This book is the first to analyse recent developments in English corporate restructuring law, exploring questions around the design of domestic restructuring laws and their application in cross-border cases from a range of comparative and theoretical perspectives. Some chapters focus on an important granular question in the design of domestic restructuring rules, using insights from experiences in other jurisdictions and from theoretical literature to evaluate the new English position. Other chapters consider the changes to English law at a more ''macro'' level, drawing on comparative and theoretical insights. A final set of chapters consider thorny questions raised more generally by restructuring law reform efforts over the past decade, both in England and abroad. By drawing on experiences in other jurisdictions, and insights from theory, the book casts new light on developments in English law, and in this way informs both avenues for future research and future policymaking. These implications are brought out in an introductory chapter that contextualises the analysis that follows, introducing the landmark English reforms, anticipates its key themes, and articulates the implications for policymakers and future research.>

Autorentext

Jennifer Payne is Warden of Merton College and Professor of Corporate Finance Law, University of Oxford, UK.

Photo courtesy of Faculty of Law, University of Oxford.

Kristin van Zwieten is the Clifford Chance Professor of Law and Finance at the University of Oxford, United Kingdom.

Klappentext
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 primarily 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, although chapter authors draw extensively on examples from other jurisdictions to critically 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, and on insights from theory, the book casts new light on recent developments in English law, suggesting many avenues for further research and a range of implications for policymakers. These implications are brought out in an introductory chapter by the editors introducing the landmark 2020 reforms. This chapter 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.

Zusammenfassung
The first book to analyse developments in English corporate restructuring law, exploring the design of domestic restructuring laws and their application in cross-border cases.

Inhalt

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 Ellingsæter (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)

11. The Lure of English Proceedings: Forum Selection from the United States to England, Anthony J Casey (University of Chicago, USA)