On the subject of debt, the United Nations is requested to support the efforts currently being made by the Commission of the African Union for a thorough review of debt, leading to debt cancellation for the heavily indebted poor countries and to debt reduction or cancellation for middle income indebted countries.

Unliquidated obligations other United Nations agencies

Like the World Bank, United Nations budget assessment payments are obligations of Member States, and accordingly United Nations obligations (i.e., the bond issue) would probably be eligible to be defined as quasi sovereign.

Current year obligations have been revalued at the year end United Nations operational rate of exchange.

Contingent liability reserve for the United Nations Postal Administration

In the area of debt management, the Bank supports the Debt Management and Financial Analysis System (DMFAS) through a joint programme.

The law governing the original contract determines the effectiveness of contractual limitations on assignment as between the assignee and the debtor, the relationship between the assignee and the debtor, the conditions under which the assignment can be invoked against the debtor and whether the debtor's obligations have been discharged.

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.

15. Requests the United Nations High Commissioner for Human Rights to continue to pay particular attention to the problem of the debt burden of developing countries

11. Figure 2 illustrates how the Organization apos s obligations, consisting of payments due to various providers of goods and services to the United Nations, and the extent to which they exceeded the amounts of cash available to satisfy them at the end of each biennium.

77. Some formal framework is needed to prevent moral hazard behaviour by debtors and to allow payments suspensions which are part of a process of cooperative and non confrontational debt renegotiation between debtors and creditors.23 There are no formal means for explicitly approving decisions by sovereign debtors to suspend payments.

First, it aims to ensure that obligations are fairly and regularly met when a debtor becomes financially insolvent. Thus, it seeks to protect the lawful rights of both creditors and debtors.

9. Reiterates the request of the Commission on Human Rights to the United Nations High Commissioner for Human Rights to pay particular attention to the problem of the debt burden of developing countries, in particular the least developed countries, and especially the social impact of the measures arising from the foreign debt

(b) Recognition that debtor States can invoke the rebus sic stantibus principle (fundamental change of circumstances rule) (the obligation is extinguished and the debtor is released from it when its fulfilment is impossible, very onerous or essentially different from when the debt was contracted)

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

1. Reporting obligations on personal debts or liabilities

2.2 Contractual public debt

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

Debtor

(b) Property rights created contractually to secure all types of obligations, including future obligations, fluctuating obligations and obligations described in a generic way

(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

Failure of the assignor to perform the original contract does not entitle the debtor to recover from the assignee a sum paid by the debtor to the assignor or the assignee.

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.

(a) The United Nations has not specifically recognized in any of its financial accounts liabilities for after service health insurance costs or the liabilities for other types of end of service payments that will be owed when staff members leave the Organization.

4. Notes with appreciation the efforts of the Committee which have contributed to a decrease in the amount of diplomatic indebtedness, stresses that existing indebtedness continues to be a matter of significant concern to the United Nations and that non payment of just debts tarnishes the image of the Organization itself, and reaffirms that non compliance with contractual obligations cannot be condoned or justified

30. The Commission on Human Rights, in its resolution 1998 24, also called attention to the debt crisis, and emphasized that in order to find a durable solution to the debt problem, there is a need for a political dialogue between creditor and debtor countries within the United Nations system, based on the principle of shared interests and responsibilities.

In case an enterprise merges another insolvent enterprise through assuming the liabilities of the latter, the merging party shall set down measures for restructuring, undertake the responsibility of repaying the debts and integrate the financial resources according to the merging plan.

11. Considers that, in order to find a durable solution to the debt crisis, there is a need for a political dialogue within the United Nations system between creditor and debtor countries, based on the principle of shared responsibility

In response, it was pointed out that an approach based on the law of the country of the debtor apos s place of business would not be appropriate, since draft article 24 dealt with competing rights of creditors of the assignor and not with the rights and obligations of the debtor.

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.

(b) The provisions of this Convention that affect the rights and obligations of the debtor do not apply if, at the time of conclusion of the original contract, the debtor is located in such a State or the law governing the original contract is the law of such a State.

24 Collective Action Clauses included in bond or loan contracts would prevent a minority of creditors from blocking negotiations with the debtor.

(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).

Organisation of two workshops, on debt arbitration in collaboration with UN DESA and global governance.

1. Except as otherwise provided in this Convention, an assignment does not, without the consent of the debtor, affect the rights and obligations of the debtor, including the payment terms contained in the original contract.

Sovereign debt restructurings with private creditors

(c) Ensure equitable burden sharing with private creditors

(103) Once the financial contracts of the debtor have been terminated, the insolvency law should permit counterparties to enforce and apply their security interest to obligations arising out of financial contracts.

The Revolt of the Debtors

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.

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

We must commend the efforts of the Group of Eight to cancel the debt of those developing countries designated by the United Nations as heavily indebted poor countries.