Proposal for Debt Suspension Legislation

4 Pages Posted: 1 Dec 2021

See all articles by Stephen Connelly

Stephen Connelly

University of London - Birkbeck College

Karina Patricio Ferreira Lima

School of Law, University of Leeds

Celine Tan

University of Warwick - School of Law

Date Written: June 3, 2020

Abstract

This is a proposal for a statutory stay on recovering commercial debt repayments owed by low-income countries to free up resources to combat COVID-19. The proposal enhances the effect of the Debt Service Suspension Initiative committed to by the G20 and Paris Club official creditors and voluntary arrangements of private creditors.

The current proposal is time-bound, does not interfere with the underlying contractual rights of parties to the contract and is contingent on the country subject to such claims making a suspension request to the court.

Keywords: COVID-19; Sovereign Debt; DSSI

JEL Classification: K1; K2

Suggested Citation

Connelly, Stephen and Patricio Ferreira Lima, Karina and Tan, Celine, Proposal for Debt Suspension Legislation (June 3, 2020). Available at SSRN: https://ssrn.com/abstract=3935371 or http://dx.doi.org/10.2139/ssrn.3935371

Stephen Connelly

University of London - Birkbeck College ( email )

Malet Street
London, WC1E 7HX
United Kingdom

Karina Patricio Ferreira Lima (Contact Author)

School of Law, University of Leeds ( email )

Leeds LS2 9JT
United Kingdom

HOME PAGE: http://https://essl.leeds.ac.uk/law/staff/1333/

Celine Tan

University of Warwick - School of Law ( email )

Gibbet Hill Road
Coventry CV4 7AL, CV4 7AL
United Kingdom

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