The Law and Practice of Restructuring in the UK and US
The Law and Practice of Restructuring in the UK and US

Author: Shai Y. Waisman

Publisher: Oxford University Press, USA

Published: 2011-04-07

Total Pages: 535

ISBN-13: 0199583773

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The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.

Restructuring Law and Practice
Restructuring Law and Practice

Author: Chris Howard

Publisher: Butterworths

Published: 2014

Total Pages: 0

ISBN-13: 9781405791410

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A 'how-to' guide to restructuring, this book covers the practical aspects of out-of-court restructurings covering the consensual arena, examining the law and practice in a sustained and systematic way.

Corporate Reorganization Law and Forces of Change
Corporate Reorganization Law and Forces of Change

Author: Sarah Paterson

Publisher: Oxford University Press

Published: 2020-10-23

Total Pages: 304

ISBN-13: 0192604201

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Corporate Reorganisation Law argues that corporate reorganisation law is seen by market participants as a tool they can mobilise and adapt according to practices, logics, and identities in the of the financial and non-financial corporate markets. Thus changes in market practice, in the participants in the process, or in how the participants view their objectives, can significantly change the ways in which corporate reorganisation law is mobilised and adapted, even if the law has not undergone any reform. This book argues that corporate reorganisation law cannot be evaluated using a theoretical model in isolation from the wider institutional context in which corporate reorganisation law is mobilised and adapted by the participants to the process. In establishing the new methodology, the book undertakes a detailed analysis of six key changes in market practice, logic and identities in the financial and non-financial corporate fields. A comparative US/UK approach is adopted in analysing both the process of institutional change and the implications for law. This provides a fascinating lens through which to see how different institutional environments in the financial and non-financial markets in different jurisdictions are drawing together, and interacting with very different legal systems which were adapted to the distinct, original institutional environments in which they were developed. From this analysis important lessons for legal harmonisation efforts in Europe and in non-European jurisdictions are drawn out. The work emphasises the need to look at formal legal rules in combination with other, non-legal and legal institutions and argues that current reform debates in both the US and UK have suffered because scholars, practitioners, and policy makers have not started their evaluation of the case for reform by placing corporate reorganisation law in this wider institutional context. The book aims to fill this gap, and to provide a methodological approach for the future.

Restructuring Law and Practice Third Edition
Restructuring Law and Practice Third Edition

Author: LexisNexis

Publisher: Butterworths

Published: 2018-01-22

Total Pages: 416

ISBN-13: 9781474307048

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This is the latest edition of the best practice bible for restructuring. No other book covers the practical aspects of out of court restructurings or looks at the law and practice in a sustained and systematic way. Restructuring Law and Practice brings a coherent and comprehensive approach to the complex practice of restructuring in the UK and beyond. The third edition is fully updated to cover all recent developments including the new market abuse regime, information and disclosure requirements and credit derivatives. There are three new chapters onproject financing and commodities restructuring, bond restructurings and liability management.* First and only commentary on the steps practitioners need to take in a restructuring* Practical, transactional focus* Walks readers through the practical steps of the transaction, warning what to look out for and advising re documents* Gives insights into the documentation and all the practical actions that need to be taken* Is written in such a way as to be of immense value to accountants, lawyers and bankers

Corporate Reorganisation Law and Forces of Change
Corporate Reorganisation Law and Forces of Change

