Bankruptcy and insolvency Books

Book SynopsisSince the great financial crisis, many countries across the globe have witnessed the introduction of new recovery and resolution regimes for banks. The Research Handbook on Cross-Border Bank Resolution analyses the strengths and weaknesses of the current regulatory framework for resolving cross-border bank crises and proposes avenues for improvement. This cutting edge Research Handbook includes a broad range of perspectives of the regulatory and economic infrastructure of the banks themselves, third parties, and real life case studies, on both a domestic and, in particular, an international level. Chapters are authored by eminent experts in the field with contributions from the US, EU, Japan and China. With its comprehensive and rounded analysis of cross-border bank resolution, this wide-ranging Research Handbook will be of value to academics and researchers across the globe. The practical issues and policy recommendations included will also be of benefit for policy makers within the banking sector and bankers and lawyers alike.Trade Review'The editors have assembled an outstanding group of scholars to tackle the cutting-edge subject of international bank resolution.' --Jay L. Westbrook, University of Texas at Austin, USTable of ContentsContents: Introduction Part I Regulatory and economic infrastructure 1. Global solution Michael Anderson Schillig 2. Cross-border coordination of bank resolution in the EU: all problems resolved? Jens-Hinrich Binder 3. A macro approach to international bank resolution Dirk Schoenmaker Part II Bank perspective 4. Early intervention Andrew Campbell and Paula Moffatt 5. The EU bank resolution rules and national insolvency law Lynette Janssen 6. International insolvency law and EU bank resolution rules Bob Wessels 7. Corporate governance of SIFI risk-taking: an international research agenda Steven L. Schwarcz and Aleaha Jones Part III Third party perspective 8. Resolution and contracts Francisco J. Garcimatín Alférez and Sara Sánchez Fernández 9. Resolution and market infrastructures Luigi R.F. Sciusco 10. Judicial protection in cross-border bank resolution J.T. Tegelaar and M. Haentjens 11. Conflict-of-law issues Matthias Lehmann Part IV Case studies 12. Banco Espírito Santo João Cunha Marques 13. Lehman Brothers Treasury Frédéric Verhoeven 14. Cross-border bank resolution in Japan Tomoaki Hayashi and Hideki Kanda 15. An analysis of the development of cross-border crisis management in China’s bankruptcy law and regulations Armstrong Chen Part V Conclusions 16. Conclusions Matthias Haentjens, Bob Wessels and Shuai Guo Index

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Book SynopsisThe significant role of credit in obtaining corporate capital means that credit and the treatment of creditors’ interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law.Key features include: an exploration of aspects of corporate insolvency law in need of reform an extensive examination of the rights and priorities of secured and unsecured creditors in English corporate insolvency law an analysis of the impacts of key legislative developments, such as the Insolvency (England and Wales) Rules 2016, and recent case law, such as the Supreme Court decision in the Lehman Waterfall case a unique consideration of bank insolvency regimes in the context of creditor treatment. Creditor Treatment in Corporate Insolvency Law is a specialist guide for legal practitioners and members of the judiciary looking for a clear account of current law and practice in this field. It is also a valuable doctrinal treatment of the law for scholars of corporate insolvency law, and will be of interest to policymakers involved in debates about reforms to creditor treatment and secured transactions law.Trade Review‘The book is geared primarily towards practitioners and the judiciary.. Nevertheless, this monograph is more than appropriate for research purposes in the areas of corporate insolvency and corporate finance.’ -- Eugenio Vaccari, Eurofenix‘The Elgar insolvency series presents legal titles in a format that allows for ease of navigation to a particular point of law, each written by specialists in their respective fields, often with insight either from private practice or from an academic perspective. This work by Dr Akintola not only fulfils that intention, but his insights are compelling, eloquent and address several imperati ve questions. The concise discussion on the case law and statutory provisions make the work accessible, and the arguments easy to follow - an impressive act given the technical nature of the subject. The way in which this book has been written will mean that it maintains its relevance, and importance in future discussions that concern creditor treatment, including the task of the UK reforming its insolvency system for the post-Brexit era. There is no doubt that this work will offer an authoritative statement on the law and practice of credits in regard to corporate insolvency. This book will be of interest to legal practitioners, members of the judiciary and academics who require knowledge of creditor treatment and associated issues.’ -- John M Wood, Insolvency Intelligence‘This book uses a mixture of empirical data, doctrinal argument and policy analysis to re-examine the issues arising from the use of secured financing by a company in the situation where security is most crucial: the insolvency of the debtor. It is an interesting and lively addition to the debate as to how English law should respond to this situation.’ -- Louise Gullifer, University of Cambridge, UK‘Dr Kayode Akintola’s new book Creditor Treatment in Corporate Insolvency Law tackles the most significant issues affecting creditors in corporate insolvency in a robust and sophisticated manner. It is lucid and compelling; written in easy and accessible prose, it presents complex issues and arguments simply and clearly. It is a work of great scholarship and probably the most significant contribution to English corporate insolvency law in the last decade. This welcome addition to the scholarship on corporate insolvency law will appeal to practitioners, academics, students, policymakers and indeed anyone interested in the principles or policies underlying English corporate insolvency law.’ -- Fidelis Oditah QC, South Square, UK'Dr Akintola's thoughtful, comprehensive exposition of how debt finance shapes insolvency law and how the law's various priority ordering techniques affect debt finance cements his place as a member of the UK's exciting new generation of insolvency law scholars. He usefully illuminates many of the issues that are at stake as the UK embarks on the task of reforming its insolvency system for the post-Brexit era.' -- Adrian Walters, Chicago-Kent College of Law, USTable of ContentsContents: Foreword Part I - Credit and the Company 1. The Company, its Capital and Insolvency 2. Variants of Credit Part II - Creditor Treatment in Corporate Insolvency Law 3. Principles of Creditor Treatment 4. The Treatment of Unsecured Creditors 5. The Treatment of Secured Creditors Part III - Closing: Creditor Treatment in Special Insolvency Proceedings 6. Bank Insolvency Proceedings Index

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Book SynopsisSince the adoption of the EU Regulation on Insolvency Proceedings in 2000 and its recast in 2015, it has become clear that lawyers engaged in consumer insolvency proceedings are increasingly expected to have a basic understanding of foreign insolvency proceedings, as well as knowledge of the foreign country's court and legal system, legislation and judicial practice. Written by 50 highly qualified insolvency experts from 30 European countries, A Guide to Consumer Insolvency Proceedings in Europe provides the necessary information in the largest, most up-to-date and comprehensive book on this topic.Assisting the readers in their navigation through the differences, similarities, and peculiarities of insolvency proceedings in all Member States of the European Union, Switzerland and Russia, this book is a unique guide to insolvency proceedings across Europe. With contributions by both academics and practitioners, it provides truly multinational coverage of the economic, legal, social, political, and demographic issues in consumer insolvency. Illustrating the numerous practices across Europe, this book allows the reader to evaluate each aspect both on its own merits, as well as in comparison to the approaches applied in other European jurisdictions.This book will be an invaluable tool for insolvency practitioners, judges, lawyers, creditors and debtors throughout Europe, especially those participating in cross-border proceedings.Contributors include: E. Andreeva, R. Bodis, J. Bojars, C. Booth, D. Cerini, A. Demetriadi, M. Dordevic, K. Farry, O. Fromholdt, E. Fronczak, J. Garasic, D. Grant, R. Harrison, E. Hellstrom, F. Helsen, J.-O. Heuer, V. Hoffeld, P. Jaatinen, G. Janoshalmi, B. Holohan, N. Jungmann, T. Kadner Graziano, S. Kantara, P. Keinert, B. Lurger, M. Melcher, L. Montrasio, J. Morais Carvalho, R. Norkus, A. Orgaard, D. Orsula, G. Piazza, J.P. Pinto-Ferreira, K. Pisani Bencini, M. Porzycki, A. Rachwal, M. Reymond, P. Rubellin, V. Sajadova, P. Sprinz, M.E. Storme, T. Tofaridou, H. Vallender, F.J.A. Varona, I. Venieris, P. Viirsalu, O. Zaitsev, A. Zetko, L.G. ZidaruTrade Review‘This book briefly discussed here will be a very helpful tool for insolvency practitioners and judges. The book may certainly assist policy makers, academics and legislators in at least understanding the different rules and practice and the way countries try to improve the quality of their legal systems.’ -- Bob Wessels blogTable of ContentsContents: Preface Part I COMPARATIVE ANALYSIS Consumer Insolvency Proceedings in Europe: An Introduction to Consumer Over-Indebtedness and Debt Relief Jan-Ocko Heuer 2. Consumer insolvency proceedings: comparative legal aspects Veronika Sajadova Part II COUNTRY REPORTS Structure of Country Reports 3. Austria Martina Melcher and Brigitta Lurger 4. Belgium Matthias E. Storme and Frederic Helsen 5. Bulgaria Emilia Andreeva and ‘Andreeva and Penov’ Law Firm 6. Croatia Jasnica Garašić 7. Cyprus Aquilina Demetriadi, Stalo Kantara and Tania Tofaridou 8. Czech Republic Petr Sprinz 9. Denmark Anders Ørgaard 10. England and Wales Rachel Harrison, edited by David Grant 11. Estonia Veronika Sajadova and Peeter Viirsalu 12. Finland Pekka Jaatinen and Anna-Kaisa Remes 13. France Pascal Rubellin and Christopher Booth 14. Germany Patrick Keinert and Heinz Vallender 15. Greece Iakovos Venieris 16. Hungary Gábor Jánoshalmi, Adrienn Zetkó and Richárd Bódis 17. Ireland Bill Holohan and Keith Farry 18. Italy Diana Cerini, Lorenzo Montrasio and Giulia Piazza 19. Latvia Veronika Sajadova 20. Lithuania Veronika Sajadova, edited by Rimvydas Norkus 21. Luxembourg Véronique Hoffeld and Emilia Fronczak 22. Malta Krista Pisani Bencini 23. The Netherlands Nadja Jungmann and Tamara Madern 24. Poland Marek Porzycki and Anna Rachwał 25. Portugal Jorge Morais Carvalho and João Pedro Pinto-Ferreira 26. Romania Liviu Gheorghe Zidaru 27. Russia Oleg R. Zaitsev 28. Slovakia Dávid Oršula 29. Slovenia Miodrag Dordević 30. Spain Fco. Javier Arias 31. Sweden Erik Hellström 32. Switzerland Michel J. Reymond Index

