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If voluntary settlement through extension or composition is not possible, the matter must be taken to court.
"When we do the study again," she said, "we'll see if voluntary guidelines work, or if we need something stronger".
Our approach is voluntary, but with the possibility of a mandatory approach if voluntary measures don't work.
Britain, meanwhile, has threatened to introduce further legislation if voluntary measures to try to curb piracy are unsuccessful.
But some top credit rating agencies said that they would view such a swap as a default, even if voluntary.
He warned that he would soon have to declare a state of emergency if voluntary efforts fell short.
Similar(21)
Official Dollarization-If voluntary dollarization continues, the authorities might follow a more logical path by exiting convertibility and officially dollarizing.
"I don't know how long it will take, but if this voluntary blindness continues, if the crisis goes on, it will be a real threat to democracy in the near future".
If businesses fear they will face regulations if the voluntary approach fails, they may respond, Kopp says; if not, they won't.
But it is not clear if a voluntary restructuring would qualify as a legal default.
But if the voluntary approach is ineffective, compulsion is an invidious alternative.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com