Debt Restructuring

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
Douglas John ◽  
Guynn Randall ◽  
...  
Keyword(s):  
First Century ◽  
Business Failure ◽  
Credit Crisis ◽  
Debt Restructuring ◽  
New Approach ◽  
Financial Difficulties ◽  
The Us ◽  
The Uk ◽  
Coherent Body

The US and English models for financial restructurings of companies in financial difficulties are fundamentally different. The first edition of this book was written in the wave of restructurings precipitated by the credit crisis which brought into the spotlight arguments that the principles behind the US chapter 11 regime ought to be imported into a UK statutory scheme. Since then, the American Bankruptcy Institute Commission to Study Reform of Chapter 11 has reported, and the European Commission has issued a recommendation on a new approach to business failure and insolvency. Creditors increasingly have security over the debtor’s assets in the US, whilst the very nature of the finance market is changing in the UK. Across much of Europe reform of restructuring procedures is underway or under consideration. This edition is written against a backdrop of reflection and revision, and the corporate chapters seek to contribute three things. First, they seek to identify a coherent body of UK restructuring law from the disparate sources which provide it. Secondly, they provide a comparative functional account of restructuring law in the US and the UK so that each jurisdiction can learn from the other with a view to the development of an effective debt restructuring regime. Finally, they consider the different normative concerns and assumptions of fact which have contributed to the development of law in both jurisdictions, the extent to which these require reconsideration in today’s finance markets, and the implications for restructuring law and practice in the twenty-first century.

Part I Corporate Debt Restructuring, 1 Insolvency in the UK and the US

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Douglas John ◽  
Guynn Randall ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
...  
Keyword(s):  
Comparative Approach ◽  
Secured Debt ◽  
Financial Difficulties ◽  
The Us ◽  
Financial Restructuring ◽  
Bankruptcy Code ◽  
Mixed Approach ◽  
The Uk ◽  
A Company

This chapter starts by presenting the case for a comparative approach of the UK and US models for financial restructurings of companies in financial difficulties. It argues that a comparison is useful as the systems used to deal with financial problems are actually very dissimilar. The US has its chapter 11 regime, which is a statutory process under the Bankruptcy Code. This allows a company to restructure under court protection and does not require proof of insolvency. The English system has, by contrast, a mixed approach of contract, common law, and statute and no formal regime specifically designed to achieve a financial restructuring of secured debt. The chapter also considers what changes have occurred since the first edition of this book was published.

Preventive Debt Restructuring and the Nigerian Draft Insolvency Legislation: Lessons from a Comparative Perspective

2020 ◽  
Vol 28 (1) ◽  
pp. 66-84
Author(s):  
Sanford U. Mba
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Final Analysis ◽  
The European Union ◽  
Debt Restructuring ◽  
The Us ◽  
Financially Distressed ◽  
Bankruptcy Code ◽  
Second Chance

Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.

The Hangover and the Outsider: Self-fashioning, Shame and Defiance in Twentieth- and Twenty-first-century Fiction

The Hangover ◽  
2020 ◽  
pp. 171-218
Author(s):  
Jonathon Shears
Keyword(s):  
Memory Loss ◽  
Jean Rhys ◽  
First Century ◽  
Jack London ◽  
Close Analysis ◽  
The Us ◽  
Cultural Determinants ◽  
Shame And Guilt ◽  
Christopher Isherwood ◽  
The Uk

Chapter 6 explores the way the hangover is used in drinking narratives of the twentieth and twenty-first centuries to understand the figure of the existential, drunken outsider. It considers the ways in which the most defiant of rebellious figures are undermined by the physical and emotional assault of the hangover. The chapter looks at the different kinds of scrutiny that male and female problem drinkers come to bear, usually in relation to sexual conduct, and the increased presence of inexplicable ‘hangxiety’, often less easily defined than related emotions such as shame and guilt. There is close analysis of fiction from the US and the UK, including works by Jack London, Alan Sillitoe, Christopher Isherwood, Jean Rhys, Charles Bukowski, Helen Fielding and A. L. Kennedy. The chapter concludes by arguing that memory loss is perhaps the most compelling way in which the rebellious outside can cheat the socio-cultural determinants of a Traditional-Punishment response.

