Corporate Rescue Law: An Anglo-American Perspective »

"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.

1 Introduction 1

2 Corporate restructuring law in the UK 43

3 Fundamental features of the US Chapter 11 78

4 Entry routes and corporate control 118

5 The automatic stay - barring individual creditor enforcement actions 156

6 Financing the debtor 176

7 The role of employees 209

8 The restructuring plan 251

9 Conclusion 288

Index 309