Many jurisdictions have recently introduced reforms to their debt restructuring regimes in order to ensure that financially distressed but viable companies have effective tools to facilitate their rescue. The COVID-19 pandemic has intensified the need for such tools. The inclusion of a statutory...

It is now generally accepted that deposit protection schemes are an important part of a banking regime. The predominant purpose of such schemes within the EU is to prevent bank runs. The EU introduced a Directive requiring deposit protection schemes in all EEA member states in 1994. However,...

Schemes of arrangement originated in England but have since spread to a number of other common law jurisdictions. One of the most common uses of schemes is to effect a change of control transaction, as an alternative to a takeover offer. In some jurisdictions schemes have become the mechanism of...

Schemes of arrangement are an extremely valuable tool for manipulating a company's capital. Nothing in the Companies Act 2006 prescribes the subject matter of a scheme. In theory a scheme could be a compromise or arrangement between a company and its creditors or members about anything which...

The development of a single or integrated market in financial services in the EU has been on the agenda for almost fifty years, and was given new impetus by the Lamfalussy report in 2001. The EU has overwhelmingly adopted a regulatory competition rather than a mandatory regulation approach to...

The law relating to unlawful dividends in the UK is reasonably clear. Companies legislation explains what amounts to an unlawful dividend. The common law provides that directors and other officers who are responsible for the making of an unlawful dividend are liable to compensate the company for...

This article examines the shareholder-centric model of takeover regulation in the UK, and explores two recent developments that potentially impact on this model. The first is the rise of schemes of arrangement as an alternative mechanism for effecting takeovers. Schemes have become the mechanism...

This paper assesses the debt restructuring mechanisms available to companies in English law, compares these mechanisms with the Chapter 11 procedure in the US, and makes some suggestions for reform of the English system in this context. Rehabilitating a company in financial difficulties will...

The importance of regimes containing an effective mechanism to enable the rescue of distressed but viable businesses is increasingly recognised. In the UK the importance of developing a rescue culture has been appreciated for some time and a number of different mechanisms exist which can be used...

Policymakers make use of a range of regulatory goals, some of which are articulated, and some of which are not. Conflicts between regulatory goals can arise and therefore having mechanisms in place to resolve these conflicts is important. Regulatory goals may vary from jurisdiction to...