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Book SynopsisThis important book provides a comprehensive analysis of governance issues that exist in relation to the management of insolvent companies, both while an insolvent company is still controlled by the directors and when it passes into the hands of an insolvency practitioner in a formal insolvency regime. Throughout, the authors argue that the two most important features of corporate governance are transparency and accountability and offer a detailed analysis of the relevant law and practice.Key Features: Examination of the position of all stakeholders in an insolvent company, both before and during an insolvency regime Specialist explanation of what corporate governance entails and the recent developments that have occurred in relation to corporate governance as it affects insolvent companies In-depth consideration of the role of creditors, shareholders, the Insolvency Service, special managers and creditors’ committees during periods of insolvency as well as the role and functions of directors and insolvency practitioners who are the main focus Offering critical advice and bringing awareness of important issues, Corporate Governance and Insolvency will be a key reference work for lawyers and insolvency practitioners. The legal analysis provided will also be valuable to academics and students of corporate and insolvency law and governance.Trade Review‘While the book is highly technical and addresses a specific aspect of insolvency law, the accessibility of the language used will benefit researchers or students new to this top. Overall, this work deserves a place on the shelves of anyone with an interest in the corporate governance aspects of insolvency law. In particular, the book will appeal to lawyers and insolvency practitioners, as well as domestic and international higher-education students, early career academics, as well as more senior scholars.’ -- International Company and Commercial Law Review (ICCLR)‘This book, written by three well-credentialed UK lawyers, is an ambitious and important project. While the book is written with mostly English law references, it is relevant for Australian readers. This is particularly so, as Australia and many other parts of the world enter a less certain time for companies under pressure with longer-term pandemic impact and rising interest rates. There is much that may be learned from observing how other jurisdictions deal with common problems.I recommend this book for your considered reading.’ -- David Morrison, Insolvency Law Review Journal‘The book comes with a powerful endorsement in the foreword from Sir Alistair Norris. The book is geared primarily towards a specialist audience of lawyers and insolvency practitioners, who will find the comprehensive and detailed practical guidance provided in the book as a most helpful support in their work. For its accurate and comprehensive analysis of case law and doctrinal issues, the book is an equally highly recommended addition to the libraries of a more academic audience of scholars and researchers. As mentioned by the Hon. Mr. Justice Zaccaroli in his endorsement, the analysis is delivered in plain English with clear and practical guidance and the work comes as highly recommended. Researchers or students who are approaching this topic for the first time should not be discouraged by the technical nature of the topic, as the first five chapters provide a comprehensive, accurate but easy-to-understand explanations of the foundational topics covered in it. Such a clear analysis of complex issues had only been possible thanks to the expertise and knowledge of its authors.’ -- Eugenio Vaccari, International Insolvency Review‘This book provides a comprehensive yet highly readable account of all aspects of corporate governance as it applies to companies either in or on the verge of insolvency. It is highly recommended to directors, insolvency practitioners and those advising them for its in-depth treatment of difficult subjects such as the meaning of insolvency and the content and timing of the directors’ duty to take account of creditors’ interests, all delivered in plain English and with clear and practical guidance.’ -- The Honourable Mr Justice Zacaroli, a Justice of the High Court, Chancery Division‘An illuminating work, lucid and insightful, on an important – yet overlooked – topic. When a company is insolvent, whether before or after the commencement of a formal insolvency process, what duties are owed and by whom? Where does accountability lie? Who are the relevant stakeholders? This book focuses on the roles of not only officers and insolvency practitioners, but also those of the regulators, the Insolvency Service and the official receiver. It is an essential point of reference for lawyers and IPs alike.’ -- – Marcia Shekerdemian QC, Wilberforce Chambers, UKTable of ContentsContents: Foreword by Sir Alastair Norris Preface 1. Introduction to Corporate Governance and Insolvency 2. The meaning and features of corporate governance 3. Introduction to insolvency 4. Governance where the company is insolvent but not in an insolvency regime 5. Decision-making in insolvent regimes 6. Directors in formal insolvency 7. The role and work of insolvency practitioners in insolvent regimes 8. The control of insolvency practitioners 9. Creditors’ and liquidation committees 10. Special managers 11. Role of the Insolvency Service Index

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Book SynopsisProviding a definition of the concept of harmonisation within the context of the European Union, this timely book debunks the idea that EU harmonisation measures are made behind closed doors in Brussels and imposed, top-down, on the Member States.Promoting the vision of the EU as an arena of dialectic law-making, Redefining Harmonisation tackles the most debated issues within the study of harmonisation, including ambiguity of language, ambiguity of objectives in European law, and a declining level of support for further European integration. Emilie Ghio examines the purpose of harmonisation through an analysis of the most important provision of EU primary law, Article 114(1). Chapters analyse the core elements of Article 114(1), namely the link between harmonisation and the internal market, the role of the Member States in the harmonisation process, and the harmonisation language adopted by the EU. Ghio puts this analysis to the test by studying harmonisation in action, through case studies on EU primary law.Offering an in-depth exploration of the concept of EU harmonisation through the lens of European insolvency law, this book will be an insightful read for students interested in EU law and the law-making process. This will also be a useful resource for insolvency law and governance scholars, looking to develop their knowledge of this growing topic.Trade Review‘This is an imaginative work that is well-researched and well-thought-out. The concepts are clearly presented and definitions elucidated well. It is a work that invites thoughtfulness in how it goes beyond a utilitarian description of the process to consider the fundamentals of that process. What is more important, though, is that it attempts to provide answers to questions that were once considered, but which have been side-lined in the quest for more and more harmonisation. Thus, this work deserves a place on the shelves of anyone who has ever encountered the dynamics of restructuring and insolvency and posed the question why.’ -- Paul Omar, International Insolvency Review‘A number of audiences are likely to find this an interesting book. These include readers interested in the concept of harmonisation of laws and in the practical issues inherent in drafting legislation, broadly defined; as well as readers from outside Europe, who are interested in the evolution and internal dynamics of the EU. The author brings together useful multi-disciplinary perspectives on defining and reconceptualising harmonisation, through the lens of the EU and a specific case study of the dynamic EU insolvency law.’ -- Rosalind Mason, Queensland University of Technology, AustraliaTable of ContentsContents: 1. Introduction: the harmonisation debate in the EU PART I HARMONISATION ISSUES 2. Issue n. 1: the harmonisation language 3. Issue n. 2: the purpose of harmonisation 4. Issue n. 3: harmonisation in (times of) crisis PART II HARMONISATION IN ACTION 5. Harmonisation in action: European insolvency law PART III RETHINKING HARMONISATION 6. Defining harmonisation 7. Reconceptualising harmonisation Bibliography Index

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.The Advanced Introduction to Cross-Border Insolvency Lawprovides a clear and concise overview of cross-border insolvency law with particular focus on the rules governing insolvency proceedings that occur between and across countries. Increasingly, such proceedings have an international dimension, which may involve, for example, debtors with assets abroad, foreign creditors, contractual agreements with counterparties in different jurisdictions, or companies with offices or subsidiaries in a different country. The book expertly steers the reader through the complex interactions between national and supra-national rules, international model laws, and the principles that underpin them. Key Features: Uses numerous practical examples to illustrate key concepts Provides both in-depth information for advanced readers and accessible information for beginners in the field Succinctly evaluates case law and literature Follows a comparative law approach with a principle-based methodology in order to fully explore the most important issues This enlightening Advanced Introduction will be of great benefit to those studying company, commercial, and private international law, as well as to the non-specialist practitioner. Insolvency scholars will also appreciate the astute insights.Trade Review‘This book is expertly and clearly written by one of the leading experts in the field. The language is technical but not difficult, and people approaching this field for the first time will have no difficulty in understanding the basics of the subjects covered in its eight chapters. The book comes as highly recommended for those who conduct research on this topic for the first time and/or who would like to enrich their knowledge by referring to key cases and other publications in the area.’ -- Eugenio Vaccari, International Company and Commercial Law Review‘This latest addition to the very impressive oeuvre of Prof. Reinhard Bork in the field of (cross-border) insolvency law provides a comprehensive, clear and convincing treatise of issues relevant in a cross-border insolvency context. Bork addresses matters of jurisdiction, applicable law, recognition, cooperation and coordination, secondary proceedings, the position of foreign creditors in domestic proceedings and group insolvencies on the basis of both the European Insolvency Regulation and the UNCITRAL Model Law on Cross-Border Insolvency. It is a “must read” for everyone working in or studying insolvency law. I am convinced that it will find its way to and benefit practitioners and scholars around the globe.’ -- P.M. (Michael) Veder, Radboud University, the Netherlands

