Hardback
Municipalities in Financial Distress
An Environmental, Social and Governance Critique
9781035319909 Edward Elgar Publishing
This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com.
This timely book argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations.
This timely book argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations.
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Critical Acclaim
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This timely book argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations.
Expert authors provide an in-depth comparison of the legal approaches to municipal distress in the United Kingdom, the United States and South Africa, documenting the effectiveness of diverse strategies in different legal and cultural contexts. Examining the extent to which local governments in these jurisdictions are accountable for their financial decisions, the authors analyse the responsibilities of locally elected officials to the public and future generations. They identify and interrogate legal frameworks and mechanisms, drawing on their extensive experience, relevant policy frameworks, and key judicial decisions. Chapters provide a critical assessment of ESG factors in the context of the management and the restructuring of municipalities and outline recommendations for local decision makers, policymakers and regulators worldwide.
This book is beneficial to scholars and students of insolvency law and administrative law and provides a multifaceted view of municipal financial distress. It is also of interest to foreign policymakers, professionals, think-tanks and civil servants seeking a comparative overview of the key features of different approaches to restructuring local entities in distress.
Expert authors provide an in-depth comparison of the legal approaches to municipal distress in the United Kingdom, the United States and South Africa, documenting the effectiveness of diverse strategies in different legal and cultural contexts. Examining the extent to which local governments in these jurisdictions are accountable for their financial decisions, the authors analyse the responsibilities of locally elected officials to the public and future generations. They identify and interrogate legal frameworks and mechanisms, drawing on their extensive experience, relevant policy frameworks, and key judicial decisions. Chapters provide a critical assessment of ESG factors in the context of the management and the restructuring of municipalities and outline recommendations for local decision makers, policymakers and regulators worldwide.
This book is beneficial to scholars and students of insolvency law and administrative law and provides a multifaceted view of municipal financial distress. It is also of interest to foreign policymakers, professionals, think-tanks and civil servants seeking a comparative overview of the key features of different approaches to restructuring local entities in distress.
Critical Acclaim
‘The urban local bodies are principal catalysts for guiding urbanization. Unlike corporate bodies, municipalities cannot simply file for bankruptcy in the event of financial distress because of their fixed public service obligations. How, then, are these threats to be managed? Municipalities in Financial Distress addresses this question and offers a valuable resource for policymakers and researchers seeking to understand and mitigate the risks of financial collapse of municipalities.’
– Sumant Batra, Insolvency Law Academy, India
‘This book explores municipal financial distress, offering an in-depth comparative analysis of the US, UK and South Africa’s respective approaches towards resolving such issues. By advocating for ESG-focused, modular and public participatory strategies, it also seeks to explain the differences between ordinary insolvency law solutions and their possible role in an essentially public law sphere, with its more political and administrative-based solutions. It emphasizes the importance of sustainable resilience and equitable recovery of such entities to benefit the communities intended to be served by (failing) municipalities. The book provides a fresh approach to the topic and is a vital read for policymakers and scholars in the field.’
– André Boraine, University of Pretoria, South Africa
‘This timely and potentially game-changing study at the intersection of law, politics and economics explores municipal financial distress in three contrasting jurisdictions. Readers are rewarded with fascinating comparative insights, innovative ideas for managing sustainable recovery, and some compelling arguments for including ESG considerations in the restructuring framework.’
– Cora Hoexter, University of the Witwatersrand, South Africa
‘Even though cities around the world face similar problems, local government law scholarship usually focuses on cities in a single country. This excellent book pushes against the field’s parochialism, providing a penetrating comparison of how different countries respond when their municipalities go broke. Whether one agrees with its recommendations or not, Municipalities in Financial Distress is an invaluable resource for anyone interested in municipal finance, or in local government more broadly.’
– David Schleicher, Yale University, USA
– Sumant Batra, Insolvency Law Academy, India
‘This book explores municipal financial distress, offering an in-depth comparative analysis of the US, UK and South Africa’s respective approaches towards resolving such issues. By advocating for ESG-focused, modular and public participatory strategies, it also seeks to explain the differences between ordinary insolvency law solutions and their possible role in an essentially public law sphere, with its more political and administrative-based solutions. It emphasizes the importance of sustainable resilience and equitable recovery of such entities to benefit the communities intended to be served by (failing) municipalities. The book provides a fresh approach to the topic and is a vital read for policymakers and scholars in the field.’
– André Boraine, University of Pretoria, South Africa
‘This timely and potentially game-changing study at the intersection of law, politics and economics explores municipal financial distress in three contrasting jurisdictions. Readers are rewarded with fascinating comparative insights, innovative ideas for managing sustainable recovery, and some compelling arguments for including ESG considerations in the restructuring framework.’
– Cora Hoexter, University of the Witwatersrand, South Africa
‘Even though cities around the world face similar problems, local government law scholarship usually focuses on cities in a single country. This excellent book pushes against the field’s parochialism, providing a penetrating comparison of how different countries respond when their municipalities go broke. Whether one agrees with its recommendations or not, Municipalities in Financial Distress is an invaluable resource for anyone interested in municipal finance, or in local government more broadly.’
– David Schleicher, Yale University, USA
