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. Integrating theoretical and practical
insights, this book will be of great interest to academics and
practitioners, and also to policymakers in the DTI, Insolvency
Service and regulatory bodies.
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