Abstract

While the vast majority of arbitral awards are voluntarily complied with, a losing sovereign state that is intent on refusing to pay its judgment creditors is likely able to succeed in doing so on the back of national laws governing sovereign immunity from execution. Such laws, often combined with the separate legal personality of state-owned entities, have made it possible for arbitral awards winners to be left with a right but not a remedy, even when the case was brought under ICSID Convention Rules. Given the ICSID Convention's express intent to create a simple and effective arbitral ...