Corporate Restructuring Law in Flux

Author: Jennife Payne; Kristin van Zwieten
Publisher: Hart Publishing
ISBN: 9781509978427
Published In: February 2027
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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This book analyses recent developments in English corporate restructuring law from a range of comparative and theoretical perspectives, exploring some of the most difficult aspects of the design of domestic restructuring laws and their application in cross-border cases.

Recent reforms to English law took place against the backdrop of corporate restructuring law reform initiatives in Europe and in many other regions of the world. These reforms reflect an emerging consensus as to the importance of such laws, both as a complement to macroeconomic stabilisation tools in times of extraordinary crisis, and as a determinant of investment conditions in more ordinary times. But it is one thing to recognise the importance of such laws in the abstract, and quite another to work out precisely how corporate restructuring rules should be designed.

This book explores some of the most complex aspects of designing such rules. It does so through the close analysis of the changes made by the enactment of the Corporate Insolvency and Governance Act 2020 (UK), and the interpretation of the new statutory provisions by the courts. Authors also draw on examples from other jurisdictions to analyse choices made in the UK, and in some cases offer separate evaluation of restructuring law reform processes outside the UK, including in select jurisdictions in the EU and in Africa, and in the US.

By drawing on experiences in other jurisdictions, the book casts new light on recent developments in English law, suggesting many avenues for further research and a range of implications for policymakers. An introductory chapter by the editors introducing the landmark 2020 reforms provides a detailed synopsis of each chapter of the book, drawing out connections between them, and articulates some themes that run through the chapters that are salient for policymakers.

Foreword

Jay Lawrence Westbrook (University of Texas, USA)

1. Introduction

Jennifer Payne (University of Oxford, UK) and Kristin van Zwieten (University of Oxford, UK)

2. The UK Restructuring Plan in the New European Context

Gabrielle Ruiz (Clifford Chance, UK) and Philip Hertz (Clifford Chance, UK)

3. Rules of Priority in Restructuring Procedures

Kristin van Zwieten (University of Oxford, UK) and Sjur Swensen Ellingsaeter (BI Norwegian Business School)

4. The Cramdown: A Conceptual Framework

Riz Mokal (University of Aberdeen, UK), Stephan Madaus (Martin Luther University Halle-Wittenberg, Germany), Irit Mevorach (University of Warwick, UK), and Ignacio Tirado (UNIDROIT, Italy)

5. Floating Charge Envy

Edward Janger (Brooklyn Law School, USA)

6. Developing Restructuring Law in Silos: Part 26A and Unexpired Leases

Sarah Paterson (London School of Economics, UK) and Adrian Walters (Chicago-Kent College of Law, USA)

7. Commencing Corporate Insolvency Proceedings at the Right Time: Directorial Responsibility in Financial Distress

Felix Steffek (University of Cambridge, UK)

8. Freestanding Moratorium: Successes and Failures

Natalie Mrockova (University of Oxford, UK)

9. Restructuring Reforms in Africa and the Problem of 'Misfitted' Transplants

Winifred Tarinyeba Kiryabwire (Makerere University, Uganda)

10. Recognition in Cross-border Restructurings

Reinhard Bork (University of Hamburg, Germany)