Control and Corporate Rescue–An Anglo-American Evaluation

2007 ◽  
Vol 56 (3) ◽  
pp. 515-551 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
Entrepreneurial Culture ◽  
The Us ◽  
Restructuring Process ◽  
Anglo American ◽  
Bankruptcy Code ◽  
The Uk ◽  
Corporate Rescue ◽  
A Company ◽  
Administration Procedure

AbstractThis article compares and contrasts Chapter 11 of the US Bankruptcy Code with the UK administration procedure under the Insolvency and Enterprise Acts. It focuses in particular on who runs a company during the restructuring process—debtor-in-possession or management displacement in favour of an outside administrator. Various reasons have been given to explain the US/UK divergence in this respect including differences in entrepreneurial culture and differences in the lending markets in the two countries. The article suggests that the divergence cannot be reduced to a single factor but instead implicates a complex web of circumstances.

Introduction

2016 ◽  
Author(s):  
Rowland Atkinson ◽  
Sarah Blandy
Keyword(s):  
Everyday Life ◽  
First Century ◽  
Risk Society ◽  
Central Importance ◽  
Early Twenty ◽  
The Us ◽  
Culture Of Fear ◽  
Contested Meanings ◽  
The Uk

Introduces the argument that in the early twenty first century the private home has become a key battleground in a social politics focused on fear, pre-emptive action and architectural fortification. Films, books, fairytales and myths are explored to underline the central importance of the home. Layers of complex and contested meanings have accreted over the basic need for shelter. The role of the home in providing haven, status and privacy, boosted today by celebrity culture, has longstanding philosophical and legal justifications. These have become embedded in everyday life, and their importance is shown through the use of metaphors emphasising the home as a kind of fortress space. We outline the idea that growing rates of homeownership in the UK, the US and Australia, encouraged by neoliberal governments, have led to a perception of housing as wealth rather than as ‘home’. At the same time the concept of a risk society has led to a widespread culture of fear, provoking a withdrawal into the home and an emphasis on control as the primary attribute of legal ownership.

The Factory in a Garden

2017 ◽  
Author(s):  
Helena Chance
Keyword(s):  
Public Relations ◽  
First Century ◽  
Industrial Landscape ◽  
Employee Welfare ◽  
The Us ◽  
The Usa ◽  
History Of ◽  
New Type ◽  
The Uk ◽  
Second World

From the 1880s, a new type of designed green space appeared in the industrial landscape in Britain and the USA, the factory pleasure garden and recreation park, and some companies opened allotment gardens for local children. Initially inspired by the landscapes of industrial villages in the UK, progressive American and British industrialists employed landscape and garden architects to improve the advantages and aesthetic of their factories. In the US, these landscapes were created at a time of the USA’s ascendancy as the world’s leading industrial nation. The factory garden and park movement flourished between the Wars, driven by the belief in the value of gardens and parks to employee welfare and to recruitment and retention. Arguably above all, in an age of burgeoning mass media, factory landscaping represented calculated exercises in public relations, materially contributing to advertising and the development of attractive corporate identities. Following the Second World War the Americans led the way in corporate landscaping as suburban office campuses, estates and parks multiplied. In the twenty-first century a refreshed approach brings designs closer in spirit to pioneering early twentieth century factory landscapes. This book gives the first comprehensive and comparative account of the contribution of gardens, gardening and sports to the history of responsible capitalism and ethical working practices from multiple critical perspectives and draws together the existing literature with key primary material from some of the most innovative and best documented of the corporate landscapes; Cadbury, the National Cash Register Company, Shredded Wheat and Spirella Corsets.

