The study is a result of a collaborative research project addressing "The Implementation of the New Insolvency Regulation - Improving Cooperation and Mutual Trust". The project was undertaken by the Max Planck Institute Luxembourg for Procedural Law, the University of Vienna and the University of Milan, and co-funded by the European Union as part of the Commission's Action Grants 2013 for Civil Justice. The focus of the study concerns specific issues of cross-border insolvencies under the recast of the Insolvency Regulation which already has been prepared by a large part of the contributing authors in the Heidelberg-Vienna-Luxembourg Report. The study is comprised of three major topics: 1.The Regulation's extended scope of application, including pre-insolvency and hybrid proceedings, the relationship between Article 1(1) of the Regulation and its Annex A, as well as the interplay between the Insolvency Regulation and the Brussels Ibis Regulation; 2.the cooperation between main and secondary insolvency proceedings, the new instruments, such as "synthetic proceedings", destined to avoid or postpone the opening of secondary proceedings, further the cooperation between administrators and courts of different proceedings as well as protocols to enhance cooperation; 3.insolvencies of groups of companies, with a particular focus on jurisdiction, COMI-migration, "group coordination proceedings" and other instruments of coordination.

This second edition provides updated and practical analysis of restructuring under English and New York Law. Since the publication of the previous edition, certain areas of restructuring law have received particular attention. Waivers, amendments, and standstills, and in particular "snooze and lose" and "yank the bank" provisions have continued to develop in the last five years as well as other refinements from the US which are being increasingly used in Europe. The mechanisms for giving effect to debt compromise arrangements, either through Schemes of Arrangement or Chapter 11 pre-packs, have also developed significantly on recent years. There has been a great deal of debate surrounding restructuring and insolvency law in Europe following the recast EC Regulation on Insolvency Proceedings and further developments in various European jurisdictions. The second edition has been thoroughly updated to cover these, and all other major developments in the field to provide a complete and up-to-date guide to restructuring on both sides of the Atlantic. This work provides detailed analysis of areas associated with company restructures including tax and shareholder claims, employee and trade union matters, and pension scheme issues. Additionally the new edition features new or developed chapters on key areas of practical development such as private equity's role in restructuring and specific issues relating to financial institutions, energy, property, airlines and shipping. With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance, and insolvency practitioners and their clients, and both financial institutions and companies looking to restructure debt, and global accountancy firms and law and business schools worldwide.

The fourth edition of this book has been fully updated to take account of the drastic reforms that have occurred as a result of requirements to comply with EC Directives. In addition, an increasing body of international guidelines has been issued. This new edition includes the extensive amendments to the Copyright, Designs and Patents Act 1988, the European Patent Convention, the Patent Co-operation Treaty, the Madrid Agreement, the Agreement on Trade-related aspects of Intellectual Property Rights, the WIPO Copyright Treaty and the Performances and Phonograms Treaty. Concentrating on topics of particular practical importance and interest in a stimulating and concise way, this book should be of interest to both students and practitioners and is an introduction to the subject.

Aimed at companies, lenders and advisors, the third edition of the introduction to relevant procedures for company restructuring and insolvency in over 140 countries around the world has been revised and updated to reflect changes in legislation.

