Corporate Rescue Law – An Anglo-American Perspective

Corporate Rescue Law – An Anglo-American Perspective

Corporations, Globalisation and the Law series

Gerard McCormack

This book offers an unprecedented and detailed comparative critique of Anglo-American corporate bankruptcy law. It challenges the standard characterisation that US law in the sphere of corporate bankruptcy is ‘pro-debtor’ and UK law is ‘pro-creditor’, and suggests that the traditional thesis is, at best, a potentially misleading over-simplification. Gerard McCormack offers the conclusion that there is functional convergence in practice, while acknowledging that corporate rescue, as distinct from business rescue, still plays a larger role in the US. The focus is on corporate restructurings with in-depth scrutiny of Chapter 11 of the US Bankruptcy Code and the UK Enterprise Act, and offers other comparative oversights.

Chapter 1: Introduction

Gerard McCormack

Subjects: law - academic, company and insolvency law, corporate law and governance

Extract

Acknowledgements I have incurred many debts in the course of writing. Amongst others, thanks are due to Tracey Evans Chan, Andrew Griffiths, Andrew Keay, Herbert Lemelman, David Milman, John McMullen, Maisie Ooi, George Triantis and Wee Meng Seng. I would also like to thank the UK’s Arts and Humanities Research Council (AHRC) for facilitating some of the research on which the book is based and the University of Manchester, National University of Singapore and University of Leeds for providing a hospitable academic environment. But the biggest debt is owed to my family – por todo. Finally, my mother passed away during the writing process and I would like to dedicate the book to her memory. viii