(a) By control has priority over the rights of all other secured creditors

His son paid the debt, but Wilson went to North Carolina to escape other creditors.

Even in those states where creditors have the legal authority to take other assets or wage income, the personal bankruptcy laws are so restrictive that creditors don t bother to try.

Because healthy competition among all potential creditors is an effective way of reducing the cost of credit, the Guide recommends that the secured transactions regime apply equally to various creditors, including banks and other financial institutions, as well as domestic and non domestic creditors.

Judgement creditors

After the war, bondholders and other creditors (especially in the North) wanted to return to a gold standard.

Statutory (preferential) creditors

Creditors in insolvency proceedings

Member countries are now divided into two classes creditors and debtors with the creditors in charge.

When a large financial institution is insolvent, the IMF should take it over, guaranteeing its short term obligations, but wiping out the shareholders and repaying the long term creditors only after all the other creditors (including the IMF itself) are repaid.

They could thus guarantee also on behalf of other creditors that the state s finances were solid, and that debts would be repaid.

On the other side are those who call for the creditors who triggered the excessive debt to be punished for their imprudence.

(b) Provide a temporal event for ordering priority among secured creditors and between a secured creditor and other classes of competing claimants.

Sovereign debt restructurings with private creditors

As a result, the eurozone has become divided into creditors and debtors, with the creditors in charge of economic policy.

If a homeowner defaults, creditors can take the house, but they cannot take other property or income to make up any unpaid balance.

We welcome the commitment of the Paris Club to reduce substantially Iraq's sovereign debt and urge the other creditors to take similar decisions.

Even former creditors benefited from this rebound.

Bailing in creditors will exacerbate these trends.

Inflation would clearly make creditors worse off.

When holdouts are rewarded by court decisions, and the rights of recalcitrant creditors are recognized in other jurisdictions, efforts at voluntary restructuring become unsustainable.

Creditors can agree to relax Greece s fiscal targets.

Third, the terms offered by commercial creditors, governments, and other international agencies were unusually generous, involving a reduction of between 90 and 100 of debts outstanding.

This suggests that domestic reforms aimed at reducing issuance costs, improving disclosure requirements, enhancing creditors rights frameworks, and tackling other inhibiting factors could bring high returns.

In the end, Greece, the eurozone s other members, and Greece s creditors will have to accept that the country is insolvent and cannot service its existing debt.

Thus, the Guide proposes procedures that allow creditors to so enforce their security rights, subject to judicial or other official control, supervision or review when appropriate.

The euro crisis is now turning the EU into something fundamentally different, dividing member countries into two classes creditors and debtors with the creditors in charge.

When push comes to shove, domestic politics trumps foreign creditors.

Price inflation forces creditors to accept repayment in debased currency.

The banks creditors or governments ultimately would bear any losses.

Creditors obviously support bailing out debtor countries to protect themselves.

Creditors of a corporation cannot recover debts from a shareholder.

Throughout, the Guide seeks to establish a balance among the interests of debtors, creditors (whether secured, privileged or unsecured), affected third persons, buyers and other transferees, and the State.

They depended much less on foreign creditors than on domestic lenders.

For both borrowers and creditors, the risks and costs are enormous.

Greece, too, is a victim of its creditors misconceptions and taboos.

Too many creditors were reimbursed at par on their maturing claims.

This limits losses to stockholders and completely protects almost all creditors.

Table 3 Recent sovereign debt restructurings with private creditors main features

Likewise, they now recognize that bailout loans that give the new lender seniority over other creditors worsen the position of private investors, who will simply demand even higher interest rates.

The more Argentina grew, the more it paid to its former creditors.

But creditors don t have an incentive to place tough limits on banks.

Yet this process leaves the rights of creditors undefended, eliciting widespread criticism.

The strategy worked Argentina has avoided making any payments to its creditors.

The recent experiences of debt restructurings with private creditors are very diverse.