Hardback
Comparative Insolvency Law
The Pre-pack Approach in Corporate Rescue
9781781007372 Edward Elgar Publishing
Comparative Insolvency Law argues that the most important development in contemporary insolvency law and practice is the shift towards a rescue culture rather than full creditor satisfaction. This book is the first to specifically examine the rise of the pre-pack approach, which permits debtor companies to formulate a clear pre-arranged exit before entering into formal insolvency proceedings.
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Critical Acclaim
Contents
More Information
Comparative Insolvency Law argues that the most important development in contemporary insolvency law and practice is the shift towards a rescue culture rather than full creditor satisfaction. This book is the first to specifically examine the rise of the pre-pack approach, which permits debtor companies to formulate a clear pre-arranged exit before entering into formal insolvency proceedings.
The book offers a comparative and critical analysis of the law and practice of the pre-pack approach to corporate rescue in the UK, the USA, and in key EU jurisdictions, and explains the reasons behind the popularity of the UK as forum law for European companies approaching insolvency. Highlighting the advantages and shortcomings of the process, Bo Xie discusses in depth the different approaches adopted in these various jurisdictions to deal with opportunistic use of pre-packs. She also considers proposals to redress the balance within UK pre-packaged administrations by inserting higher transparency and scrutiny safeguards.
This highly topical study is a must-read for scholars and legal practitioners working in the fields of corporate insolvency and restructuring. It will also prove of great value to insolvency regulators owing to its topical and in-depth analysis of current developments in the law.
The book offers a comparative and critical analysis of the law and practice of the pre-pack approach to corporate rescue in the UK, the USA, and in key EU jurisdictions, and explains the reasons behind the popularity of the UK as forum law for European companies approaching insolvency. Highlighting the advantages and shortcomings of the process, Bo Xie discusses in depth the different approaches adopted in these various jurisdictions to deal with opportunistic use of pre-packs. She also considers proposals to redress the balance within UK pre-packaged administrations by inserting higher transparency and scrutiny safeguards.
This highly topical study is a must-read for scholars and legal practitioners working in the fields of corporate insolvency and restructuring. It will also prove of great value to insolvency regulators owing to its topical and in-depth analysis of current developments in the law.
Critical Acclaim
‘The focus of this text is on the pre-pack strategy, but the author sensibly locates this analytical spotlight within the broader environment of corporate insolvency law, particularly the rescue context. Bo Xie engages fully with the heated debate(s) associated with pre-packs and supports her analysis with extensive underpinning research drawn from scholarly literature, practitioner insights and policy documents. The work is lucid and comprehensive with a strong comparative element. Deserving of wide readership, it is an essential primary point of reference for any future discourse within the field.’
– David Milman, Lancaster University, UK
‘Dr Xie''s book is the first work of comparative legal scholarship of which I am aware that deals comprehensively with the emergence of pre-pack insolvencies across a range of jurisdictions, legal traditions and institutional settings. It is an excellent resource for any academic, policymaker, regulator or practitioner interested in understanding convergence and divergence in law and practice in the UK, US and Europe as regards this aspect of insolvency law.’
– Adrian Walters, Illinois Institute of Technology, US
‘This is a scholarly and comprehensive analysis and critique of the popular pre-pack form of administration of an insolvent company. As well as a detailed account of UK law, there is material on comparable mechanisms under US, French, German and Dutch law. The analysis leads to some very important recommendations for improvement of the current UK position. All policymakers, academics and students with an interest in the subject should read it.’
– John Birds, University of Manchester and University of Sheffield, UK
‘Bo Xie''s book is a remarkable work about pre-pack proceedings regarding companies facing financial difficulties. The reader quickly understands, due to a historical presentation of the author, that at the beginning, insolvency systems were targeted to liquidation of assets rather than reorganisation.''
– Romanian Journal of Comparative Law
– David Milman, Lancaster University, UK
‘Dr Xie''s book is the first work of comparative legal scholarship of which I am aware that deals comprehensively with the emergence of pre-pack insolvencies across a range of jurisdictions, legal traditions and institutional settings. It is an excellent resource for any academic, policymaker, regulator or practitioner interested in understanding convergence and divergence in law and practice in the UK, US and Europe as regards this aspect of insolvency law.’
– Adrian Walters, Illinois Institute of Technology, US
‘This is a scholarly and comprehensive analysis and critique of the popular pre-pack form of administration of an insolvent company. As well as a detailed account of UK law, there is material on comparable mechanisms under US, French, German and Dutch law. The analysis leads to some very important recommendations for improvement of the current UK position. All policymakers, academics and students with an interest in the subject should read it.’
– John Birds, University of Manchester and University of Sheffield, UK
‘Bo Xie''s book is a remarkable work about pre-pack proceedings regarding companies facing financial difficulties. The reader quickly understands, due to a historical presentation of the author, that at the beginning, insolvency systems were targeted to liquidation of assets rather than reorganisation.''
– Romanian Journal of Comparative Law
Contents
Contents: Preface PART I Introduction 1. Corporate Rescue - The New Orientation of Insolvency Law PART II Pre-packs in the UK 2. A Critical Appraisal of The Rise of Pre-pack Administrations 3. Pre-pack Business Sales to Connected parties – The Uneasy Case for Pre-pack Administrations 4. Safeguards for Creditors – An Evaluation of UK Reform Initiatives PART III Pre-packs in the USA 5. Pre-packaged Reorganisation under Chapter 11 6. Pre-Plan Sales under s 363(b) under Chapter 11 PART IV Pre-packs in Europe 7. The Use of the Pre-pack Approach in Key European Jurisdictions 8. Pre-packs and Insolvency Forum Shopping PART V Conclusion 9. Conclusion Index
