Enforcing against state assets:the case for restricting private creditor enforcement and how judges in England have used "context" when applying the "commercial purposes" test
This article focuses on some recent cases involving attempts by private creditors to enforce judgments against state assets. It examines how the international law rules on state immunity which permit enforcement but only against assets used for commercial purposes have been applied in domestic courts. In particular it highlights an emerging trend in English cases where “context” has been used to protect state assets from seizure. It considers enforcement against the wider question of sovereign debt restructuring and concludes that, apart from a few exceptions, courts are protecting state assets despite increased pressure from creditors
