A plaidoyer on state bankruptcy : between economic reality and legal impossibility

english

2024

volume 16, issue 2

bankruptcy   financial crisis   reform   regulations   state

Univerza v Mariboru, Pravna fakulteta
(Obvezni izvod spletne publikacije)

The history of financial crises and their serious consequences have made them a key interest for both academics and policymakers. During periods of economic growth, bankruptcy was mainly viewed as a mechanism to eliminate uncompetitive firms. However, current global economic conditions, including inflation, decreased demand, rising production costs, the energy crisis, and financial collapses in certain markets, have made it difficult for many companies to service their debts. Outdated bankruptcy regulations have worsened the situation. In the context of globalization and the internationalization of business, modernizing bankruptcy laws has become essential. Various international institutions have advocated for reforms, including redefining the concept of state bankruptcy. This paper aims to analyze the role of the state in bankruptcy, focusing not on its role as a commercial creditor or debtor but as a potential subject of bankruptcy itself.

05.05.2025