Bankruptcy and insolvency Books

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 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 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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Book SynopsisWhen States Go Broke discusses the ongoing fiscal crisis among the American states. No one disagrees with the idea that the states face enormous political and fiscal challenges. This volume fills an important gap in the dialogue by offering an academic analysis of the many issues broached by these debates.Trade Review"Well-written and cohesive....Editors Conti-Brown and Skeel did a fine job ensuring that a diversity of perspectives were represented, both disciplinary (economists, political scientists, lawyers) and professional/political (academics, a union lawyer, a conservative think tank scholar....Recommended." --ChoiceTable of ContentsPart I. The Problem: The States in Fiscal Crisis: 1. Fiscal constitutions and fiscal crises: a history Isabel Rodriguez-Tejedo and John Wallis; 2. Obligations without the power to fund them: the origins, consequences, and possible solution to the fiscal crisis of the states Damon Silvers; 3. Public pension pressures in the United States Olivia Mitchell; 4. Structural challenges in state budgeting Josh Barro; Part II. The Legal and Political Context of Public Debt: 5. What states can learn from municipal insolvency Clayton Gillette; 6. Market discipline and US federalism Jonathan Rodden; 7. American states and sovereign debt restructuring: lessons and cautionary tales Adam Feibelman; Part III. Evaluating Solutions: 8. State bankruptcy from the ground up David Skeel; 9. Fiscal federalism and the limits of bankruptcy Adam Levitin; 10. Extending bankruptcy law to states: is it constitutional? Michael McConnell; 11. Bankruptcy for the states and by the states George Triantis; 12. Labor and the states' fiscal problems: not the problem but perhaps part of the solution Catherine Fisk and Brian Olney.

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Book SynopsisThis thoroughly updated casebook is designed for chapter 11 bankruptcy courses, and also suitable for general courses focusing on business bankruptcy. The fourth edition retains the basic approach of the earlier editions.

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Book SynopsisTrade Review...scathing. - The Kansas City Star ""...a well-researched, highly accessible look at troubling practices in corporate bankruptcy law."" - Booklist ""In a searing indictment of the U.S. Bankruptcy Court system, Lynn LoPucki paints a very unflattering picture of the results of bankruptcy court competition for big cases that began in the 1980s. Courting Failure is backed by years of research, hard numbers from LoPucki's web-based research database, and anecdotal evidence that should make some bankruptcy professionals, particularly bankruptcy judges, squirm."" - Turnarounds & Workouts Newswire

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Book SynopsisThis edition retains the structure of the casebook's earlier editions, but expands its focus to capture the ways that current bankruptcy practice has been reshaped by lawyers and judges. The book reflects a continued commitment to the casebook's original account of bankruptcy law's logic and limits for individual debtors under Chapters 7 and 13 and for corporate debtors under Chapter 11. The updated material takes the book beyond this fundamental approach and adds a focus on modern practice, including new sections that address reorganization plan negotiation, gifting, structured dismissals, and third-party releases, among other important developments. In these ways, the new edition looks backwards and forwards simultaneously toward a more complete understanding of the subject.

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Book SynopsisTogether, the four co-authors have taught bankruptcy courses at more than 20 very different law schools; one of them sat as a bankruptcy judge for nine years; and all four have substantial practice experience. Drawing on their diverse experience, they have prepared original text, problems, and edited cases with three goals in mind: (1) introduce students to one new bankruptcy concept at a time, (2) show students the connection among the various concepts and (3) give the students a sense of how these bankruptcy concepts are utilized in both the smallest personal and largest business bankruptcy cases.

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Book Synopsis

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