Bankruptcy of a sovereign: a legal concept

The article is devoted to a new legal phenomenon in modern law – insolvency of a sovereign. The purpose of the article was to study whether those forms of debts resolution, which are used to restore the solvency of private persons, can be effective in solving sovereign debt problems. While doing research, the author used such general scientific methods such as historical (identification of facts and their description), theoretical (analysis, generalization, explanation, classification), as well as systemic and functional methods. The author focused on the difficulties the drafter of the mentioned mechanisms for solving the state's debts problems. The issue of the conceptual vision of the institutional basis for the procedures, which is one of the most difficult problems for the completion of the state bankruptcy system. The most important conclusion of the conducted research is that the solution of mentioned problems using the experience of applying the procedures used in corporate bankruptcy will help to draft an agreed international instrument, most likely an international treaty. 

default, corporate bankruptcy, International Monetary Fund, insolvency, debt restructuring, sovereign debt