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The 9th edition of Hockly's insolvency law follows the expanded format of the previous two editions. The basic purpose of the book remains the same: to provide a concise, yet fairly detailed, account of the law of insolvency, winding-up and judicial management. The book aims at a wide readership. For the subject specialist, it provides an update of developments in the law relating to insolvency and winding-up; for students, it is a text for both undergraduate and postgraduate study; and for insolvency practitioners, it may be used as a guide and a quick source of reference. The appendices contain specimen applications, specimen estate accounts, the Insolvency Act, relevant extracts from the Companies Act and the Close Corporations Act, and the Cross-Border Insolvency Act.
A proper grasp of the law of insolvency can be acquired only by reading and digesting a sizeable volume of case law. This text, designed to complement Hockly's Insolvency Law, allows students and practitioners to come to terms with a broad range of insolvency cases.
This bilingual casebook assists undergraduate students in the areas of law dealing with partnerships, companies and insolvency. Generally, cases have been reproduced in their entirety to show students the various sections that make up a reported case. In more complicated cases the relevant facts have been summarised and the most important parts of the judgment reproduced.
Mars: The Law of Insolvency in South Africa has established itself as a specialist work that has for decades been the guide for anyone who practices in this important area of law. The tenth edition of Mars: The Law of Insolvency has been revised by a team of eleven authors to include developments in the law of insolvency and associated areas of the law to give readers an up-to-date treatment of this important area of law. While retaining the proven structure of the previous editions, this edition aims at dealing comprehensively with all aspects of insolvency law. The latest edition retains references to landmark cases and articles in legal journals but also incorporates numerous new references to critical analyses of applicable legislation, case law, insolvency law reform initiatives and international developments in the field of insolvency law, enabling the reader to gain a proper understanding of the principles underlying the South African law of insolvency.
Since the adoption of the EU Regulation on Insolvency Proceedings in 2000 and its recast in 2015, it has become clear that lawyers engaged in consumer insolvency proceedings are increasingly expected to have a basic understanding of foreign insolvency proceedings, as well as knowledge of the foreign country's court and legal system, legislation and judicial practice. Written by 50 highly qualified insolvency experts from 30 European countries, A Guide to Consumer Insolvency Proceedings in Europe provides the necessary information in the largest, most up-to-date and comprehensive book on this topic. Assisting the readers in their navigation through the differences, similarities, and peculiarities of insolvency proceedings in all Member States of the European Union, Switzerland and Russia, this book is a unique guide to insolvency proceedings across Europe. With contributions by both academics and practitioners, it provides truly multinational coverage of the economic, legal, social, political, and demographic issues in consumer insolvency. Illustrating the numerous practices across Europe, this book allows the reader to evaluate each aspect both on its own merits, as well as in comparison to the approaches applied in other European jurisdictions. This book will be an invaluable tool for insolvency practitioners, judges, lawyers, creditors and debtors throughout Europe, especially those participating in cross-border proceedings.
Executory Contracts in Insolvency Law offers a unique, comprehensive, and up-to-date transnational study of the topic, including an analysis of certain countries which have never previously been undertaken in English. Written by experts in the field, with extensive practical and theoretical knowledge of both research and professional experience, this is a groundbreaking investigation into the philosophies and rationales behind the different policy choices adopted and implemented by a range of over 30 jurisdictions across the globe. With contributions from more than 40 insolvency law experts, this book provides extensive coverage of executory contracts, encompassing both developed and developing countries, and drawing on not only so-called common and civil law systems, but also, countries with hybrid systems of law. The book explores ipso facto clauses, improvements that could be made, as well as casting light on procedural and tactical issues and considerations when attempting to address executory contracts in the different jurisdictions. Providing a globalised and comparative perspective on executory contracts in insolvency law, this book will be an invaluable tool for legal practitioners requiring a cross border perspective on the subject, as well as for academics and researchers pursuing a study of the topic. It will also benefit policy makers and institutions seeking to introduce insolvency law reforms in their home countries.
"A wonderful character study of someone whose cognitive dissonance ('I am brilliant, therefore I must be doing everything correctly') led directly to his downfall. Students would do well to read this book before venturing forth into a large firm, a small firm, or any pressure-cooker environment." -Nancy Rapoport, University of Houston Law Center "Eat What You Kill is gripping and well written. . . . It weaves in academic commentary and understanding of professional ethics issues in a way that makes it accessible to everyone." -Frank Partnoy, University of San Diego Law School He had it all, and then he lost it. But why did he do it, risking everything-wealth, success, livelihood, freedom, and the security of family? Eat What You Kill is the story of John Gellene, a rising star and bankruptcy partner at one of Wall Street's most venerable law firms. But when Gellene became entangled in a web of conflicting corporate and legal interests involving one of his clients, he was eventually charged with making false statements, indicted, found guilty of a federal crime, and sentenced to prison. Milton C. Regan Jr. uses Gellene's case to prove that such conflicting interests are now disturbingly commonplace in the world of American corporate finance. Combining a journalist's eye with sharp psychological insight, Regan spins Gellene's story into a gripping drama of fundamental tensions in modern-day corporate practice and describes in perfect miniature the inexorable confluence of the interests of American corporations and their legal counselors. This confluence may seem natural enough, but because these law firms serve many masters-corporations, venture capitalists, shareholder groups-it has paradoxically led to deep, pervasive conflicts of interest. Eat What You Kill gives us the story of a man trapped in this labyrinth, and reveals the individual and systemic factors that contributed to Gellene's demise.
