Study On The Collective Action Clauses Of Sovereign Debt Restructuring

Since the 1980s,the sovereign debt crisis has repeatedly impacted the stability of the international financial system,how to restructure sovereign debt rapidly and orderly is an important task in solving the sovereign debt crisis.In the current way of resolving sovereign debt disputes,as a form of restructuring contract for sovereign debt,Collective action clauses play an important role in the process of sovereign debt restructuring.However,the third-generation Collective action clauses single limb aggregated voting is too strong,causing considerations for the protection of creditors'rights and interests.The first part of this paper defines the sovereign debt and sovereign debt crisis,and classifies them according to the different attributes of sovereign debt,After analyzing the harm caused by sovereign debt,introducing and corresponding analysis of the development of the sovereign debt dispute settlement mechanism adopted by the international community in practice,then introduce the contents of the collective action clause in the sovereign debt restructuring,point out the problems in the current collective action clauses in practice.The first part of the second part is from the perspective of the debtor countries,and analyzes the disputes between sovereign debt restructuring and national economic sovereignty brought about by collective action clause,clarify the criteria for restrictions on sovereign debt restructuring to national sovereignty under collective action clauses.The second half analyzes the conflict between the issue of collective action clauses and the fair and equitable treatment in the process of restructuring from the perspective of creditor protection,Learning from the US Bankruptcy Law Chapter IX Municipal Bankruptcy Law for creditor protection measures,Looking for ideas for creditor protection in the process of sovereign debt restructuring.The third part is the measures proposed for the protection of creditors under the current collective action clause,make feasibility analysis of the creditor committee and international arbitration as a remedy for bondholders under the single limb aggregated voting procedure.The fourth part is the conclusion,a brief summary of the article,and make an appropriate outlook.