Sovereign and private sector debt defaults are of all times. Every country has its own legal rules to respond to indebtedness. Next to the classic court actions and preliminary measures, there are also a multiple of debt restructuring procedures to avoid liquidation of productive concerns. The East Asian, Russian or Argentine crises have clearly shown that massive, system wide corporate debt distress situations could find an effective policy response through the use of out-of-court, private workout solutions among lenders and debtors. For sovereigns, reconciliation processes have been put into place and could solve a large part of a State’s foreign debt. But not all debts can be resolved in an elegant way and far too many times a creditor needs to resort to basic litigation and freezing actions.
Cases frequently involve a multiple of jurisdictions. In addition, a complex case typically involves a numerous of professional practice specialties going from international insolvency law to securities, banking and corporate law; from finance and business law to forensic accounting and auditing; from corporate finance and financial analysis to mergers and acquisitions, and different methods of litigation and enforcing money judgments.