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Corporate Rescue Law – An Anglo-American Perspective

Gerard McCormack, Professor of International Business Law, University of Leeds, UK
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.
Extent: 336 pp
Hardback Price: $154.00 Web: $138.60
Publication Date: 2008
ISBN: 978 1 84720 274 1
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  • Law - Academic
  • Company and Insolvency Law
  • Corporate Law and Governance
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.
‘This book offers a detailed, comparative critique of bankruptcy law in the United States and the United Kingdom. . . This book is an excellent introduction into corporate rescue law. The style is clear and easy to follow. The inclusion of academic and legal references throughout the text enables the reader to further investigate particular lines of argument. This book is recommended for both legal practitioners and law students.’
– Michael Browne, International Trade and Business Law Review

‘. . . a highly readable and informative text and an excellent addition to insolvency scholarship. . . In their entirety, the chapters of Corporate Rescue Law – An Anglo-American Perspective represent one of the most incisive and relevant treatments of comparative insolvency regimes to date. . . This book is an absolute boon: it provides the reader with a mass of legal and practical insights into the workings of two ostensibly divergent systems and challenges received wisdom in a fluent and persuasive manner. Not only are legal differences examined through the lens of practice, but also commercial, philosophical and social responses to failure are considered and highlighted as possible drivers of those real distinctions that do exist. Professor McCormack has produced an exceptional work that should be required reading for academics, practitioners and policy makers alike, and is to be warmly congratulated.’
– Sandra Frisby, Banking and Finance Law Review

‘The issues are well chosen. They are easily the most important aspects of any corporate rescue law. The careful analysis of the technical provisions, the incorporation of the extensive scholarship on the two corporate rescue regimes and the reference to practice in the real world all help to make these chapters an indispensable tool for any scholar wishing to gain a better understanding of the similarities and differences of English and American corporate rescue laws. . . This monograph could not have come at a better time. . . The comparative account in this book will help law reformers, judges and scholars to have a better grasp of the issues and appreciate better how the two systems have dealt with them. . . Comparative law has a critical role to play in promoting mutual understanding and respect. It is hoped that this monograph will help in that respect.’
– Wee Meng Seng, Singapore Journal of Legal Studies
Contents: Preface 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 Index