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Book SynopsisElgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world’s leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.The Advanced Introduction to Cross-Border Insolvency Lawprovides a clear and concise overview of cross-border insolvency law with particular focus on the rules governing insolvency proceedings that occur between and across countries. Increasingly, such proceedings have an international dimension, which may involve, for example, debtors with assets abroad, foreign creditors, contractual agreements with counterparties in different jurisdictions, or companies with offices or subsidiaries in a different country. The book expertly steers the reader through the complex interactions between national and supra-national rules, international model laws, and the principles that underpin them. Key Features: Uses numerous practical examples to illustrate key concepts Provides both in-depth information for advanced readers and accessible information for beginners in the field Succinctly evaluates case law and literature Follows a comparative law approach with a principle-based methodology in order to fully explore the most important issues This enlightening Advanced Introduction will be of great benefit to those studying company, commercial, and private international law, as well as to the non-specialist practitioner. Insolvency scholars will also appreciate the astute insights.Trade Review‘This book is expertly and clearly written by one of the leading experts in the field. The language is technical but not difficult, and people approaching this field for the first time will have no difficulty in understanding the basics of the subjects covered in its eight chapters. The book comes as highly recommended for those who conduct research on this topic for the first time and/or who would like to enrich their knowledge by referring to key cases and other publications in the area.’ -- Eugenio Vaccari, International Company and Commercial Law Review‘This latest addition to the very impressive oeuvre of Prof. Reinhard Bork in the field of (cross-border) insolvency law provides a comprehensive, clear and convincing treatise of issues relevant in a cross-border insolvency context. Bork addresses matters of jurisdiction, applicable law, recognition, cooperation and coordination, secondary proceedings, the position of foreign creditors in domestic proceedings and group insolvencies on the basis of both the European Insolvency Regulation and the UNCITRAL Model Law on Cross-Border Insolvency. It is a “must read” for everyone working in or studying insolvency law. I am convinced that it will find its way to and benefit practitioners and scholars around the globe.’ -- P.M. (Michael) Veder, Radboud University, the Netherlands

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Book SynopsisThis 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.Key features include: a unique contextualisation of the Directive, situating it against the backdrop of earlier European initiatives identification of important parallels with the UK scheme of arrangement and the new UK restructuring plan procedure embodied in the Corporate Insolvency and Governance Act 2020 a comparison of the Directive with Chapter 11 of the US Bankruptcy Code, the United Nations Commission on International Trade Law legislative guide on insolvency, and the World Bank’s Insolvency and Creditor Rights and Doing Business projects. This important new book provides a detailed and practical analysis of the Directive and the implications for its transposition into national laws, making it an essential work for insolvency lawyers and practitioners, as well as EU policy makers. It will also be critical reading for academics and students of law, particularly those interested in commercial, insolvency, corporate and European law.Trade Review‘The European Restructuring Directive makes a welcome contribution to the ongoing debates among academics, practicing lawyers and policymakers on the preferred and balanced solutions to rescue financially distressed businesses. Its publication could not have been timelier.’ -- Ilya Kokorin, Eurofenix'In this excellent new book, Gerard McCormack adopts a contextual approach to the European Restructuring Directive, examining its implementation options against the choices which countries have made in the design of real-world restructuring tools. The book is both an invaluable guide to the principal features of the Directive, full of McCormack's trademark insights, and an invaluable reference on almost every aspect of restructuring law, from theory to the fundamental concepts which determine how a restructuring procedure is constructed.' -- Sarah Paterson, London School of Economics, UK'This is an impressive analysis of the terms of and policy behind this EU Directive, which takes effect in July 2021. It is written by the leading academic commentator in the field. McCormack's understanding of the wider issues shines through as this Directive is subjected to forensic scrutiny. The text is set against the broader regulatory environment in the EU and contains valuable comparative insights. It will be a seminal work on the subject to be read with interest by academics and practitioners from any jurisdiction having an interest in the subject.' -- David Milman, Lancaster University, UKTable of ContentsContents: Preface 1. Introduction 2. Recognition and enforcement of preventive restructuring procedures across Europe 3. Access and control 4. Stays (moratoria) on the enforcement of rights against a debtor 5. New finance and restructuring related transactions 6. Restructuring plans and their confirmation 7. Debt discharge and individual entrepreneurs 8. Improving the efficiency of restructuring, insolvency and debt discharge procedures Index

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Book SynopsisThis comprehensive book provides a clear analysis of the main features of the European Insolvency Regulation 2015/848, within the context of previous EU initiatives, as well as addressing the contrasting objectives of universalism and territorialism which underpin cross border insolvency law. It measures the EU regulations against the UNCITRAL Model Law on Cross Border Insolvency and compares this with how the Model Law has been implemented elsewhere, such as in the US and the UK.Taking an accessible approach, Gerard McCormack examines key aspects of the regulations such as the opening of main and secondary insolvency proceedings, as well as applicable law and special rules in respect of security rights, rights in rem, transactional avoidance and set-off rights. Chapters also cover recognition of the opening of insolvency proceedings and of insolvency and related judgements, interactions between mean and secondary proceedings, the role of insolvency practitioners and courts, and the treatment of creditors.EU Insolvency Law will be critical reading for lawyers working in insolvency law, as well as other insolvency practitioners such as accountants. It will also be of interest to academics and students in the field, as well as policy makers in the EU and elsewhere, including national officials.Trade Review‘Professor McCormack’s works are essential for anyone interested in insolvency law, in particular in its international and comparative dimension. With his usual expertise, this time he offers us a new and insightful approach to the European Insolvency Regulation. Undoubtedly, a reference book of compulsory reading for lawyers, judges and academics.’ -- Francisco Garcimartín, Universidad Autónoma de Madrid, SpainTable of ContentsContents: Preface 1. The EU Insolvency Regulation: cross-border recognition and enforcement across Europe 2. Main insolvency proceedings 3. Secondary and territorial proceedings 4. Insolvency-related Actions 5. Applicable law – the general rule 6. Applicable law 2: special cases and exceptions 7. Courts, insolvency practitioners, creditors and groups of companies 8. Recognition and enforcement of insolvency proceedings and insolvency-related judgments 9. UNCITRAL Model Law on Cross-Border Insolvency compared with the European Insolvency Regulation 10. Public policy and the enhanced Model Law regime Index

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Book SynopsisThe second edition of the first and only concise introduction to American business insolvency law, this volume provides a succinct overview of American business bankruptcy as it is actually practiced, integrating the law as written and implemented, and now includes coverage of the Small Business Reorganization Act.American Business Bankruptcy explores specialized proceedings like brokerage liquidations, pre-packaged chapter 11 cases, and 363 sales. Professor Lubben also reviews the transnational aspects of modern American bankruptcy practice, and explains chapter 15 of the Bankruptcy Code, which allows for foreign insolvency proceedings to be ‘recognized’ in U.S. courts.U.S law students and junior attorneys, international insolvency professionals, and non-legal professionals, including bankers and accountants, will appreciate this practical synthesis, which includes citations and guidance for further research.Trade Review‘The author’s second edition of his primer on American Business Bankruptcy provides a concise and accessible description of the key chapters of the US Bankruptcy Code. This book would be quite useful to students of insolvency law and indeed anyone who wishes to develop a working knowledge of the key aspects of the American insolvency framework. It is direct and clear, while also providing enough depth and discussion that it would also be useful from a comparative perspective. It is a very practical synthesis which, in the second edition, integrates the recent Small Business Reorganisation Act.’ -- Jennifer L.L. Gant, eurofenix‘Stephen Lubben has provided the go-to overview of the American business bankruptcy system. American Business Bankruptcy is the ideal book for anyone looking to understand the overall design of business restructuring in the United States.’ -- Adam Levitin, Georgetown University Law Center, USTable of ContentsContents: Preface PART I BUSINESS BANKRUPTCY BASICS 1. Some historical context 2. The central core of business bankruptcy – section 109 PART II ELEMENTS COMMON TO ALL BUSINESS BANKRUPTCIES 3. The estate and the automatic stay 4. Creditors’ claims against the estate 5. Executory contracts and unexpired leases 6. The avoidance powers PART III LIQUIDATION UNDER CHAPTER 7. An introduction to chapter 7 of the Bankruptcy Code 8. The chapter 7 trustee 9. Distributing the chapter 7 estate 10. Special chapter 7 cases PART IV REORGANIZATION UNDER CHAPTER 11 11. An introduction to chapter 11 of the Bankruptcy Code 12. Stabilizing the debtor’s business in chapter 11 13. Committees 14. Professionals 15. The plan – formulation and voting 16. The plan – confirmation (consensual) 17. The plan – confirmation (cramdown) 18. 363 sales 19. Prepacks 20. The effects of plan confirmation 21. Small businesses in chapter 11 PART V TRANSNATIONAL BUSINESS BANKRUPTCY UNDER CHAPTER 22. An introduction to chapter 15 of the Bankruptcy Code Index

