1. Reporting obligations on personal debts or liabilities

quot (a) the commencement or continuation of individual actions or individual proceedings concerning the debtor s assets, rights, obligations or liabilities are stayed

Where the security right at issue (which secures the debtor's obligation) is granted by the debtor, the term debtor also refers to the grantor.

(a) the commencement or continuation of individual actions or proceedings concerning the debtor apos s assets, rights, obligations or liabilities shall be stayed and

(a) the commencement or continuation of individual actions or individual proceedings concerning the debtor apos s assets, rights, obligations or liabilities are stayed

(a) the commencement or continuation of individual actions or individual proceedings concerning the debtor apos s assets, rights, obligations or liabilities are stayed

(a) commencement or continuation of individual actions or individual proceedings concerning the debtor s assets, rights, obligations or liabilities is stayed

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

(e) Debtor means a person that owes performance of the secured obligation and includes secondary obligors, such as guarantors of a secured obligation .

Debtor

(e) Protection of the insolvency estate against the actions of creditors, the debtor itself and the insolvency representative, and where the protective measures apply to secured creditors, the manner in which the economic value of the security interest will be protected during the insolvency proceedings

15. Regarding the debt problem, his Government had signed an agreement with the Paris Club on a comprehensive mid term restructuring of its debt, and another accord with the creditors of the London Club on rescheduling its commercial debt.

(4) Absent proof to the contrary, the debtor apos s registered office, or habitual residence in the case of an individual, is deemed to be the centre of the debtor apos s main interests.

(a) staying the commencement or continuation of individual actions or individual proceedings concerning the debtor apos s assets, rights, obligations or liabilities, to the extent they have not been stayed under article 16(1)(a)

In response to that suggestion it was observed that in legal systems that recognized insolvency proceedings of natural persons, such as individual traders or merchants, it would sometimes be difficult to establish a clear distinction between the debtor s business and personal affairs, and that proceedings apparently falling in the latter category might well have influence on the debtor s assets and liabilities.

In reply, it was observed that, for example, the names and addresses of foreign creditors would be obtainable from the debtor apos s books and correspondence and that in the case of debtor initiated insolvencies, national laws often required the debtor to produce a full list of creditors.

(3) In the absence of proof to the contrary, the debtor s registered office, or habitual residence in the case of an individual, is presumed to be the centre of the debtor s main interests.

It was noted that the stay was meant to cover all actions capable of affecting the assets of the debtor or increasing the debtor s liabilities.

Notification of the debtor

recognition 67 71 16 Article 19.

quot (a) staying the commencement or continuation of individual actions or individual proceedings concerning the debtor s assets, rights, obligations or liabilities, to the extent they have not been stayed under article 16(1)(a)

(a) staying the commencement or continuation of individual actions or individual proceedings concerning the debtor apos s assets, rights, obligations or liabilities, to the extent they have not been stayed under article 16(1)(a)

A key element of the relief accorded upon recognition of the representative of a foreign main proceeding is that of a stay of actions of individual creditors against the debtor or a stay of enforcement proceedings concerning the debtor apos s assets, and a suspension of the debtor apos s right to transfer or encumber its assets (art. 16(1)(a) and (b)).

(f) Grantor means a person that creates a security right in one or more of its assets in favour of a secured creditor to secure either its own obligation or that of another person (see debtor).

A proposal has been made to set up an independent commission, appointed by agreement between creditors and debtors, to assess the debt sustainability of developing countries.17 An important factor behind the apparent failure to deal with the debt problems in an expeditious way is the insufficient level of financing of debt relief or debt rescue packages.

Sovereign debt restructurings with private creditors

(c) Ensure equitable burden sharing with private creditors

Those instances include cases where the insolvent debtor has assets in more than one State or where among the creditors of the debtor there are some that are not from the State where the insolvency proceeding is taking place.

The Revolt of the Debtors

Participation by debtor firms is voluntary, and requires negotiation between the debtor firm and its creditors.

3. Also emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

It was pointed out that the same question would be raised as regards the application of those provisions of the draft Convention that dealt with the rights and obligations of the debtor, in case of a multiplicity of debtors.

(b) Security rights securing the obligation of the obligor on the negotiable instrument.

2. The debtor may raise against the assignee any other right of set off, provided that it was available to the debtor at the time notification of the assignment was received by the debtor.

quot (4) Absent proof to the contrary, the debtor s registered office, or habitual residence in the case of an individual, is deemed to be the centre of the debtor s main interests.

4. Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

Emphasizes that creditors and debtors must share responsibility for preventing unsustainable debt situations

The realignment of the Heavily Indebted Poor Countries (HIPC) Debt Initiative after 1999 has considerably reduced the indebtedness of some 27 States.

35. Uganda was the first country to be eligible under the HIPC initiative and will receive debt relief equivalent to US 338 million, or 19 per cent of its outstanding debt.

That treatment, for example, may prevent access to the funds of one company for the payment of the debts or liabilities of a related debtor company (except where the debtor company is a shareholder or creditor of the related company), notwithstanding the close relationship between the companies and the fact that the related company may have taken part in the management of the debtor or acted like a director of the debtor and caused it to incur debts and liabilities.

Notification of the account debtor

(d) providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor apos s assets, affairs, rights, obligations or liabilities

(d) providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor apos s assets, affairs, rights, obligations or liabilities

Indeed, lenders are supposed to be experts on risk management and assessment, and in that sense, the onus should be on them. The risk of default or debt restructuring induces creditors to be more careful in their lending decisions.

Debtor's discharge by payment