Title: Corporate rescue law, an Anglo-American perspective /
Authors: McCormack, G.
Publisher: Northampton, MA : Edward Elgar,
Year: 2008
Subjects: Corporate reorganizations Law and legislation Great Britain.; Corporate reorganizations Law and legislation United States.; Bankruptcy Great Britain.; Bankruptcy United States; Corporate reorganizations Great Britain.; Corporate reorganizations United States.
Abstract: This 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.
Contents: 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.