Books Reviews by Paul J.Omar and David Ehmke

L’Application du règlement 1346/2000 relatif aux Procédures d’Insolvabilité aux Groupes des Sociétés (The application of the European Insolvency regulation to corporate groups: an Anglo-French perspective) by Myriam Mailly.

This recently published French language work addresses the application of the EIR to the position of groups of companies, a very common structure for creating business networks and conducting crossborder trade. The research, which arose from the author’s doctoral studies at the Universities of Kent and Lille, contains a comparative flavour, in that it examines the position from the standpoint of two very different legal systems: the English and the French.

Sovereign Defaults before Domestic Courts by Hayk Kupelyants.

The world of sovereign debt and sovereign defaults is often obscure. In the absence of a sovereign debt restructuring regime, sovereign debtors and (holdout) creditors play a cat-and-mouse game. The sovereign debtor may resort to extra-legal or legally questionable strategies, cease its payments, coerce the creditors with exit consent strategies or the threat not to repay its holdout creditors, or may try to retrospectively revise the terms of the agreement to his/her own advantage by a change in the national law. Creditors trade their claims to specialised debt investors who sue the debtor and try to enforce their claims or to pressurise the debtor, e.g., by blocking his/her access to the capital debt markets. In this recently published text, Dr. Hayk Kupelyants analyses how such disputes which arise in the context of sovereign defaults are likely to be decided in domestic courts.