<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml"><p>This article examines the issue of state bankruptcy. Since there is no uniform way to deal with the issue, attention is given to different practices and guidelines of courts' reasoning(s) on the matter. In order to answer the question of legality, as well as to confirm or disconfirm the hypothesis that sovereign state can declare bankruptcy, descriptive, analytical and comparative methods are used. The article provides a historical overview of state bankruptcies. The article also explores the existing judicial regulations, addresses the absence of international law containing a uniform or a codified bankruptcy law for states, and outlines the main principles applicable to the dispute resolution between an insolvent sovereign state and its creditors. In addition, the article analyzes the circumstances which allow states to suspend or repudiate the fulfilment of international obligations.</p></abstract>

This article examines the issue of state bankruptcy. Since there is no uniform way to deal with the issue, attention is given to different practices and guidelines of courts' reasoning(s) on the matter. In order to answer the question of legality, as well as to confirm or disconfirm the hypothesis that sovereign state can declare bankruptcy, descriptive, analytical and comparative methods are used. The article provides a historical overview of state bankruptcies. The article also explores the existing judicial regulations, addresses the absence of international law containing a uniform or a codified bankruptcy law for states, and outlines the main principles applicable to the dispute resolution between an insolvent sovereign state and its creditors. In addition, the article analyzes the circumstances which allow states to suspend or repudiate the fulfilment of international obligations.

Can a Sovereign State Declare Bankruptcy?

Faculty of Law, Vytautas Magnus University, Lithuania

Baltic Journal of Law & Politics

{"article-title":"Can a Sovereign State Declare Bankruptcy?"}

This article examines the issue of state bankruptcy. Since there is no uniform way to deal with the issue, attention is given to different practices and...

Can a Sovereign State Declare Bankruptcy?

Publié en ligne: 03 sept. 2010

Pages: 125 - 140

DOI: https://doi.org/10.2478/v10076-010-0007-7

Mots clés
State, insolvency, bankruptcy, international law, insolvent state, suspension of obligation fulfilment, repudiation of obligation fulfillment

This content is open access.

Can a Sovereign State Declare Bankruptcy?

Publié en ligne: 03 sept. 2010

Pages: 125 - 140

DOI: https://doi.org/10.2478/v10076-010-0007-7

Mots clésState, insolvency, bankruptcy, international law, insolvent state, suspension of obligation fulfilment, repudiation of obligation fulfillment

This content is open access.

Mots clés
State, insolvency, bankruptcy, international law, insolvent state, suspension of obligation fulfilment, repudiation of obligation fulfillment