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English
Oxford University Press
16 June 2016
"The new second edition of Debt Restructuring provides detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of both creditors and debtors. It sets out practical guidance to help practitioners, policy-makers and academics to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario.

The Corporate Debt section includes a number of very significant changes such as the UK Supreme Court decision in Eurosail and the disapproval of the ""point of no return"" test for balance sheet insolvency or the endorsement of the Cheyne Finance decision on cashflow.

The changes in treatment of schemes of arrangement since with the decision in Rodenstock are reflected as are the Recast European Insolvency Regulation (EIR) and the Supreme Court decision in Rubin.

In the US chapter the new edition considers the limitations on bankruptcy court jurisdiction in Stern v. Marshall and, in the RadLax case, the right of secured creditors to credit bid in a sale of their collateral under a chapter 11 plan.

Other significant case law includes consideration of the various safe harbour provisions of the Bankruptcy Code relating to derivative and other financial instruments and cases concerning the effect of foreign court orders in the US.

In the Bank Resolution section, the UK part also has been substantially amended to reflect the new system of macro and micro prudential oversight with the establishment of the PRA, FCA, FPC, and the FSCS. Additionally it reflects changes introduced by the Financial Services Act 2012 and by the Financial Services (Banking Reform) Act 2013. Additionally there is a new chapter in this part on the EU framework on the resolution of banks and financial institutions which analyses and explains initiatives such as SRM, and the Bank Recovery and Resolution Directive. The US chapter reflects changes in Fannie and Freddie conservatorships, the FDIC's SPE strategy under Dodd-Frank, the proposed GLAC requirements, and resolution plan filings.

In the Sovereign Debt section, there is detailed coverage of the New York litigation on the pari passu litigation and its interpretation in sovereign debt contracts. Also, this section of the book analyses the adoption of single-limb CACs in the aftermath of the Greek restructuring as well as the proposal for creditor engagement clauses. It also provides full analysis of the EU architecture implemented to prevent a sovereign debt crisis, including the creation of new stabilization mechanisms (EFSF and ESM), and the challenges presented to the single-currency area."

By:   , , , , , , , , , , , , , , ,
Imprint:   Oxford University Press
Country of Publication:   United Kingdom
Edition:   2nd Revised edition
Dimensions:   Height: 246mm,  Width: 186mm,  Spine: 49mm
Weight:   1.610kg
ISBN:   9780198725244
ISBN 10:   0198725248
Pages:   848
Publication Date:  
Audience:   College/higher education ,  Professional and scholarly ,  Primary ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active
Part I: Corporate Debt RestructuringSarah Paterson and Alan Kornberg: 1: Insolvency in the UK and US 2: The EC Regulation on Insolvency Proceedings 3: Out of Court vs Court-Supervised Restructurings 4: The UNCITRAL Model Law on Cross-Border Insolvency Part II: Bank ResolutionJohn Douglas, Randall Guynn, and Dalvinder Singh: 5: Legal Aspects of Banking Regulation in the UK and USA 6: Banks in Distress 7: Banking Act Restructuring and Insolvency Proceedings 8: Resolution of US Banks and Other Financial Institutions 9: European Bank Resolution Regime Part III: Sovereign Debt RestructuringRodrigo Olivares-Caminal: 10: An Introduction to Sovereign Debt Restructuring 11: Litigation Aspects of Sovereign Debt 12: Transactional Aspects of Sovereign Debt Restructuring

Rodrigo Olivares-Caminal is Professor in Banking and Finance at CCLS, Queen Mary, University of London Alan Kornberg is Chair of the Bankruptcy and Corporate Reorganization Department, Paul, Weiss, Rifkind, Wharton & Garrison LLP Sarah Paterson is Assistant Professor in Corporate Insolvency at the London School of Economics and Political Science and a consultant for Slaughter and May John Douglas is a Partner in Davis Polk's Financial Institutions Group, heading the firm's bank regulatory practice. Randall Guynn is a Partner and head of Davis Polk's Financial Institutions Group Dalvinder Singh is Professor of Law at the University of Warwick.

Reviews for Debt Restructuring

Reviews from previous edition This is one of the most impressive and authoritative books in this area of law ... providing a thorough legal and practical analysis of international corporate, banking and sovereign debt restructuring from both the creditors' and debtors' perspective. Gabriel Gomez Giglio, Insol World, First Quarter 2012 All in all, Debt Restructuring is an excellent practical guide built on a well-laid out conceptual foundation, guiding the practitioner not only on what needs to be done, but also why. David Stokes, Journal of International Banking Law and Regulation No less an eminent authority as Philip Wood QC provides the foreword to this work. He rightly says that this work is a major contribution to the practice and the law in a fundamentally important topic. It is, as he rightly says, the law in action, and there can perhaps be no greater tribute to this work than saying that it is not only that but also a very learned and insightful work of scholarship. David Marks QC, International Company and Commercial Law Review


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