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 6: Financing the debtor

Gerard McCormack

Abstract

As we have seen in previous chapters, the Enterprise Act 2002 radically redesigned the administration procedure into a more avowedly corporate rescue-oriented process. We have also noted that the Enterprise Act borrows from overseas models, including the US model, but it is not a direct transplant. A major feature of the US system, but not directly replicated in the Enterprise Act, is a mechanism for the financing of companies in financial difficulties.

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