In 1982 Johns-Manville, a major asbestos manufacturer, declares itself insolvent to avoid paying claims resulting from exposure to its products. A year later, Continental Airlines, one of the top ten carriers in the United States, claims a deficit when the union resists plans to cut labor costs. Later still, oil powerhouse Texaco cries broke rather than pay damages resulting from a courtroom defeat by archrival Pennzoil. Bankruptcy, once a term that sent shudders up a manager's spine, is now becoming a potent weapon in the corporate arsenal. In his timely and challenging study, Kevin Delaney explores this profound change in our legal landscape, where corporations with billions of dollars in assets use bankruptcy to achieve specific political and organizational objectives. As a consequence, bankruptcy court is rapidly becoming an arena in which crucial social issues are resolved: How and when will people dying of asbestos poisoning be compensated? Can companies unilaterally break legally negotiated labor contracts? What are the ethical and legal rules of the corporate takeover game? In probing the Chapter 11 bankruptcies of Johns-Manville, Frank Lorenzo's Continental Airlines, and Texaco, Delaney shows that more and more, an array of powerful actors--corporations, commercial creditors, auditors, bond rating agencies and investment bankers--are coming to view bankruptcy as a legitimate business strategy. In each situation, the choice of bankruptcy by these corporate giants was directly influenced by the surrounding business community. In the case of Johns-Manville, carrying appropriate insurance did not prevent its twenty insurance companies from refusing to pay claims. Thanks to shrewdplanning and cooperation from Continental's creditors, not only was the airline able to continue flying in the first week of Chapter 11, but it could also offer the lowest cross-country fare in the market. Texaco's banks nudged their client toward bankruptcy as a way to squeeze it into compliance with banking conventions it had previously bypassed. Strategic Bankruptcy uncovers the ways in which bankruptcy has become a biased political system of allocating scarce resources. Delaney's in-depth investigation of three recent bankruptcies and his searing expose of current corporate practices make this book essential reading for corporate executives, lawyers, legislators, and policymakers.

This book provides the first comprehensive treatment of out-of-court restructuring and post-commencement insolvency financing in the corporate group setting, domestically and internationally. Bringing together a collection of distinguished contributors-academics and practitioners at the forefront of insolvency practice and law reform efforts-the book addresses and critiques "state of the art" practice and work-arounds for financing out-of-court restructurings as well as judicial reorganisations, going-concern liquidations and administration proceedings of financially distressed global business groups. The book opens with a detailed introduction from the editors which provides an overview of domestic law issues and an exploration of principles guiding judicial and administrative cooperation to facilitate group financing in cross-border cases. The final section analyzes regional and global law reform and harmonisation progress to date. This book is a valuable resource for practitioners who must structure (and courts that must approve) financing for global enterprise groups in reorganisation. With another wave of global corporate group failures anticipated, practitioners, courts and policy makers are well served by a work describing cutting-edge advances in this field in domestic and cross-border cases.

This book deals with the procedure for obtaining a winding-up order chronologically from presentation of a petition through to making the order. It also looks at the application process as it applies to various classes of petitioner, such as creditors, contributories (shareholders) and public officials. The fourth edition is completely updated to cover new legislation and new procedures. It includes new coverage of the Insolvency (England and Wales) Rules 2016, which rewrote the procedural rules for applications to wind up companies. The book also covers Regulation (EU) 2015/848 on insolvency proceedings (recast) concerning amended rules applying to jurisdiction, as well as new provisions for housing and education administration. Though focused on the procedure in the courts of England and Wales, the work also considers the jurisprudence of the many Commonwealth jurisdictions which have adopted the English procedure. This work contains all there is to know about applying (petitioning) to have companies and similar entities wound up by the court, making it essential for all lawyers who make, or defend, such applications.

This supplement to the second edition of Insolvency in Private International Law covers the key developments in case law and legislation in the subject up to October 2006, and is an essential purchase for all who have already bought the main work. It includes the full text of the Cross-Border Insolvency Regulations 2006, along with commentary on the regulations. The supplement also includes the text of Council Regulation 694/2006, amending EC Regulation 1346/2000 on insolvency proceedings, and references to key developments in case law, including Eurofood IFSC Ltd, Daisytek ISA, and Cambridge Gas Transport Corp v Official Committe of Unsecured Creditors of Navigator Holdings plc. The commentary on case developments links back to the relevant paragraph in the main work. The main work deals with the problems generated by those cases of insolvency (either of an individual or of a company) where the presence of contacts with more than one system of law brings into operation the principles and methods of private international law (also known as conflict of laws). Part I of the main work is mainly devoted to an examination of the body of rules and practice that has evolved in England during the course of the past two-and-a-half centuries, and surveys the current state of the law derived from a blend of statutory and case authorities. Contrasting approaches under a selection of foreign systems - principally Australia, Canada, France and the USA - are examined by way of comparison. There are up to date accounts of the circumstances under which insolvency proceedings can be opened in respect of debtors which are not primarily based in England, and of the grounds on which English courts will recognise foreign insolvency proceedings and give assistance to the foreign representative of the debtor's estate. Part II of the main work explores the progress towards the creation of international arrangements to co-ordinate and rationalise the conduct of insolvency proceedings which have cross-border features, particularly where the debtor is capable of being subjected to concurrent proceedings in two or more jurisdictions. Central to the developments described in detail in this Part are the EC Regulation on Insolvency Proceedings, in force throughout the UK since May 2002, and the UNCITRAL Model Law on Cross-Border Insolvency, which was due for enactment in the UK. The main work of the second edition and the supplement are also available as a set (ISBN 9780199214952: GBP160)

