Corporate Rescue Law – An Anglo-American Perspective
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Corporate Rescue Law – An Anglo-American Perspective

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.
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Chapter 3: Fundamental features of the US Chapter 11

Gerard McCormack

Abstract

In the US the law on corporate reorganisation is contained in Chapter 11 of the US Bankruptcy Code. This chapter will look at the basic features of Chapter 11 with subsequent chapters addressing particular aspects of Chapter 11 and making comparisons between Chapter 11 and the relevant English law.

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