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Book SynopsisCross-border insolvency protocols play a critical role in facilitating the efficient resolution of complex international corporate insolvencies. This book constitutes the first in-depth study of the use of insolvency protocols, enriching existing knowledge about them and serving as a comprehensive introduction to their application in the context of multinational enterprise group insolvency. It traces the rise of insolvency protocols and discusses their legal basis, contents, effects, major characteristics and limitations.Key features include: proposition of a Group Insolvency Protocol (GIP) design a comprehensive study of around 50 insolvency protocols from 1992 to 2020 analysis of major international insolvency law instruments, modern trends and developments in the area of insolvency of enterprise groups practical recommendations for drafting an insolvency protocol, addressing problems related to their adoption and offering suggestions for the improvement of group coordination exploration of the nature of insolvency protocols and pertinent issues including the preservation and realization of material assets, resolution of intercompany claims, information exchange, conflicts of interest, participation rights and group governance in insolvency. Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups will be an indispensable resource for insolvency practitioners, lawyers, judges and policy makers, whilst also being of value to scholars and students concerned with insolvency law and corporate governance.Trade Review‘This is a most useful reference book that addresses an important part of the long run and likely continuing interest and involvement in business conducted via multinational groups. Those who practice in the area will find it a valuable addition to their library.’ -- David Morrison, Insolvency Law Review Journal‘This is a most useful reference book that addresses an important part of the long run and likely continuing interest and involvement in business conducted via multinational groups. Those who practice in the area will find it a valuable addition to their library.’ -- David Morrison, Insolvency Law Review Journal‘An excellent book.’ -- Elina Moustaira, Eurofenix‘The book is highly recommended as it represents an essential tool for researchers, academics and judges, as well as professionals and law-makers.’ -- Eugenio Vaccari, International Company and Commercial Law Review'A long awaited and welcome analysis of insolvency protocols for over three decades, tracing their common foundations and developments, combining theoretical ambition and empirical depth, making this volume essential reading for practitioners, judges and scholars with an interest in solving complex cross-border insolvency problems.' -- Richard A. Gitlin, former President of INSOL International and the American Bankruptcy Institute, US'In many common law jurisdictions insolvency protocols have been embraced for the benefit of global restructurings of large enterprise groups. The European Union has introduced detailed rules on cooperation and coordination in group insolvency cases in 2015 and since then the practice of insolvency protocols has been institutionalized. This has not led to any visible increase in the use of protocols in Europe. The authors explore why this might be the case. They masterfully combine a thorough analysis of national, regional and international insolvency law instruments with a detailed study of more than 45 insolvency protocols. An impressive and timely contribution, which follows modern debates and new developments. It is an excellent text for advanced undergraduate courses and an outstanding reference work for established professionals.' -- Reinhard Bork, Professor, University of Hamburg, Germany, Radboud University Nijmegen, the Netherlands, and former Judge at the Court of Appeal, Hamburg, GermanyTable of ContentsContents: Preface 1. Introduction to Cross-border Protocols in Insolvencies of Multinational Enterprise Groups 2. The phenomenon of multinational enterprise groups 3. Insolvency of multinational enterprise groups 4. Cross-border insolvency protocols and agreements: Introduction and evolution UNCITRAL and facilitation of cross-border insolvency cooperation: From entity to enterprise 6. European Insolvency Regulation (Recast) and group insolvencies 7. Legal nature of cross-border insolvency protocols 8. General features and limitations of insolvency protocols 9. Cross-border insolvency protocols and national law 10. Recommendations for use of insolvency protocols in group insolvencies 11. Bank insolvencies and cooperation agreements between resolution authorities 12. Recommendations for protocols in group insolvencies 13. Group insolvency protocol design 14. Annex Bibliography Index

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Book SynopsisWith individual voluntary arrangements assuming an increasingly dominant position within personal insolvency law over the last 35 years, this timely book presents a concise yet authoritative guide to this formal debt relief mechanism. It analyses the statutory framework and how this has been interpreted and applied by the courts, as well as the policies that guide it. Key Features: Overview of the essential nature of the law and its effect on the debtor, the creditors, and third parties Focus on the law as it currently stands, together with an analysis of how this has changed and developed Review of primary documents, including the proposal and the statement of affairs Examination of the procedures involved, the statutory framework in which those procedures are embedded, and the interpretation of this framework that has been applied by the courts Providing an informed and extensive review of the law, it will be invaluable to insolvency practitioners, lawyers, and judges working with individual voluntary arrangements. Accessible and concise in its analysis, it will also be useful to students and scholars of insolvency law researching voluntary arrangements.Trade Review‘I found the book extremely clearly structured and well written. This is an invaluable tool for researchers, as the different chapters and parts of the book can be read and analysed separately. The content in both the main body of the book and its footnotes facilitates the understanding of how these procedures work in practice, and identifies areas where further research and reforms are needed. I also believe that legal advice centres and debt advice charities would greatly benefit from consulting this book, as the information provided within is extremely useful in guiding or advising their clients and customers.’ -- Eurofenix‘This timely book presents a concise yet authoritative guide to this formal debt relief mechanism. It analyses the statutory framework and how this has been interpreted and applied by the courts, as well as the policies that guide it. I found the book extremely clearly structured and well written. This is an invaluable tool for researchers like me, as the different chapters and parts of the book can be read and analysed separately.’ -- Eugenio Vaccari, International Insolvency Review‘This is an impressive new text analysing the most popular of the debt resolution methods available under English Law. Alaric Watson has produced an excellent insight into the contemporary IVA regime. This outstanding text stands out for its authoritative commentary on both the underlying policy and minutiae of the full life-cycle of the IVA regime. Context is provided by clear explanation of the interface with other personal insolvency regimes. It is highly recommended as being essential reading for both practitioners and policymakers.’ -- David Milman, Lancaster University, UK‘When they were introduced in 1987 IVAs were simple; since then we have turned them into schemes and devices of some complexity with the introduction of lengthy “standard conditions” and the imposition of customary “rules” about duration, fees and what certain kinds of creditors gradually came to expect. The removal of compulsory court oversight turned a bespoke product into a factory product. The law has grown commensurately. Alaric Watson’s book claims to fill a market gap by offering a guide through this complexity in the form of a “concise, readable, reliable text book”. At approximately 240pp, this work is indeed concise, but its 12 chapters are readable and reliable too. I wish the first edition every success.’ -- ­– Stephen Baister, Three Stone, UKTable of ContentsContents: Preface PART I OVERVIEW 1. Introduction 2. Nature and effect 3. Death and taxes PART II THE PRIMARY DOCUMENTS 4. The proposal 5. Statement of affairs PART III INITIATING PROCEDURES 6. Interim orders 7. The alternative procedure PART IV DECISION AND CHALLENGE 8. The nominee and the decision 9. Challenge PART V IMPLEMENTATION 10. Extant bankruptcy proceedings 11. Implementation and supervision 12. Ending the IVA index

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Book SynopsisBankruptcy: Law and Practice presents a comprehensive guide to the law of bankruptcy in England and Wales and how it is applied in practice, focusing on this key area of personal insolvency law in order to provide a full understanding of how these laws operate.Alaric Watson and Stephen Baister provide an up-to-date and in depth analysis of every aspect of bankruptcy law. In addition, this new work also examines the historical and socio-economic context in which this field of law operates and the policies that govern it, the impact of the death or incapacity of the debtor, the interrelationship between bankruptcy and both matrimonial law and employment law and various cross-border considerations.Key Features: Exploration of the jurisdictional and procedural requirements for initiating bankruptcy proceedings and their immediate effects Insights into the role and powers of the Official Receiver and the trustee in bankruptcy, and the administration of the estate and the realisation of assets Investigation into the undoing of antecedent transactions Discussion of the processing of creditors’ claims and the distribution of dividends and how orders may be reviewed, appealed or annulled Bankruptcy: Law and Practice is essential reading for lawyers, insolvency practitioners, academics and students concerned with issues relating to personal insolvency. Trade Review‘[Bankruptcy: Law and Practice] is written by two well known experts [whose] practical experience has materially influenced the quality of this book and amply justifies its subtitle Law and Practice. It describes the English law bankruptcy process in all its detail and facets. The English case law – listed, as is usual in works of this kind, in a 42 page table of cases – is clearly and comprehensively analysed. It is not an academic text but is directed at legal practice, but nonetheless a product to be recommended and which deserves a wide readership.’ -- Reinhard Bork, Journal of Restructuring and Insolvency‘This work is invaluable as a tool of reference for all insolvency officeholders, lawyers and stakeholders who specialise in bankruptcy. Both the legal and practical aspects of the bankruptcy process are comprehensively addressed and clearly explained from both a creditor’s and a debtor’s perspective. It is up to date and includes analysis of recent case law such as Manolete v Hayward. The relevant case law and legislation are clearly referenced throughout. The quality is assured by these experienced and eminent authors. A must buy!’ -- Christina Fitzgerald, Edwin Coe LLP’A much needed, up-to-date, and wide-ranging review and eminent comment on bankruptcy in England and Wales. This isn’t only a go to book for legislative updates and comment but the writers have considered the historical background and context needed when considering bankruptcy matters. This is an excellent read not just for industry professionals but for those with even a general interest in bankruptcy.’ -- Ian Defty, Begbies Traynor group, UKTable of ContentsContents: Preface PART I OVERVIEW 1. Introduction 2. The legal framework PART II INITIATING THE BANKRUPTCY PROCESS 3. Jurisdiction 4. Inability to pay 5. Creditors’ bankruptcy petitions 6. Debtors’ bankruptcy applications 7. Effects of bankruptcy proceedings PART III ADMINISTRATION OF THE ESTATE 8. The Official Receiver 9. The trustee in bankruptcy 10. The bankruptcy estate 11. Investigatory powers 12. Realisations and the bankrupt’s home 13. Antecedent transactions 14. Communicating with creditors 15. Proving and distribution 16. Annulment, recission and appeals 17 Duration and discharge 18 Bankruptcy restrictions orders and undertakings 19 Matrimonial and employment law 20 Death and incapacity 21 Bankruptcy offences 22 Cross-border considerations Index

