A number of recent economic crises have catalyzed revision and amendment of insolvency law regimes around the world. The upshot generally is that expedited debt restructuring procedures are now widely available, primarily through the limitation of court intervention, and the ever-feared problem of holdout creditors has been greatly diminished. The mechanisms involved, however, vary considerably from one country to the next, so that, in order to take advantage of expedited debt restructuring, company lawyers must be aware of currently applicable insolvency mechanisms and techniques in many different jurisdictions. Providing that awareness-in practical detail-is the purpose of this book. The authors—each an expert in his or her own country’s insolvency law regime—provide a two-fold analysis, providing an analysis of the law and actual case studies in their jurisdictions. Thirteen national jurisdictions are covered in depth. There are also general chapters on competition, tax issues, and private international law.

Expedited Debt Restructuring is a much-needed guide for company lawyers faced with the responsibility of facilitating reorganization procedures, curing defaults quickly, and re-establishing a solid credit ratio for their firms. In addition, as an academic and policy analysis of one of the most significant emerging trends in economic law, this book is invaluable.

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Table of Contents

Foreword. About the Authors. Preface.

1. Introduction: Formal Processes and Alternative Mechanisms of Reorganization in International Initiatives on Insolvency; A. Rouillon.

2. Argentina: Expedited Debt Restructuring under Argentine Law: Acuerdo Preventivo Extrajudicial (APE); R. Olivares-Caminal.

3. Australia: Voluntary Administration Leading to a Deed of Company Arrangement; I. Walker.

4. Brazil: Brazil’s Two New Mechanisms for Out-of-Court Reorganizations: ‘Homologation of Consensus’ and ‘Enforcement of Agreement’; L. F. Valente-de-Paiva.

5. Canada: Canada’s Expedited Debt Restructuring; K. P. McElcheran.

6. England & Wales: Schemes of Arrangement and Company Voluntary Arrangements; S. Bewick, M. Fennessy, D. Marks.

7. France: The Idiosyncracy of the French Judicial System and its Preventive Procedures for Expedited Debt Restructurings; I. Didier.

8. Hong Kong: Corporate Rescue in Hong Kong; C. D. Booth, S. Briscoe, P. Smart.

9. India: The Corporate Debt Restructuring Mechanisms in India; R. Luthra.

10. Italy: Article 182bis of Law 80/2005 and the Code of Conduct to Restructure Debt Issued by the Italian Bank Association; A. Auricchio.

11. Japan: Expedited Corporate Debt Restructuring in Japan; S. Takagi.

12. Poland: Out-of-Court Debt Restructuring in Poland; L. Giliciński.

13. Turkey: Pre-Packaged Corporate Restructuring Mechanism under the Turkish Execution and Bankruptcy Law; S. Simavi.

14A. USA (theory): The United States Expedited Proceedings: ‘Pre-Packaged’ Chapter 11 Plans; L. P. Granfield, A. de la Cruz.

14B. USA (practice): American Bankruptcy Reform and Creativity Prompt the In re Blue Bird Body Company One-Day Pre-Packaged Plan of Reorganization; J. M. Goffman, M. A. McDermott, K. Ramlo.

15. Private International Law Implications of Expedited Corporate Debt Restructurings; G. Arends.

16. The Tax Consequences of Corporate Debt Restructuring; D. Dürrschmidt.

17. Implications of Merger Legislation for Corporate Restructuring; I. Kokkoris.

Index