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.
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Review This Product
‘MELTING ICE CUBES’:
Fri, 2 Jun 2017 | Review
by: Phillip T.
‘MELTING ICE CUBES’:
COMPARATIVE LAWYERS ON BOTH SIDES OF THE ATLANTIC WILL LOVE THIS DEFINITIVE TEXT ON A CRUCIAL AREA OF LAW
An appreciation Elizabeth Taylor of Richmond Green Chambers and Phillip Taylor MBE of “The Barrister”
Financial services being a crucial area of endeavour for lawyers on both sides of the Atlantic, this newly published title from the Oxford University Press should attract widespread interest, not to mention shouts of welcome, from comparative lawyers practising in either the United Kingdom or the United States, or both.
This is the new updated edition of what has become a definitive text, first published in 2011. As the three co-authors remind us, English law and the law of the United States --specifically New York -- continue to dominate world debt markets. ‘Any company of any size operating across borders,’ they add, ‘will almost certainly have debt governed by English law and New York law.’ And where peaceful co-existence reigns between the two, ‘they run hard up against each other’ where a company faces stress or distress.
It is truly odd, therefore, that there has apparently been no law text except this one, that has enabled practitioners to identify and activate solutions to the myriad problems that bedevil a distressed company operating transatlantically. This is the only legal text around which, as the authors explain, is ‘the first attempt to grapple with these issues from both an English law and a US/New York law perspective in a single volume.’
Read for example – and this is only one example – the chapter on emergency sales in the UK and US. Here is an illuminating perspective on the similarities and major differences between these two jurisdictions in the handling of distress sales. And distressful and complicated they are. As is pointed out at least twice, ‘…any business that relies on confidence in its financial position, its brand name or goodwill… will be particularly hard hit by suggestions that it is or may soon be experiencing financial distress.’
Likened to “melting ice cubes” suffering from the heat of pending insolvency, such companies lose customers and counterparties all over the place as their reputations become ever more tarnished. The methods for carrying out the emergency sales which may result -- and which vary significantly between the US and UK -- are discussed in succinct but pertinent detail – with the reasonably optimistic note that such methods ‘can present an effective means of preserving value in either country.’
Further discussed are any number of issues relevant to restructuring from, for example, the duties of directors and management… to shareholder claims… to employees and trade unions… to pension scheme trustees and regulators… to specific cross-border issues and much more.
Here is an authoritative and highly regarded text which contains a wealth of legal expertise presented by, in addition to the authors, thirty-five expert contributors, all of whom offer the benefits of their extensive experience in this field. Highly readable, easily navigable and copiously footnoted, this handy and helpful volume belongs in the library of every transatlantic practitioner.
The publication date is cited as at 2017.
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