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Book SynopsisIn this Research Handbook, today's leading experts on the law and economics of corporate bankruptcy address fundamental issues such as the efficiency of bankruptcy, the role and treatment of creditors - particularly secured creditors - in the bankruptcy process, the allocation of going-concern surplus among claimants, the desirability of liquidation in the absence of such surplus, the role of contract in bankruptcy resolution, the role of derivatives in the bankruptcy process, the costs of the bankruptcy system, and the special case of financial institutions, among other topics. Chapters trace the historical path of both law and policy analysis, with a focus on how the bankruptcy process serves underlying policy objectives. Proposals to reform corporate bankruptcy are presented. Research Handbook on Corporate Bankruptcy Law includes policy analysis by both lawyers and economists and is thus an invaluable resource to law scholars and students interested in the economic analysis of corporate bankruptcy law, as well as to economics and business scholars and students studying the law of corporate bankruptcy. These pages will prove equally valuable to lawmakers and judges who are interested in policy analysis of corporate bankruptcy. Contributors include: K. Ayotte, D.G. Baird, A.J. Casey, T.H. Jackson, M.B. Jacoby, E.J. Janger, S.J. Lubben, E.R. Morrison, J.A.E. Pottow, R.K. Rasmussen, M.J. Roe, A. Schwartz, M. Simkovic, D. Skeel, R. Squire, G. Triantis, M.J. White, T.J. ZywickiTrade Review‘Readable and guiding contributions concerning fundamental issues of large group corporate bankruptcies. In Europe, the book will prove equally valuable to lawmakers and scholars with an affection for law and economics policy analysis of the theme.’ -- Bob Wessels, Professor Emeritus of International Insolvency Law, Leiden University, the Netherlands and Expert Advisor on Insolvency and Restructuring Law of the European CommissionTable of ContentsContents: Foreword Douglas G. Baird Introduction Barry E. Adler 1. Bankruptcy’s Logic and Limits in the 21st Century: Some Thoughts on Chapter 11’s Evolution and Future Thomas H. Jackson 2. The End of Bankruptcy Revisited Robert K. Rasmussen 3. Bankruptcy Sales Melissa B. Jacoby and Edward J. Janger 4. The New Synthesis of Bank Regulation and Bankruptcy in the Dodd-Frank Era David Skeel 5. Derivatives and Repos in Bankruptcy Mark J. Roe 6. Distress-Triggered Liabilities and the Agency Costs of Debt Richard Squire 7. On the Mandatory Stay of Secured Creditors in Bankruptcy Kenneth Ayotte 8. Debtor-in-Possession Financing in Bankruptcy George G. Triantis 9. Beyond Options Anthony J. Casey and Edward R. Morrison 10. The Treatment of Secured Credit in Bankruptcy: A Unified Model Michell J. White 11. Making Fraudulent Transfer Law More Predictable Michael Simkovic 12. The Costs of Corporate Bankruptcy: How Little We Know Stephen J. Lubben 13. The Chrysler and General Motors Bankruptcies Todd J. Zywicki 14. Cross-Border Corporate Insolvency in the Era of Soft(ish) Law John A. E. Pottow 15. Bankruptcy Related Contracting and Bankruptcy Functions Alan Schwartz Index

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Book SynopsisExecutory Contracts in Insolvency Law offers a unique and wide-ranging transnational study of the treatment of ongoing contracts when one of the parties becomes insolvent. This second edition not only updates existing material, but also extends the analysis to key developing economies and restructuring hubs. Written by experts with extensive practical and scholarly knowledge in the field, this is a cutting-edge investigation into the philosophies and rationales behind the different policy choices adopted by more than 30 jurisdictions across the globe.Key Features: Contributions from more than 40 insolvency law experts Exploration of ipso facto clauses and procedural issues Consideration of the economic impact of the COVID-19 pandemic Targeted footnote references, including non-English sources, for further reading Rigorous coverage of recent developments and reforms and discussion of the procedural challenges they present Incisive analysis of insolvency law in a broad range of countries, including those with emerging economies and with hybrid systems of law Substantially revised material, including wholly rewritten chapters on Germany and Singapore and a brand new chapter on South Korea Providing a globalised and comparative perspective on executory contracts in insolvency law, this book will be an invaluable tool for legal practitioners requiring a cross-border perspective on the subject as well as academics and researchers in the field. Policy makers and institutions seeking to introduce insolvency law reforms in their home countries can draw from the comparative nature of the book to devise better, more effective reforms.Trade Review‘The treatment of executory contracts in insolvency differs significantly across jurisdictions. Therefore, getting a comprehensive understanding of the different approaches existing around the world is not an easy task. Fortunately for the insolvency community, Professor Jason Chuah and Dr Eugenio Vaccari have helped us navigate that challenge by leading this excellent book that is expected to become an essential reading for practitioners, academics, judges and policy makers.’ -- Aurelio Gurrea-Martínez, Singapore Management University, SingaporeTable of ContentsContents: Preface xxxiv Table of cases xxxvi Table of legislation xxxvii 1 A thematic and comparative evaluation of executory contracts and ipso facto clauses 1 Jason Chuah PART I COMMON LAW SYSTEMS 2 Executory contracts in insolvency: The Australian perspective 30 Elizabeth Streten 3 Executory contracts in insolvency: The Bangladeshi Perspective 51 Morshed Mannan, Muhammad Mahbubur Rahman and Borhan Uddin Khan 4 Executory contracts in insolvency: The English Perspective 66 Eugenio Vaccari 5 Executory contracts in insolvency: The Indian perspective 89 Indrajit Dube 6 Executory contracts in insolvency: The New Zealand perspective 103 Scott Abel 7 Executory contracts in insolvency: The Singaporean Perspective 119 Lee Zheng Hui Sean 8 Executory contracts in insolvency: The US perspective 142 Roberta Righi and Jessica Winters PART II NORDIC/BALTIC SYSTEMS 9 Executory contracts in insolvency: The Danish perspective 161 Line Herman Langkjaer 10 Executory contracts in insolvency: The Finnish perspective 178 Jarmo Tuomist 11 Executory contracts in insolvency: The Lithuanian perspective 193 Frank Heemann and Andrius Juškys PART III CIVIL LAW SYSTEMS 12 Executory contracts in insolvency: The Albanian perspective 213 Gelanda Shkurtaj 13 Executory contracts in insolvency: The Argentinian perspective 228 H.ctor Jos. Miguens 14 Executory contracts in insolvency: The Austrian perspective 247 Felix Kernbichler 15 Executory contracts in insolvency: The Chinese perspective 265 Yingxiang Long and Rebecca Parry 16 Executory contracts in insolvency: The Croatian perspective 284 Jasnica Garašić and Siniša Petrović 17 Executory contracts in insolvency: The French perspective 310 Emilie Ghio 18 Executory contracts in insolvency: The German perspective 328 David Christoph Ehmke and Annika Wolf 19 Executory contracts in insolvency: The Greek perspective 348 Loukas Panetsos 20 Executory contracts in insolvency: The Italian perspective 363 Rolandino Guidotti 21 Executory contracts in insolvency: The Japanese perspective 385 Chun Jin and Stacey Steele 22 Executory contracts in insolvency: The Dutch perspective 402 Marco Verdonk and Rolef de Weijs 23 Executory contracts in insolvency: The Panamanian perspective 422 Jos. Maria Lezcano Navarro 24 Executory contracts in insolvency: The Russian perspective 440 Dmitry Konstantinov 25 Executory contracts in insolvency: The Slovenian perspective 455 Katja Zdolšek 26 Executory contracts in insolvency: The South Korean perspective 471 Chiyong Rim 27 Executory contracts in insolvency: The Spanish perspective 491 Jos. Carles and Carlos Cuesta 28 Executory contracts in insolvency: The Turkish perspective 508 Çağlar Kaçar PART IV HYBRID OR MIXED SYSTEMS 29 Executory contracts in insolvency: The Canadian perspective 522 Alfonso Nocilla 30 Executory contracts in insolvency: The South African perspective 538 Clement Marumoagae 31 Executory contracts in insolvency: The United Arab Emirates and its free zones 557 Christian Chamorro-Courtland

