The law of corporate reorganizations controls the fate of
enterprises worth billions of dollars and has reshaped entire
sectors of the economy, yet its inner workings largely remain a
mystery. Judges must police a small and closed fraternity of
professionals as they sit down at a conference table and forge a
new future for a distressed business, but little appears to tell
judges how they are to do this. Judges, however, are in fact bound
by a coherent set of unwritten principles that derive from a
statute Parliament passed in 1571. These principles are not simply
norms or customary practices. They have hard edges, judges must
enforce them, and parties are bound by them as they are by any
other law. This book traces the evolution of these unwritten
principles and makes accessible a legal world that has long been
closed off to outsiders.
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