Global insolvency and bankruptcy practice for sustainable economic development. Vol. 2, International best practice

How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book is a comparative study of international practices in bankruptcy law, providing perspectives from a variety of specialisms including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore. Including an in-depth study on English, US and Singaporean law, it offers an overview of corporate restructuring and insolvency in England and Wales and the role of insolvency practitioners in the UK. The authors explore the reorganisation process in the United States under chapter 11 of the US Bankruptcy Code, including enforcement perspectives on US bankruptcy law, before providing a comparative analysis of duties and liabilities of directors and officers under US and UK law. The final chapter offers a perspective on financial restructuring and bankruptcy from Singapore. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ? Front Matter....Pages i-xi Overview of Corporate Restructuring and Insolvency Law and Practice in England and Wales....Pages 1-48 Role of Insolvency Practitioners in Restructuring and Bankruptcy in the UK....Pages 49-78 Maximizing Enterprise Value and Minimizing “Hold Up Value”: Reorganizations in the United States under Chapter 11 of the US Bankruptcy Code....Pages 79-117 The Role of US Judges and Courts in Enforcing US Bankruptcy Law....Pages 118-167 The Effects of Business Insolvency on the Duties and Liabilities of Directors and Officers — A Comparative Analysis With Recommendations to Promote Good Decision—Making....Pages 168-218 Global and Regional Practices in Financial Restructuring and Bankruptcy Laws: Lessons to Be Learned from Singapore....Pages 219-264 Back Matter....Pages 265-273 Cover 1 Half-Title 2 Title 4 Copyright 5 Contents 6 Preface 7 Notes on Contributors 10 1 Overview of Corporate Restructuring and Insolvency Law and Practice in England and Wales 13 2 Role of Insolvency Practitioners in Restructuring and Bankruptcy in the UK 61 3 Maximizing Enterprise Value and Minimizing “Hold Up Value”: Reorganizations in the United States under Chapter 11 of the US Bankruptcy Code 91 4 The Role of US Judges and Courts in Enforcing US Bankruptcy Law 130 5 The Effects of Business Insolvency on the Duties and Liabilities of Directors and Officers – A Comparative Analysis With Recommendations to Promote Good Decision–Making 180 6 Global and Regional Practices in Financial Restructuring and Bankruptcy Laws: Lessons to Be Learned from Singapore 231 Index 277