(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

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

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.

(3) to set down the scheme for debt disposal or inheritance through negotiating with the creditors

Heavily indebted middle income countries must organize their efforts to arrive at joint agreements with the world's creditors.

1. The debtor may agree with the assignor in a writing signed by the debtor not to raise against the assignee the defences and rights of set off that it could raise pursuant to article 18. Such an agreement precludes the debtor from raising against the assignee those defences and rights of set off.

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

A New Deal for Debt Overhangs?

Sovereign debt restructurings with private creditors

Subject to article 19, the assignor, the assignee and the debtor may derogate from or vary by agreement provisions of this Convention relating to their respective rights and obligations. Such an agreement does not affect the rights of any person who is not a party to the agreement.

The law should specify that a security right is created by agreement between the grantor and the secured creditor which is in writing signed by the grantor in accordance with recommendation 12 that evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

All obligations must be supported by an appropriate obligating document.

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.

recognition 67 71 16 Article 19.

That arrangement would involve private creditors in negotiating terms of a restructuring the provision of financial support by IMF can improve the bargaining position of the debtor, and combined with the adjustment programme, can signal to the unpaid creditors that their interest is best served by quickly reaching an agreement with the 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

(c) Ensure equitable burden sharing with private creditors

Rights and obligations of the account debtor and the assignee, the obligor under a negotiable instrument or the issuer of a negotiable document and the transferee

(iii) compelling testimony or the delivery of information concerning the assets and liabilities of the debtor

(c) Such an agreement may be modified only by an agreement in a writing signed by the account debtor.

Right to notify the debtor

To be sure, this could weaken a debtor s leverage the promise of future repayment in bringing creditors back to the negotiating table. But it would also demonstrate to old and potential new creditors alike not only a capacity, but also a willingness, to make payments, thereby creating incentives for external actors to support economic recovery.

(g) Security agreement means an agreement between a grantor and a creditor, in whatever form or terminology, that creates a security right.

The law should specify that a security right is created by agreement between the buyer, grantor or financial lessee (hereinafter referred to as the grantor ) and the seller, secured creditor or financial lessor (hereinafter referred to as the acquisition financier ) which is in writing and evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

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 (d) compelling testimony or the delivery of information concerning the assets and liabilities of the debtor

Table 3 Recent sovereign debt restructurings with private creditors main features

(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).

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

Creditor's right transferred to a securities firm from its creditor during business operation of the securities firm is not subject to the provision of item 1 of this article.

It was thus recommended that civil society, as well as debtors and creditors, be involved in the debt resolution process.

Obligating documents

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

In response to that suggestion it was observed that the need for obtaining information and securing evidence on the debtor s affairs might not be limited to securing and gaining control over the debtor s books, records and documents and that other types of evidence and information should not be excluded.

Rights and obligations of the grantor and the secured creditor

(c) Notwithstanding paragraphs (a) and (b) of this recommendation, defences and rights of set off that the account debtor may raise pursuant to recommendations 15 and 16 against the assignor for breach of an agreement limiting in any way the assignor's right to make the assignment are not available to the account debtor against the assignee.

As a result, these countries have condemned themselves to continued austerity, low growth, and high debt, while diminishing any future incentive for private lenders to impose fiscal discipline on sovereign borrowers. Only by shifting the burden of responsibility back onto private lenders can debtor countries escape this quagmire.

Defences and rights of set off of the debtor

The lessons learned point to the need to reach an international understanding on debt restructuring modalities (including voluntary code and international arbitration or mediation mechanisms) which would bring together official and private creditors in a collaborative and constructive dialogue with a view to resolving debt problems in an expeditious and timely manner and to equitably protecting the interests of debtors and creditors.

209. In this context, the Heavily Indebted Poor Countries Debt Initiative endorsed by the Interim Committee of the International Monetary Fund and the Development Committee of the World Bank and the International Monetary Fund, which is designed to enable eligible heavily indebted poor countries to achieve a sustainable debt situation through coordinated action by all creditors on the basis of adjustment efforts by the debtor countries, is welcomed.

Orthodoxy has always upheld the sacred rights of the creditor political necessity has frequently demanded relief for the debtor. Which side wins in any situation depends on the extent of debtor distress and the strength of the opposing creditor debtor coalitions.

2. An agreement concluded after notification of the assignment between the assignor and the debtor that affects the assignee's rights is ineffective as against the assignee unless

(c) The determination of whether the obligations of the account debtor, the obligor on the negotiable instrument or the issuer of the negotiable document have been discharged.