Maritime Cross-Border Insolvency is a comprehensive comparative examination of both insolvency regimes (UNCITRAL and EU) in shipping with reference to the main jurisdictions having adopted the UNCITRAL regime, i.e. USA, UK, Greece.

The restructuring market has developed dramatically since the recession of the early 1990s and the first edition of this book. Several factors have contributed to a trend for increasingly complex workouts, including the sophistication of financial products, the diverse nature of providers of debt and equity, and the willingness of financial institutions to see distress as an opportunity for profit, and not just a damage limitation exercise. As a result, the adviser community has developed imaginative solutions to assist those that have an exposure to businesses in distress. These tools have been created to maximise value in restructuring situations and the current market is providing ample opportunities for their use. This updated second edition analyses these tools and the context in which they can be utilised.

Bankruptcy Litigation and Practice: A Practitionerand#8217;s Guide, Fourth Edition serves as the comprehensive reference on bankruptcy litigation topics for legal practitioners in all specialties. For the generalist and commercial law practitioner it clarifies basic Bankruptcy Code issues and practical features of bankruptcy litigation including consumer bankruptcies, business and corporate reorganizations, liquidations and personal debt restructuring. For the bankruptcy professional, it serves as a sophisticated compendium of reliable forms, recent case law, and statutory amendments relating to all major bankruptcy topics including: Automatic stay Preferences Dischargeability Executory contracts The Chapter 11 confirmation process Appellate procedures Chapter 13 individual debt restructurings The rights and obligations of secured and unsecured creditors And much more! Only Bankruptcy Litigation and Practice: A Practitionerand#8217;s Guide delivers instant access to: An exclusive collection of key bankruptcy litigation resource materials Practical insights into the bankruptcy court system A consolidated presentation and analysis of bankruptcy provisions common to all cases Reliable, practice-based coverage of Chapter 7, 11, 12, and 13 cases Bankruptcy Litigation and Practice: A Practitionerand#8217;s Guide delivers broad coverage that keeps you completely current with the latest law in all key areas. Updated twice annually, this one-of-a-kind reference serves as the foundation of your bankruptcy library by providing: The starting point for researching the widest range of bankruptcy litigation issues A guide throughout all stages of bankruptcy litigation A consolidated resource and practical tool that combines case law and analysis as well as a valuable CD-ROM to help you navigate familiar and unfamiliar areas of bankruptcy litigation

The new edition helps you analyze the factors that determine whether to choose a real estate workout over bankruptcy or foreclosure and the leverage lenders have under each possible scenario. The Second Edition features extensive coverage of environmental liabilities that may arise under federal statutes and regulations such as RCRA and CERCLA and how lenders can avoid or minimize these liabilities. A new chapter has been added on the state mini-RCRAs and CERCLAs, necessitated by the growing importance of state environmental laws to real estate financing. A detailed discussion is presented on the laws and programs that have been developed to minimize lender liability at brownfields sites in urban areas. Excellent coverage is provided for such key areas as prepackaged plans, single asset real estate cases, cash collateral and adequate protection, deeds in lieu of foreclosure and dealing with guarantors and other sureties.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) requires that debtors filing for bankruptcy whose monthly income exceeds the median income for their household size in their state use the IRS expense standards rather than their current expenses to calculate their monthly disposable income (MDI). This report assesses this new requirement's effects on debtors and the courts.