Emergency Sales in the US and the UK

2017 ◽  
Author(s):  
Christopher Mallon ◽  
Shai Y. Waisman ◽  
Ray C. Schrock
Keyword(s):  
Financial Distress ◽  
Brand Name ◽  
Negative Effects ◽  
Wall Street ◽  
Financial Position ◽  
Financial Difficulties ◽  
The Us ◽  
The Uk ◽  
City Of London ◽  
The City

Any business that relies on confidence in its financial position, its brand name or goodwill, talented (but mobile) employees, or short-term contracts with customers or counterparties will be particularly hard hit by suggestions that it is or may soon be experiencing financial distress. Businesses of this type have been likened to ‘melting ice cubes’—once exposed to the heat of potential insolvency, value in the business melts away rapidly as customers and counterparties look to terminate relationships, key employees look to exit, and the goodwill and brand name of the business become tarnished. The catastrophic and rapid collapse during 2008 of famous Wall Street and the City of London names illustrated this in dramatic fashion, but businesses of almost every type will suffer negative effects once financial difficulties become more widely known.

What is person-centred care in dementia?

2003 ◽  
Vol 13 (3) ◽  
pp. 215-222 ◽  
Author(s):  
Dawn Brooker
Keyword(s):  
Quality Care ◽  
Dementia Care ◽  
New Approach ◽  
Care Services ◽  
The Us ◽  
The Uk ◽  
Good Quality Care

The term person-centred care has become all-pervasive on the UK dementia care scene. It has been suggested that it has become synonymous with good quality care. It seems that any new approach in dementia care has to claim to be pc (person-centred) in order to be P.C. (politically correct). The term is used frequently in the aims and objectives for dementia care services and provision in the UK and the US, although what lies behind the rhetoric in terms of practice may be questionable.

scholarly journals Credit Unions and Co-operative Banks across the World

2017 ◽  
Author(s):  
Silvio Goglio ◽  
Panu Kalmi
Keyword(s):  
Corporate Governance ◽  
The Netherlands ◽  
Financial Crises ◽  
Credit Unions ◽  
First Century ◽  
Historical Evolution ◽  
The Us ◽  
The World ◽  
The Uk ◽  
Regulatory Challenges

The national cases of co-operative banking will be considered by pattern: credit unions (as in the UK and the US), decentralized networks (as in Germany, Italy, and Austria), and centralized networks (as in France, the Netherlands, and Finland). The analysis will consider the historical evolution that has characterized the different patterns with regard to national peculiarities (social and economic). We also discuss performance measurement in financial co-operatives and how the recent economic and financial crises have impacted their success vis-à-vis shareholder banks. We also consider corporate governance and regulatory challenges facing financial co-operatives. The present process of hybridization in the sector will also be taken into consideration as well as relaunched co-operatives in the twenty-first century.

The Singapore Story of Injecting US Chapter 11 into the Commonwealth Scheme

2018 ◽  
Vol 15 (3) ◽  
pp. 553-584 ◽  
Author(s):  
Meng Seng Wee
Keyword(s):  
Conceptual Framework ◽  
Review Committee ◽  
Success Story ◽  
Debt Restructuring ◽  
Leading Role ◽  
The Us ◽  
The Government

Singapore’s scheme of arrangement was very similar to that found in most Commonwealth countries. Over the last two decades the scheme has become a popular de facto debtor in possession regime in Singapore used to restructure the debts, both financial and trading, of insolvent companies. The courts have taken a leading role in this development. This success story has an unexpected twist recently. As part of its strategy to develop Singapore into an international centre for debt restructuring, the Government accepted the recommendations of a law review committee to bring in significant elements of the US Chapter 11: an automatic, wide-ranging moratorium, cross-class cram down, super priority lien and pre-packaged schemes. It will be argued that due to the significant differences between the insolvency laws of Singapore and US and the different conceptual framework of the scheme and Chapter 11, there will be a period of uncertainty or even instability while the courts work out ways to harmonise the two different bodies of law. This bold experiment has relevance beyond Singapore. It has close parallels in UK’s imminent reforms and, to a lesser extent, the European draft directive on restructuring.

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