité de l’État
Authors: Fanny Giansetto
Editor : L.G.D.J
Release date: 12/2017
Page number: 512 pages
Despite the frequent periods of financial crises, states do not benefit from an insolvency mechanism. Acknowledging this lack of institutional regulation, our research pursues a twofold objective: to identify existing tools to address the state’s insolvency and assess their effectiveness. The insolvency of the state has several specificities. The first arises from the lack of regulation in this area: in the absence of an applicable insolvency mechanism, it is the judge who is likely to be seized. The second is the debtor’s person. The sovereign quality of the debtor party influences the terms of concretization of the insolvency. In such a situation, the State is tempted to intervene unilaterally on its debt, either to cancel the loan agreements, or to suspend or modify them. Finally, the third specificity lies in the person of the creditors. These do not form a uniform whole. They come from various legal orders and pursue various objectives. In the absence of an insolvency mechanism, it is therefore a judicial treatment that can be envisaged. Faced with the difficulties raised by the insolvency of the State, the result is however contrasted. When it comes to access to judges, the judicial process of insolvency is disappointing. He is not able to satisfy a unitary treatment of insolvency. On the other hand, at the substantial stage, several mechanisms bring significant progress. If they are adapted, they are likely to provide some regulation of state insolvency.
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