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This doctoral dissertation deals with distressed sovereign debts. It analyzes the regulation of the so-called “vulture funds”, and proposes a new judicial approach in order to better address their activities. The actions of some state creditors have been debated over the last decades. Speculative funds acquire on the secondary market debts owed by states that have difficulties paying them back. As the UN expert Cephas Lumina explains, sovereign debts can be bought by these entities at a reduced price relative to their face value. Indeed, primary creditors prefer to collect this price rather than initiating lengthy proceedings and taking the risk of eventually failing to get reimbursed. Thereafter, these funds often attempt through litigation to seek repayment of the full face value of the repurchased debts together with interest, penalties, and legal fees. Speculative funds call upon worldwide jurisdictions to condemn their sovereign debtors and to seize their assets. Incidentally, they refuse to take part in debt restructurings. The most famous case that reflects this phenomenon is Republic of Argentina v. NML Capital, Ltd., an entity that had bought a large part of the country’s debt. The financial issues raised by the covid crisis will certainly increase the occurrence of sovereign indebtedness. This situation calls for special attention. Despite legal actions filed by speculative funds being legally compliant, as they are based on the pacta sunt servanda rule which means that contracts have to be honored, there are increasing concerns, mainly from the civil society, about the morality and ethics of such proceedings. The nature of secondary market debts makes heavily indebted states particularly vulnerable to the reviewed profiteering. The speculative funds are often criticized for crippling human rights since they deprive states and their population of needed resources. Moreover, their speculative activities disturb debt restructurings. Conversely, the funds arg, (DROI - Sciences juridiques) -- UCL, 2021

This Special Issue addresses the concept of sustainability in pension systems from a wide range of perspectives. It examines the central questions raised about sustainable, socially responsible investments and other associated concepts by opening up a comprehensive discussion with an interdisciplinary approach. Normative trends and international cases are analysed in some detail concerning the situation of specific European Member States. Also, the concept of sustainability in European occupational pension schemes is questioned as an efficient vehicle able to assure adequate pension entitlements to all workers to avoid old-age poverty.

Le droit belge des sociétés et des associations a été profondément remanié en 2019, dans le cadre d’une réforme plus large du droit économique. Cet article présente, de manière succincte, les principales nouveautés introduites par le Code des sociétés et des associations, au rang desquelles figurent l’adoption de la théorie du siège statutaire comme critère de rattachement, l’introduction d’un régime dual de gouvernance dans la SA et la suppression du capital dans la SRL.

Le Brexit nous rappelle que la construction européenne n’est ni un processus irréversible, ni une réalité acquise une fois pour toutes. Dans un monde où des puissances économiques et militaires poursuivent leurs stratégies à l’échelon mondial sans se préoccuper des frontières nationales, le projet européen est, plus que jamais, indispensable. Faute de quoi, la mondialisation risque de reléguer à l’arrière-plan les États qui, en réaction, se crisperont sur leur souveraineté. Dans ce contexte, nous faisons le point sur l’évolution passée et proposons des perspectives d’avenir, en abordant ces réalités par le prisme du droit social, du droit fiscal, du droit des sociétés, du droit du commerce international, des droits intellectuels et du numérique. Ces réglementations sociales et économiques touchent les citoyens européens dans leur quotidien et influencent donc leur perception de l’Union européenne.

This Special Issue is devoted to the impact of European Law on complementary pensions. It examines the main features of European policy shifts related to the ageing process in the field of occupational pensions. Normative trends exemplifying mutations in European pension policies and their consequences are studied in some detail with reference to the situation of specific Member States.

European company and financial law and regulation have been evolving over time along with business and financial practices. The resulting ‘social licence’ established by company and financial law and regulation aimed to balance the granted privileges of limited liability and share transferability with the corporate social contribution to economic development and employment. Recent transformations driven by shareholder value and financialisation have been challenging this balance of interests between stakeholders (including employees and shareholders) and society. The EU institutional framework may respond to these challenges by reaffirming the centrality of the enterprise as a going concern. On this basis, corporate accountability and responsibility may be enforced to make ongoing corporate affairs accountable and responsible for their contribution to economy and society. Ongoing corporate capacity to cope with social and environmental responsibilities may be assured along with the fair and sustainable remuneration of stakeholders, including shareholding investors, and a fair tax contribution. The EU institutional design and policy mix may be organised to respond to this comprehensive set of corporate dimensions. Here the most relevant fields to be reconsidered include: enterprise groups and corporate social responsibility; financial reporting and transparency; financial investment and asset management.