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Book SynopsisThis timely book offers a comprehensive exploration of the issue of transaction avoidance in the European Union (EU). Contributing to the formation of harmonised avoidance rules in the EU, it analyses the existing transaction avoidance regimes in cross-border scenarios as provided by the Recast European Insolvency Regulation and other EU regulations. Combining a private international law approach with substantive rules of transaction avoidance to improve the EU insolvency system, Oriana Casasola examines the theoretical framework of transaction avoidance and harmonisation. Comparing the avoidance actions available within and outside of the insolvency proceedings in England, Germany and Italy, chapters propose an alternative harmonisation of the transaction avoidance rules which fits within the current EU private international law framework. The book concludes by addressing the European Commission’s Directive for the harmonisation of certain aspects of insolvency law and evaluates the possible issues emerging from the proposed rules. Offering solutions for harmonisation of existing transaction avoidance regimes, this book will be essential reading for students and scholars of company and insolvency law, corporate law and governance, and EU law. It will also be beneficial for legal practitioners and policymakers interested in international insolvency law.Trade Review‘This is a clear and insightful discussion of transaction avoidance provisions in insolvencies. There is a detailed comparative analysis of avoidance laws in three major European jurisdictions, as well as a suggested original approach that might be adopted to most effectively address transaction avoidance in the EU, stopping short of full harmonisation.’ -- Rebecca Parry, Nottingham Trent University, UK‘Rules on the avoidance of transactional avoidance are critical in any insolvency law system. Dr Casasola has produced a carefully researched and timely work which will be of much value to anyone considering transactional avoidance in the European Union. The book is made even more timely by the European Commission’s proposals for a Directive that will include the harmonisation of transaction avoidance provisions. The book helpfully examines these proposals.’ -- Andrew Keay, University of Leeds, UK‘A fascinating study of transaction avoidance law within the context of insolvency in Europe. Examines in detail English, German and Italian law and points to differences and similarities in the respective legal systems. Critically considers the backdrop to recent EU harmonisation endeavours in the field and addresses how these efforts may end up multiplying rather than eliminating differences. Fully referenced and thorough in its treatment of sources.’ -- Gerard McCormack, University of Leeds, UKTable of ContentsContents: 1. Introduction to the Harmonisation of Transaction Avoidance in the EU 2. Definitions and Theoretical Framework of Transaction Avoidance and Harmonisation 3. The European Union Approach to Cross-Border Insolvency and Avoidance Actions: Issues within the Current Framework 4. A Comparative Analysis of Insolvency Transaction Avoidance of England, Germany and Italy 5. A Comparative Analysis of Private Law Transaction Avoidance Claims of England, Germany and Italy 6. The Harmonisation of Transaction Avoidance Addendum: the proposal for a directive of the European parliament and of the council harmonising certain aspects of insolvency law Index

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Book SynopsisThis 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.John M. Wood gives unique consideration to value within a corporate failure and rescue context, focusing on the issue of identifying the value of a company and its assets so that optimal rescue outcomes can be realised. Wood provides a detailed examination of the professional discretion afforded to insolvency practitioners to determine how commercial decisions, like rescue proposals, are construed.The in-depth analysis of key cases such as Re One Blackfriars Ltd and legislation including the Corporate Insolvency and Governance Act 2020 will prove invaluable for both practitioners and policy makers exploring corporate insolvency and rescue reform. It will also be of interest to scholars and students of insolvency law, as well as company law more broadly.Trade Review‘This book makes for a valuable contribution to the growing literature on the UK corporate insolvency law regime and the efficiency of the rescue culture. In addition to presenting established theoretical approaches, this book builds upon this knowledge and develops the concept of value preservation that adds new insights to existing discussions, a wealth of detail is provided as the various themes underpinning corporate rescue are scrutinised. The publication of this book is timely as the world emerges from COVID-19 and is currently battling a “costs of living” crisis. Scholars, practitioners, or policymakers seeking to understand current UK perspectives on corporate rescue will find Wood’s insights valuable. Thus, this work deserves a place on the shelves of anyone with an interest in UK corporate insolvency and rescue law. Its accessibility will appeal to domestic, as well as international higher-education students, early career academics, as well as more senior scholars.’ -- Emilie Ghio, International Company and Commercial Law Review‘This is a timely evaluation of UK insolvency law that has a modern feel and will be important as the world emerges from Covid-19. It builds upon established theoretical approaches and adds fresh insights through development of a concept of preservation of value. It draws upon a good range of other sources, both legal and nonlegal, and will be inspiring to readers, as well as providing an excellent introduction to the subject.’ -- Rebecca Parry, Nottingham Trent University, UKTable of ContentsContents: Foreword Preface 1. Introduction to corporate rescue 2. The pursuit of a corporate rescue objective 3. Corporate insolvency law theories and the rescue endgame 4. The value within the failed company 5. The value of corporate rescue 6. The interpretation of rescue and its value 7. The role of the courts and their input in rescue proceedings 8. Rescue in practice Index

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Book SynopsisThis authoritative Commentary presents a comprehensive analysis of two essential Model Laws: the UNCITRAL Model Law on Cross-Border Insolvency (MLCBI) and the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ), which aim to harmonise cross-border insolvency law.

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Book SynopsisThis comprehensive book offers a thorough exposition and analysis of all aspects of the dissolution and restoration of companies. Considering all relevant UK legislation and case law, it examines the ways in which companies are both dissolved and restored, the issues that may arise in these processes, and the effects this has on the company and third parties.Key Features: Explanation of the processes leading to dissolution and restoration of companies Examination of the general and particular effects of dissolution and restoration on a company and other related and non-related parties Identification and analysis of the most important issues related to dissolution and restoration, with reference to leading cases in the area Background information that provides an understanding of the role and effect of dissolution and subsequent restoration of some companies to the register of companies Dissolution and Restoration of Companies will be invaluable for solicitors advising clients and dealing with the processes involved in dissolution and restoration, as well as barristers interested in the issues raised and related case law. It will also be useful for insolvency practitioners, and for academics working in corporate and insolvency law.Trade Review‘This book, which forms part of the Elgar Corporate and Insolvency Law and Practice series, is primarily addressed to a professional audience. The technical and detailed exposition of the rules governing the area makes this book essential for insolvency practitioners, as well as legal professionals advising clients on these processes. However, the varied case law analysed in the book and the sharp analysis of the inconsistencies and problems arising from the implementation of the existing provisions make this book an invaluable addition to the libraries of universities and research centres, as well as the workplaces of those academics specialised in corporate insolvency matters. Finally, the book’s well-structured, rigorous and easy-to-follow narrative makes me believe that it could be easily consulted by foreign academics and researchers interested in conducting comparative studies in the area. As usual for any previous publications from Professor Keay, this book is a terrific addition to the existing literature on corporate insolvency matters, and it comes as highly recommended.’ -- Eugenio Vaccari, Royal Holloway, University of London, UK‘This book makes an important and timely contribution to a neglected yet vital area. In the first book-length treatment of the subject, Professor Keay draws together the theory and practice in a way that is comprehensive and learned, while simultaneously concise and readable. Following several recent appellate cases on dissolution and restoration, this is the perfect opportunity to take stock. It is highly recommended as an essential reference for corporate and insolvency lawyers, insolvency practitioners, creditors and litigation funders.’ -- Joseph Curl QC, 9 Stone Buildings, Lincoln's Inn and Deputy Insolvency and Companies Court Judge, England and Wales‘I have little doubt that it will ultimately be established as the vade mecum for busy practitioners in this field. It contains a scholarly exposition of the legislation and its governing principles. It is comprehensive in scope and presented in a way that is well structured and easy to follow. It is also a useful source for the guidance of the courts on obscure but important collateral issues which sometimes arise in practice. . . The book is a significant achievement and Professor Keay is to be commended for it.’ -- From the foreword by His Honour Judge Mark Halliwell, Specialist Circuit Judge, England and WalesTable of ContentsContents: Foreword Preface 1. Introduction to Dissolution and Restoration of Companies PART I DISSOLUTION 2. Introduction and background to dissolution 3. Dissolution following insolvent regimes 4. Early Dissolution 5. Dissolution by Striking Off 6. The effects of dissolution PART II RESTORATION 7. Introduction to Restoration 8. Administrative restoration 9. Judical Restoration 10. The effects of restoration Index

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Book SynopsisThe so-called Quistclose trust probably represents the single most important application of equitable principles in commercial life. (Lord Millett in the foreword to this book). The decision of the House of Lords in Twinsectra v Yardley has refocused attention on the Quistclose trust. Although accepted by insolvency lawyers as a convenient tool for corporate rescue, the precise basis of the trust has always been in doubt. The purpose of these essays is to explore the foundations of the trust and subject them to a searching analysis. Contributors: Robert Stevens (Oxford), 'Rolls Razor Ltd'; William Swadling (Oxford), 'Orthodoxy'; James Penner (LSE), 'Lord Millett's Analysis'; Lionel Smith (McGill), 'Understanding the Power'; Robert Chambers (Alberta),'Restrictions on the Use of Money'; Peter Birks (Oxford),'Retrieving Tied Money'; Ewan McKendrick (Oxford), 'Commerce'; Robert Stevens (Oxford), 'Insolvency'; George Gretton (Edinburgh),'Scotland'.Trade ReviewAll students and practitioners who are required to deal with trust relationships should read this book, as it is a masterclass of learning and insight on the subject of trusts. Martin Palmer Journal of International Trust and Corporate Planning August 2004 ...it must be emphasised that this is an excellent collection of essays. The level of learning and scholarship contained therein is remarkable. From a practical perspective, this book has further confirmed that the Quistclose trust analysis remains somewhat unstable and lenders are better off relying on the conventional security, rather than structuring transactions around a Quistclose trust. From a personal perspective, the reviewer feels privileged to be able to review a book that contains Professor Birks' last published word on the subject of Quistclose trust. Look Chan Ho Journal of Business Law November 2004Table of Contents1. Rolls Razor Ltd Robert Stevens 2. Orthodoxy William Swadling 3. Lord Millett’s Analysis James Penner 4. Understanding the Power Lionel Smith 5. Restrictions on the Use of Money Robert Chambers 6. Retrieving Tied Money Peter Birks 7. Commerce Ewan McKendrick 8. Insolvency Robert Stevens 9. Scotland George Gretton