Author: Sarah Paterson

Publisher: Oxford University Press

Published: 2020-10-23

Total Pages: 321

ISBN-13: 019260421X

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Corporate Reorganisation Law argues that corporate reorganisation law is seen by market participants as a tool they can mobilise and adapt according to practices, logics, and identities in the of the financial and non-financial corporate markets. Thus changes in market practice, in the participants in the process, or in how the participants view their objectives, can significantly change the ways in which corporate reorganisation law is mobilised and adapted, even if the law has not undergone any reform. This book argues that corporate reorganisation law cannot be evaluated using a theoretical model in isolation from the wider institutional context in which corporate reorganisation law is mobilised and adapted by the participants to the process. In establishing the new methodology, the book undertakes a detailed analysis of six key changes in market practice, logic and identities in the financial and non-financial corporate fields. A comparative US/UK approach is adopted in analysing both the process of institutional change and the implications for law. This provides a fascinating lens through which to see how different institutional environments in the financial and non-financial markets in different jurisdictions are drawing together, and interacting with very different legal systems which were adapted to the distinct, original institutional environments in which they were developed. From this analysis important lessons for legal harmonisation efforts in Europe and in non-European jurisdictions are drawn out. The work emphasises the need to look at formal legal rules in combination with other, non-legal and legal institutions and argues that current reform debates in both the US and UK have suffered because scholars, practitioners, and policy makers have not started their evaluation of the case for reform by placing corporate reorganisation law in this wider institutional context. The book aims to fill this gap, and to provide a methodological approach for the future.

The European Restructuring Directive
The European Restructuring Directive

Author: Gerard McCormack

Publisher: Edward Elgar Publishing

Published: 2021-04-30

Total Pages: 319

ISBN-13: 1789908817

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This comprehensive book provides a clear analysis of the European Restructuring Directive, which aims to improve national frameworks governing business restructuring and insolvency as well as to provide debt relief for individuals. Gerard McCormack explores the key aspects of the Directive including the moratorium on litigation and enforcement claims against the financially-troubled business, the provision for new financing, the division of creditors into classes, the introduction of a restructuring plan and the rules for approval of the plan by a court or administrative authority.

Corporate Rescue Law--an Anglo-American Perspective
Corporate Rescue Law--an Anglo-American Perspective

Author: Gerard McCormack

Publisher: Edward Elgar Publishing

Published: 2008-01-01

Total Pages: 331

ISBN-13: 1848445105

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. . . a highly readable and informative text and an excellent addition to insolvency scholarship. . . In their entirety, the chapters of Corporate Rescue Law An Anglo-American Perspective represent one of the most incisive and relevant treatments of comparative insolvency regimes to date. . . This book is an absolute boon: it provides the reader with a mass of legal and practical insights into the workings of two ostensibly divergent systems and challenges received wisdom in a fluent and persuasive manner. Not only are legal differences examined through the lens of practice, but also commercial, philosophical and social responses to failure are considered and highlighted as possible drivers of those real distinctions that do exist. Professor McCormack has produced an exceptional work that should be required reading for academics, practitioners and policy makers alike, and is to be warmly congratulated. Sandra Frisby, Banking and Finance Law Review The issues are well chosen. They are easily the most important aspects of any corporate rescue law. The careful analysis of the technical provisions, the incorporation of the extensive scholarship on the two corporate rescue regimes and the reference to practice in the real world all help to make these chapters an indispensable tool for any scholar wishing to gain a better understanding of the similarities and differences of English and American corporate rescue laws. . . This monograph could not have come at a better time. . . The comparative account in this book will help law reformers, judges and scholars to have a better grasp of the issues and appreciate better how the two systems have dealt with them. . . Comparative law has a critical role to play in promoting mutual understanding and respect. It is hoped that this monograph will help in that respect. Wee Meng Seng, Singapore Journal of Legal Studies This book offers an unprecedented and detailed comparative critique of Anglo-American corporate bankruptcy law. It challenges the standard characterisation that US law in the sphere of corporate bankruptcy is pro-debtor and UK law is pro-creditor , and suggests that the traditional thesis is, at best, a potentially misleading over-simplification. Gerard McCormack offers the conclusion that there is functional convergence in practice, while acknowledging that corporate rescue, as distinct from business rescue, still plays a larger role in the US. The focus is on corporate restructurings with in-depth scrutiny of Chapter 11 of the US Bankruptcy Code and the UK Enterprise Act, and offers other comparative oversights. Integrating theoretical and practical insights, this book will be of great interest to academics and practitioners, and also to policymakers in the DTI, Insolvency Service and regulatory bodies.

New Financing for Distressed Businesses in the Context of Business Restructuring Law
New Financing for Distressed Businesses in the Context of Business Restructuring Law

Author: Sanford U. Mba

Publisher: Springer

Published: 2019-06-29

Total Pages: 285

ISBN-13: 3030197492

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This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.