. . . 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.

This incisive book critically explores the principles, purpose and application of corporate rescue in order to bring new significance to rescue theory. Responding to key legislative developments and recent case law, it examines major insolvency theories and establishes which theoretical principles are prominently applied in practice, and whether these principles have affected the drivers of policy consideration.

For many years, The functioning of the single European market has made it easy for companies to establish themselves and do business throughout the European Union¿unless, that is, they failed. In that case, until recently, a company became subject To The insolvency laws of each individual country. The divergence among these laws seemed far beyond the possibility of harmonisation. During the last few years, however, a twofold development is bringing relief. First, thanks To The European Regulation on Insolvency And The UNCITRAL Model Insolvency Laws, jurisdictional issues can be resolved and determined in cases where more than one country is affected by the insolvency of a particular enterprise. Second¿and far more promising¿stated EU policy goals urging a convergence in thinking on substantive insolvency issues at the Member State level are bearing fruit in reforms that abandon extreme or unusual features and open more common ground. Spearheading these reforms are statutory corporate insolvency procedures that offer an alternative to liquidation¿procedures grouped under the heading of corporate rescue. In this book eleven outstanding European insolvency law specialists, representing both practitioners and academics, investigate significant changes in corporate rescue laws that have either already been implemented or that are on the law reform agenda. The essays include expert analyses and evaluations of corporate rescue laws in each of six EU Member States¿France, Germany, Italy, Spain, Sweden, And The United Kingdom¿as well as insightful discussions of the broader European context. Because corporate rescue is the lifeblood of insolvency law, it is likely to be this aspect that has the greatest role to play in the economic and social development of the European Union. For this reason¿and because of the obvious beneficial value of corporate rescue in ensuring fair treatment of creditors and protection of debtors, As well as in reducing the level of stigma attached to insolvency¿Corporate Rescue in Europe will be valued by company lawyers and law firms throughout Europe, and in particular to those handling bankruptcy and insolvency proceedings.

This edited volume is based on the European Law Institute's (ELI) project 'Rescue of Business in Insolvency Law'. The project ran from 2013 to 2017 under the auspices of the ELI and was conducted by Bob Wessels and Stephan Madaus, who were assisted by Gert-Jan Boon. The study sought to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. This includes certain statutory procedures that could better enable parties to negotiate solutions where a business becomes financially distressed. Such a framework also includes rules to determine in which procedures and under which conditions an enforceable solution can be imposed upon creditors and other stakeholders despite their lack of consent. The project had a broad scope, and extended to consider frameworks that can be used by (non-financial) businesses out of court, and in a pre-insolvency context. Part I of this book, the ELI Instrument as approved by the ELI Council and General Assembly, features 115 recommendations on a wide variety of themes affected by the rescue of financially distressed businesses, such as the legal rules for professions and courts, treatment and ranking of creditors' claims, contract, corporate and labour law as well as laws relating to transaction avoidance. Part II consists of national reports that sketch the legal landscape in 13 States and of an 'Inventory Report on International Recommendations from Standard-Setting Organisations', both of which provided insight for the drafting of the Instrument. This volume is designed to assist those involved in a process of law reform and those setting standards for soft law in the business rescue context.

This book analyses corporate rescue laws, processes and policies prescribed in corporate insolvency or bankruptcy laws, and employment laws of the UK and the US, with a particular focus on how extant employee rights are treated when a debtor employer initiates corporate insolvency proceedings. The commencement of formal insolvency proceedings by an employer affects employees’ rights and interests. Employment laws seek to protect employees’ rights and interests, while insolvency laws seek to promote corporate rescue, which may entail workforce changes. Consequently, this creates a tension between whose interest insolvency law should give primacy of protection. The book analyses how corporate rescue processes such as administration, pre-pack business sales, company voluntary arrangements, receivership and liquidation impact employee rights and protection during corporate rescue proceedings in both jurisdictions. It goes on to address how the federal system of government in the US and the diffusion of power between federal and state law jurisdictions impact a uniform code of employee protection during Chapter 11 bankruptcy reorganisation proceedings. The book considers how an interpretative approach to law (Dworkin’s Interpretative Theory of Law) may be used to balance both employee protection and corporate rescue laws during corporate insolvency in the UK and the US. Of interest to academics, students and employment law practitioners, this book examines the tension between corporate rescue laws and employment protection laws during corporate insolvency in the US and the UK and how this tension may be remedied or balanced.

Corporate Rescue and Insolvency offers practical information on matters of primary import pertaining To The rescue and recovery And The insolvency and liquidation of businesses in various countries. Each detailed country report adheres to a pattern comprising Parties, Common Forms of Financing, Personal Security and Collateral, Forms of Consolidation, Reorganisation and Restructuring, Reorganisation as a Separate Procedure, Suspension of Payments and Comparable Procedures, Insolvency, Alternatives, Liabilities (of company directors, Of trustees or administrators), International and Crossborder Issues. This pattern enables readers to predict coverage and to find information more easily. One or more specialists in each jurisdiction prepares each report. Regular updates keep the work current. The main work covers Brazil, Great Britain, The Netherlands, Spain, Sweden, France, and Germany. Subsequent coverage includes Australia, Austria, Belgium, Canada, China, Hungary, Italy, Japan, Norway, Russia, South Africa, Switzerland, And The Czech Republic. This guide meets the needs of bankers, lawyers, accountants, judges, business managers, and other advisors for a practical, working knowledge of applicable rules and common standards and practices regarding corporate rescue and insolvency in a variety of countries.