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Book SynopsisThis timely book surveys seminal contributions to the economics of bankruptcy. It offers a comprehensive compilation of work by both legal scholars and economists working in the fields of corporate and consumer finance. Trade Review'These volumes would be instrumental for instruction at the graduate level, where selections could be chosen for either MBA or law programs. Moreover, I would highly recommend this volume for the libraries of professional economists who provide litigation consulting services related to bankruptcy. The Economics of Bankruptcy provides a strong foundational understanding of why bankruptcy laws were initially enacted. The compilation incorporates both theoretical arguments and empirical analysis. Just as importantly, it explores the various ways bankruptcy laws evolved.'Table of ContentsContents: Volume I Acknowledgements Introduction Edward R. Morrison PART I COMPREHENSIVE THEORIES OF BANKRUPTCY LAW 1. Thomas H. Jackson (1982), ‘Bankruptcy, Non-Bankruptcy Entitlements, and the Creditors’ Bargain’ 2. Douglas G. Baird and Thomas H. Jackson (1984), ‘Corporate Reorganizations and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of Secured Creditors in Bankruptcy’ 3. Douglas G. Baird (1986), ‘The Uneasy Case for Corporate Reorganizations’ 4. Samuel A. Rea, Jr. (1984), ‘Arm-Breaking, Consumer Credit and Personal Bankruptcy’ 5. Thomas H. Jackson (1986), ‘The Fresh-Start Policy in Bankruptcy Law’ PART II COLLECTIVE DECISION-MAKING BEFORE BANKRUPTCY A Theory 6. Randal C. Picker (1992), ‘Security Interests, Misbehavior, and Common Pools’ 7. Patrick Bolton and David S. Scharfstein (1996), ‘Optimal Debt Structure and the Number of Creditors’ 8. Arturo Bris and Ivo Welch (2005), ‘The Optimal Concentration of Creditors’ 9. Barry E. Adler (1993), ‘Financial and Political Theories of American Corporate Bankruptcy’ 10. Robert K. Rasmussen (1992), ‘Debtor’s Choice: A Menu Approach to Corporate Bankruptcy’ 11. Alan Schwartz (1997), ‘Contracting About Bankruptcy’ 12. Barry E. Adler (1997), ‘A Theory of Corporate Insolvency’ B Evidence 13. Edward R. Morrison (2009), ‘Bargaining Around Bankruptcy: Small Business Workouts and State Law’ 14. Julian Franks and Oren Sussman (2005), ‘Financial Distress and Bank Restructuring of Small to Medium Size UK Companies’ 15. Sergei A. Davydenko and Julian R. Franks (2008), ‘Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the UK’ 16. Stuart C. Gilson (1997), ‘Transaction Costs and Capital Structure Choice: Evidence from Financially Distressed Firms’ PART III ASSET DEPLOYMENT DECISIONS IN BANKRUPTCY 17. Andrei Shleifer and Robert W. Vishny (1992), ‘Liquidation Values and Debt Capacity: A Market Equilibrium Approach’ 18. Todd C. Pulvino (1998), ‘Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions’ 19. Per Strömberg (2000), ‘Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests’ 20. Sugato Bhattacharyya and Rajdeep Singh (1999), ‘The Resolution of Bankruptcy by Auction: Allocating the Residual Right of Design’ 21. Lucian Arye Bebchuk (1988), ‘A New Approach to Corporate Reorganizations’ 22. Philippe Aghion, Oliver Hart and John Moore (1992), ‘The Economics of Bankruptcy Reform’ 23. Douglas G. Baird and Robert K. Rasmussen (2002), ‘The End of Bankruptcy’ 24. Douglas G. Baird and Robert K. Rasmussen (2003), ‘Chapter 11 at Twilight’ Volume II Acknowledgements An introduction to both volumes by the editor appears in Volume I PART I BUSINESS BANKRUPTCY IN PRACTICE A Bankruptcy Costs 1. Arturo Bris, Ivo Welch and Ning Zhu (2006), ‘The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization’ 2. Gregor Andrade and Steven N. Kaplan (1998), ‘How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed’ B Filtering Viable from Non-viable Firms 3. Lawrence A. Weiss and Karen H. Wruck (1998), ‘Information Problems, Conflicts of Interest, and Asset Stripping: Chapter 11’s Failure in the Case of Eastern Airlines’ 4. Michelle J. White (1994), ‘Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings’ 5. Matthias Kahl (2002), ‘Economic Distress, Financial Distress, and Dynamic Liquidation’ 6. Vojislav Maksimovic and Gordon Phillips (1998), ‘Asset Efficiency and Reallocation Decisions of Bankrupt Firms’ 7. Edward R. Morrison (2007), ‘Bankruptcy Decision Making: An Empirical Study of Continuation Bias in Small-Business Bankruptcies’ C Ex Ante Investment Incentives Generally: Theory and Evidence 8. Robert Gertner and David Scharfstein (1991), ‘A Theory of Workouts and the Effects of Reorganization Law’ 9. Wei Fan and Michelle J. White (2003), ‘Personal Bankruptcy and the Level of Entrepreneurial Activity’ 10. Jeremy Berkowitz and Michelle J. White (2004), ‘Bankruptcy and Small Firms’ Access to Credit’ 11. Douglas G. Baird and Edward R. Morrison (2005), ‘Serial Entrepreneurs and Small Business Bankruptcies’ D Ex Ante Effects of Particular Bankruptcy Rules 12. Lucian Arye Bebchuk (2002), ‘Ex Ante Costs of Violating Absolute Priority in Bankruptcy’ 13. Kenneth Ayotte (2007), ‘Bankruptcy and Entrepreneurship: The Value of a Fresh Start’ 14. Douglas G. Baird and Donald S. Bernstein (2006), ‘Absolute Priority, Valuation Uncertainty, and the Reorganization Bargain’ 15. Yeon-Koo Che and Alan Schwartz (1999), ‘Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance’ 16. Barry E. Adler (1995), ‘A Re-Examination of Near-Bankruptcy Investment Incentives’ 17. George G. Triantis (1993), ‘A Theory of the Regulation of Debtor-in-Possession Financing’ E Other Topics: Industry Conditions and Forum Shopping 18. Severin Borenstein and Nancy L. Rose (1995), ‘Bankruptcy and Pricing Behavior in U.S. Airline Markets’ PART II CONSUMER BANKRUPTCY IN THEORY AND PRACTICE A Effects on Consumer Behavior 19. Barry Adler, Ben Polak and Alan Schwartz (2000), ‘Regulating Consumer Bankruptcy: A Theoretical Inquiry’ B Effects on Credit Markets 20. Scott Fay, Erik Hurst and Michelle J. White (2002), ‘The Household Bankruptcy Decision’ 21. Reint Gropp, John Karl Scholz and Michelle J. White (1997), ‘Personal Bankruptcy and Credit Supply and Demand’

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Book SynopsisThis 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.Trade Review'This book offers a detailed, comparative critique of bankruptcy law in the United States and the United Kingdom. . . This book is an excellent introduction into corporate rescue law. The style is clear and easy to follow. The inclusion of academic and legal references throughout the text enables the reader to further investigate particular lines of argument. This book is recommended for both legal practitioners and law students.' -- Michael Browne, International Trade and Business Law Review'. . . 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 StudiesTable of ContentsContents: Preface 1. Introduction 2. Corporate Restructuring Law in the UK 3. Fundamental Features of the US Chapter 11 4. Entry Routes and Corporate Control 5. The Automatic Stay – Barring Individual Creditor Enforcement Actions 6. Financing the Debtor 7. The Role of Employees 8. The Restructuring Plan 9. Conclusion Index

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Book SynopsisOver the past decade in Europe, the number of companies with complex corporate and financing structures has increased to levels unseen at any time in history. While efforts have been made by the European Union and various jurisdictions to improve their restructuring and insolvency regimes, restructuring practitioners and their clients have had to extend the boundaries of what was supposed to be possible in order to restructure corporate groups' balance sheets in a manner that is reflective of value and that preserves the going concern. This publication brings together Europe's leading restructuring lawyers who were and remain instrumental in shaping the way that European restructurings are conducted and implemented today. Each chapter is a detailed case study, by key lawyers centrally involved, on leading restructurings including McCarthy & Stone, IMO Carwash, Monier, Countrywide, Truvo, Autodistribution, SGD, La Seda de Barcelona, Schoeller Arca Systems, Risanamento SpA, Almatis, WIND Hellas, European Directories and Rodenstock. This practical handbook represents an unprecedented record of the leading restructurings of the era by those involved and leads the reader through each in detail, unlike any other publication to date. It is an invaluable tool for restructuring and insolvency practitioners throughout Europe.Trade ReviewIf you want to read an account of some of Europe’s most important, and sometimes contentious, restructurings in the recent downturn written by the advisers that actually worked on the deals, then this is the book for you. * Global Turnaround *Whilst the book is primarily aimed at insolvency and restructuring practitioners, its clear and approachable style makes it both accessible and useful for wider corporate and financing practitioners as well as principals -- Wayne McArdle and Gareth Jones * Gibson, Dunn & Crutcher LLP *Table of ContentsIntroduction 5 Kon Asimacopoulos Kirkland & Ellis LLP Justin Bickle Oaktree Capital Management McCarthy & Stone 7 Richard Tett Freshfields LLP IMO Carwash 19 Adam Al-Attar 3-4 SouthSquare Monier 37 Melissa Coakley Mark Hyde Clifford Chance LLP Countrywide 51 Justin Bickle Oaktree Capital Management Yushan Ng Cadwalader Wickersham & Taft LLP Truvo 61 Karen McMaster Yushan Ng Cadwalader Wickersham & Taft LLP Autodistribution 75 Olivier Assant Nicolas Laurent Samuel Pariente Bredin Prat SGD 87 Martin Graham Oaktree Capital Management Eduardo J Fernandez Willkie Farr & Gallagher LLP La Seda de Barcelona 103 Carlos Gila Gila & Co Richard Tett Freshfields LLP Alan Tilley Bryan Mansell & Tilley LLP Schoeller Arca Systems 115 Holly Neavill Latham & Watkins LLP Teun Struycken NautaDutilh Risanamento SpA 131 Bruno Cova Paul Hastings LLP Almatis 153 Kon Asimacopoulos Adam Paul Kirkland & Ellis LLP Justin Bickle Oaktree Capital Management WIND Hellas 163 Ben Davies White & Case Mark Glengarry Morgan Stanley European Directories 175 Kon Asimacopoulos Partha Kar Elaine Nolan Frederick Powles Kirkland & Ellis LLP Rodenstock 187 Florian Bruder Wolfgang Nardi Leo Plank Frederick Powles Kirkland & Ellis LLP Conclusions: lessons learned and emerging themes 197 Kon Asimacopoulos Kirkland & Ellis LLP Justin Bickle Oaktree Capital Management About the authors 199

