Schemes of Arrangement in Corporate Restructuring 2nd Edition

Schemes of Arrangement in Corporate Restructuring provides in-depth guidance on the legal principles, formal procedures and practical issues which underpin the use of schemes of arrangements in complex financial restructurings.

The expert author team at White & Case, under Christian Pilkington, cover the subject in full, taking in its development and the fundamental principles of its use as a restructuring tool, alongside key subjects such as jurisdiction, class composition issues and foreign recognition.

Practical in its focus, the book provides not only diagrams and flowcharts which summarise complex processes but also case studies to illustrate different types of schemes of arrangement and explain some of the most high-profile international restructurings of recent years.

The English law scheme of arrangement is now an established tool of choice for those engaged in complex financial restructurings, in particular where a consensual solution between all of the company’s creditors is not possible. The use or the threat of the use, of a UK scheme has featured in the restructuring of the borrowings of many major European corporates over the last decade, and is a theme which looks set to continue.

Schemes have become instrumental in the restructuring of overseas-incorporated companies, as they have come to be viewed as more efficient and “user-friendly” than the available local law alternatives.

The 2nd edition:-

• Explains the different types of restructuring schemes available
• Features extensive analysis, precedent material and detailed case studies of schemes in operation
• Deals with the complex cross-border and jurisdictional issues facing practitioners
• Includes analysis of all key cases since publication of the 1st edition in 2013 and evaluates recent trends in scheme jurisprudence
• Considers the potential impact of Brexit on the use of schemes in international restructurings
• Provides a comparative analysis with similar “cram-down” procedures in other jurisdictions

The extensive new features, updates and improvements in the second edition of Schemes of Arrangement in Corporate Restructuring include:-

• New chapters on:
  • Issues Specific to Listed Companies
  • Tax Considerations
  • Schemes Involving Distributions of Securities

The expertise of the authors ensures that even the most complex aspects of the subject are confidently navigated. It is the indispensable guide to schemes in corporate restructuring.

• Analysis of the recent decisions of Snowden J in this area and the trend towards increased judicial scrutiny of restructuring schemes.
• A review of the far-reaching developments in the case law on jurisdiction for schemes of non-UK companies.
• New case studies on the groundbreaking schemes of APCOA, Codere and New World Resources.
• An assessment of the potential impact of Brexit on the use of the UK scheme as a restructuring tool for European corporate borrowers.
• A summary comparison of the UK scheme of arrangement with equivalent “cram-down” procedures in other jurisdictions.