This article examines the issue of state bankruptcy. Since there is no uniform way to deal with the issue, attention is given to different practices and guidelines of courts' reasoning(s) on the matter. In order to answer the question of legality, as well as to confirm or disconfirm the hypothesis that sovereign state can declare bankruptcy, descriptive, analytical and comparative methods are used. The article provides a historical overview of state bankruptcies. The article also explores the existing judicial regulations, addresses the absence of international law containing a uniform or a codified bankruptcy law for states, and outlines the main principles applicable to the dispute resolution between an insolvent sovereign state and its creditors. In addition, the article analyzes the circumstances which allow states to suspend or repudiate the fulfilment of international obligations.
Lietuvos Respublikos įmonių bankroto įstatymas (Law on the Bankruptcy of Companies of the Republic of Lithuania). Official Gazette, 2001, no. 31-1010.
Lietuvos Respublikos įmonių restruktūrizavimo įstatymas (Law on the Restructuring of Companies of the Republic of Lithuania). Official Gazette, 2001, no. 31-1012.
Michalowski, Sabine. "Sovereign Debt and Social Rights-Legal Reflections on a Difficult Relationship." Human Rights Law Review 8:1 (2008): 35 - 68 // http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1159234# (accessed March 14, 2009). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1159234#
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researchers and scholars in the fields of law and politics, with an acute interest in the cross-pollinations of disciplines, comparative approaches to regional issues, and active dialogue on pressing contemporary issues of theoretical and practical import.