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Book SynopsisThe European distressed debt market has grown exponentially during the last few years, experiencing very significant development. Many investors have entered that market with the intention of profiting from the opportunities that this market is offering them. However, navigating the waters of the European distressed debt market has not always been easy, because this market is far from homogeneous and legal fragmentation is the norm. This co-publication with TMA Europe provides an overview of the European distressed debt market, covering debt trading, non-performing loans, direct lending, restructuring and workouts. It analyses these topics and others from a pan-European point of view, and is intended as a practical guide for anyone seeking a better understanding of the commercial and legal complexities involved in a highly fragmented market where different jurisdictions, legislative frameworks and market practices apply. Ignacio Buil Aldana, a partner in the finance and restructuring team at the London office of Spanish law firm Cuatrecasas, Gonçalves Pereira, has acted as consulting editor for the publication, which also features contributions from other leading experts in the field. Whether you are a lawyer in private practice or in industry, a financial advisor or an investor, this title aims to give you comprehensive insight into all the significant aspects of the European distressed debt market.Trade ReviewInvesting in Distressed Debt in Europe makes a genuine contribution to the literature by combining the practical knowledge of its expert contributors with serious legal analysis in an area which is infrequently covered in other work. Crucially, in doing so, it avoids simply setting the law out or recounting war stories from the market. Instead, it has been carefully structured and provides a rigorous analysis of the issues which it covers, so that the reader is likely to be able to navigate to the appropriate point with ease. This means that, whilst the book can certainly be read cover to cover, it is also invaluable for those with specific concerns and time constraints. -- Sarah Paterson * The London School of Economics and Political Science *Table of ContentsForeword 7 Lukas Fecker TMA Europe President Preface 9 Ignacio Buil Aldana Cuatrecasas, Gonçalves Pereira Part I: Introduction Investing in distressed debt in Europe: an overview 13 Tom Cox Damian Malone Mark Sinjakli AlixPartners Part II: Acquisition of distressed debt Credit agreement and indenture analysis from a European perspective 33 Jacqueline Ingram Cadwalader, Wickersham & Taft LLP Anatomy of an LMA distressed trade transaction and transfer mechanisms under English law 43 Elizabeth Bilbao Mandel, Katz & Brosnan LLP Overview of distressed trading in selected jurisdictions 59 France Jérémie Bismuth Olivia Locatelli Dimitrios Logizidis Gide Loyrette Nouel Germany Sacha Lürken Wolfgang Nardi Oded Schein Kirkland & Ellis International LLP Italy Gregorio Consoli Federica Scialpi Chiomenti Studio Legale Spain Beatriz Causapé Cuatrecasas, Gonçalves Pereira Part III: The European nonperforming loans (NLP) market ‘Bad banks’ and their role in the financial sector deleveraging process in Europe 81 Fernando Mínguez Cuatrecasas, Gonçalves Pereira Anatomy of a non- performing loan portfolio sale 93 Paul Dunbar Vinson & Elkins LLP Part IV: Direct lending The direct lending landscape in Europe 109 Nerea Pérez de Guzmán FTI Consulting Trends in direct lending 119 Andrew Perkins Sarah Ward Macfarlanes LLP Legal structuring of direct lending deals in selected European jurisdictions France 133 Jérémie Bismuth Marie Dubarry de Lassalle Olivia Locatelli Caroline Texier Gide Loyrette Nouel Germany 141 Sacha Lürken Wolfgang Nardi Oded Schein Kirkland & Ellis International LLP Italy 149 Giorgio Cappelli Andrea Martino Giovanna Randazzo Chiomenti Studio Legale Spain 157 Íñigo de Luisa Íñigo Rubio Cuatrecasas, Gonçalves Pereira Part V: Restructuring and workouts Recent trends in European cross-border restructurings 167 Arturo Gayoso Deloitte Financial Advisory Schemes of arrangements: theory and practice 175 Graham Lane Iben Madsen Willkie Farr & Gallagher LLP Developments in the European legal framework for restructuring France 199 Jérémie Bismuth Marie Dubarry de Lassalle Olivia Locatelli Caroline Texier Gide Loyrette Nouel Germany 215 Sacha Lürken Kirkland & Ellis International LLP Italy 237 Giulia Battaglia Antonio Tavella Chiomenti Studio Legale Spain 249 Cristóbal Cotta Andrea Perelló Fedra Valencia Cuatrecasas, Gonçalves Pereira Restructuring high-yield bonds in Europe 261 Paul Durban Grégoire Hansen Brown Rudnick LLP The recast EU Insolvency Regulation and its impact on distressed investing 279 James Bell Douglas Hawthorn Jeremy Walsh Travers Smith LLP Part VI: Taxation Structuring the acquisition and disposal of distressed debt 295 Rebeca Rodríguez Cuatrecasas, Gonçalves Pereira Luke Vassay Milbank, Tweed, Hadley & McCloy LLP About the authors 317

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Book Synopsis[The Gesamtgrundpfandrecht (Blanket Mortgage) in Insolvency. With Special Consideration to its Creation]How does a blanket mortgage work in the mortgagee's insolvency proceedings? This question led the author to the present investigation. The thesis moves between the laws regarding safeguarding of creditors and insolvency. After penetrating the doctrine behind its creation, the blanket mortgage is woven into the instruments regulating insolvency law. The creation and defeasibility of the blanket mortgage is analyzed after investigating the structure and organization of this overarching right in rem by examining its counterpart in lien law.One of the piece's linchpins is the teleology of Sections 1132 and 1222 German Civil Code. This leads back to the basic Roman legal principle of the entirety of the pledge liability - indivisa pignoris causa -. By using this principle and the structural principles and guidelines of property law, conclusions necessary for the legal creation of a blanket mortgage are drawn and then entered into the system of restraint on alienation and acquisition pursuant to Sections 81, 91 German Insolvency Statute (Insolvenzordnung) as well as those for contesting insolvency pursuant to Sections 129 ff German Insolvency Statute.

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Book SynopsisAs a central provision of the substantive insolvency law, § 103 of the InsO [Insolvency Statute] is of great practical importance. When an insolvency proceeding is opened, the insolvency administrator is often required to decide on the type of settlement for a number of mutual "provisional" contracts, meaning contracts not completely fulfilled by any party. This applies in particular for company insolvencies. In the past, the insolvency administrator's right of election was already a common subject matter of scholarly works. However, only the legal position within the insolvency proceeding stood at the center of these investigations. Therefore, the goal of the present work is the investigation of the legal position existing between the parties to the contract after the insolvency proceeding is cancelled either after complete final distribution or after an insolvency plan comes into effect. The starting point is the fundamentally tense relationship between the contractual law of obligations and substantive insolvency law, and the associated question regarding the effects of the opening of the proceeding on the claims for fulfillment that are still open. The author presents the problems that arise with the application of the latest BGH [German Federal Supreme Court] judicature, according to which the opening of the proceeding affects only the "enforceability" of the claims for fulfillment, and offers solution recommendations. Particularly relevant in practice are the difficulties that result from the renunciation of the "forfeiture theory" when the insolvency reorganization plans go into effect.Table of ContentsA)Gegenstand der Arbeit · B)Behandlung gegenseitiger Austauschverträge in der Insolvenz nach § 103 InsO · C)Wirkung der Verfahrenseröffnung und Wahlrechtsausübung bzw. -verwirkung auf gegenseitige „schwebende“ Verträge · D)Auswirkungen des Wahlrechts auf die Rechtslage nach Aufhebung des Verfahrens infolge vollzogener Schlussverteilung gem. § 200 Abs. 1 InsO · E)Auswirkungen des Wahlrechts auf die Rechtslage nach Aufhebung des Verfahrens infolge rechtskräftigen Insolvenzplans gem. § 258 Abs. 1 InsO · F)Zusammenfassung der Ergebnisse

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