The persistently unfavourable global economic conditions have led to decreasing the capital flow towards emerging market countries, which influences their economic situation and provokes fears that many of them may face difficulties in respecting their liabilities resulting from the debts incurred. Therefore, both public and private institutions have a very significant role in drafting emergency plans for a debt crisis situation. Such activities have been conducted for a number of years, but in the present context of the world economy, they gain a particular importance.

The economies of the emerging market countries are dependent on the financing by investors from developed countries, who have a surplus of funds. In 1990s, most states stopped financing their needs by seeking bank credit and started instead to issue bonds in the international market. Despite a number of advantages generated by this approach, such a diversification of financing sources and the increasing number of debt instruments may be a considerable obstacle in reaching debt restructuring conditions which would be acceptable for all creditors.

The article presents three basic concepts of solutions which would allow for an efficient management of the debt restructuring process:

The article focuses on the collective action clauses, as all factors indicate that those will play a major role in debt restructuring processes in the coming years. Additionally, the article quotes selected examples of sovereign debt restructuring in the context of applying collective action clauses. The article concludes with an attempt of determining the directions in which work on sovereign debt restructuring will evolve.