The new arrangements and reconstructions mechanism included in the Companies Act 2006 as Part 26A by the Corporate Insolvency and Governance Act 2020 is a welcome addition to the restructuring toolkit available in the UK. On any view, it will add powerfully to the ability of restructuring...

When a company becomes subject to winding-up proceedings, it is widely thought to lose beneficial ownership of its property. The property is held, instead, on a 'statutory trust' to discharge the company's liabilities. The attribution of this 'proprietary' effect to the commencement of...

The general trend away from traditional, formal insolvency proceedings opens up a vast area to private ordering, with all the associated opportunities and risks. The transition can be less costly if the resulting uncertainty is reduced to a minimum. This presents national legislators with a...

This article explains that a fundamental purpose of the Court’s discretion whether to exercise its cram down power under the new UK Companies Act Part 26A process would be to ascertain whether the dissenting class was promised a "just and equitable" distribution of the restructuring surplus,...

A version of this paper appears in [2007] Singapore Journal of Legal Studies (July). What is the appropriate way of theorising about corporate bankruptcy law? That lies, argues this paper, in rejecting Pareto and Kaldor-Hicks efficiency in favour of a particular conception of transaction cost...

The extent, if any, to which the liquidator of a corporate trustee is under duties in relation to trust property has received very limited attention from the English courts. The point is important since corporate trustees collectively hold property worth trillions. If such trustees cannot be...

The Government of Kuwait (GOK) is now moving decisively to reform its insolvency and creditor/debtor regime (ICR). Stakeholders recognize that Kuwait's ICR system had fallen behind that required for a modern economy. The GOK's effort to establish a modern insolvency and creditor rights system is...