Comparative Insolvency Law argues that the most important development in contemporary insolvency law and practice is the shift towards a rescue culture rather than full creditor satisfaction. This book is the first to specifically examine the rise of the pre-pack approach, which permits debtor companies to formulate a clear pre-arranged exit before entering into formal insolvency proceedings. The book offers a comparative and critical analysis of the law and practice of the pre-pack approach to corporate rescue in the UK, the USA, and in key EU jurisdictions, and explains the reasons behind the popularity of the UK as forum law for European companies approaching insolvency. Highlighting the advantages and shortcomings of the process, Bo Xie discusses in depth the different approaches adopted in these various jurisdictions to deal with opportunistic use of pre-packs. She also considers proposals to redress the balance within UK pre-packaged administrations by inserting higher transparency and scrutiny safeguards. This highly topical study is a must-read for scholars and legal practitioners working in the fields of corporate insolvency and restructuring. It will also prove of great value to insolvency regulators owing to its topical and in-depth analysis of current developments in the law.
The first and only concise introduction to American business insolvency law, this volume provides a succinct overview of American business bankruptcy as it is actually practiced, integrating the law as written and implemented. American Business Bankruptcy includes coverage of specialized proceedings like brokerage liquidations, pre-packaged chapter 11 cases, and 363 sales. Professor Lubben also reviews the transnational aspects of modern American bankruptcy practice, and explains chapter 15 of the Bankruptcy Code, which allows for foreign insolvency proceedings to be "recognized" in U.S. courts. U.S law students and junior attorneys, international insolvency professionals, and non-legal professionals, including bankers and accountants, will appreciate this practical synthesis, which includes citations and guidance for further research.
Since the great financial crisis, many countries across the globe have witnessed the introduction of new recovery and resolution regimes for banks. The Research Handbook on Cross-Border Bank Resolution analyses the strengths and weaknesses of the current regulatory framework for resolving cross-border bank crises and proposes avenues for improvement. This cutting edge Research Handbook includes a broad range of perspectives of the regulatory and economic infrastructure of the banks themselves, third parties, and real life case studies, on both a domestic and, in particular, an international level. Chapters are authored by eminent experts in the field with contributions from the US, EU, Japan and China. With its comprehensive and rounded analysis of cross-border bank resolution, this wide-ranging Research Handbook will be of value to academics and researchers across the globe. The practical issues and policy recommendations included will also be of benefit for policy makers within the banking sector and bankers and lawyers alike.
The Insolvency (England and Wales) Rules 2016 introduced extensive changes to insolvency practice, precedents and procedures - the biggest change to insolvency for over 20 years. Fully updated to take account of these new rules, which came into effect on 6 April 2017, Corporate Insolvency Practice is the only comprehensive 'how to do it' guide for solicitors and barristers to all the most common court applications in corporate insolvency. Covering areas as diverse as winding up petitions to administrations to the reuse of company names, this practical and accessible book seeks to give the inside track on what the court will expect both in terms of practice and evidence. It also provides the busy practitioner with a range of useful precedents and checklists, and sets out key statutory and practice material for each application. Packed with precedents, forms, checklists and statutory extracts, Corporate Insolvency Practice ensures you have readily to hand everything you need to prepare and present the most common insolvency applications. The new edition of this title will be an invaluable reference for all practitioners making insolvency applications in the Companies Court.
In this illuminating work, Ronald J. Mann offers readers a comprehensive study of bankruptcy cases in the Supreme Court of the United States. He provides detailed case studies based on the Justices' private papers on the most closely divided cases, statistical analysis of variation among the Justices in their votes for and against effective bankruptcy relief, and new information about the appearance in opinions of citations taken from party and amici briefs. By focusing on cases that have neither a clear answer under the statute nor important policy constraints, the book unveils the decision-making process of the Justices themselves - what they do when they are left to their own devices. It should be read by anyone interested not only in the jurisprudence of bankruptcy, but also in the inner workings of the Supreme Court.
A decade after the Global Financial Crisis and Great Recession, developed economies continue to struggle under excessive household debt. While exacerbating inequality and political unrest, this debt - when combined with wage stagnation and a shrinking welfare state - has played a key role in maintaining economic growth and allowing households faced with rising costs of living to make ends meet. In Bankruptcy: The Case for Relief in an Economy of Debt, Joseph Spooner examines this economic model and finds it increasingly unsustainable. In a call to action to reduce debt burden, he turns to bankruptcy law, which is uniquely situated as a mechanism of social insurance against the risks of a debt-dependent economy. This book should be read by anyone interested in understanding the problem of consumer debt and how best to address it.
Homer Maxey was a war hero, multimillionaire and pillar of the Lubbock, Texas, community. During the post-World War II boom, he filled the West Texas horizon with new apartment complexes, government buildings, hotels, banks, shopping centres and subdivisions. On the afternoon of February 16, 1966, executives of Citizens National Bank of Lubbock met to launch foreclosure proceedings against Maxey. In a secret sale, more than 35,000 acres of ranch land and other holdings were divided up and sold for pennies on the dollar. By closing time, Maxey was penniless. Maxey sued the bank and every member of the board of directors, including long-time friends and business partners. Almost fifteen years, two jury trials and nine separate appeals later, the case was settled on September 22, 1980. Broke, Not Broken, the story of this record-breaking, precedent-setting legal case, illuminates a community and a self-styled go-getter who refused to back down, even when his opponents were old friends, well-heeled leaders of the community, a bank backed by powerful Odessa oil men and the most formidable attorneys in West Texas.
Following the chaotic effects of the global financial crisis on European financial markets, the legislative regime introduced by the European Union (EU) represents a dramatic new approach to bank insolvency law, and will have a profound effect on the way banks function. The second edition of EU Banking and Insurance Insolvency evaluates these important developments and their implications for the Eurozone countries. A comprehensive general introduction sets out the EU insolvency law framework and the principles which govern financial institutions. The book provides detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), the legislative instruments central to the EU's response to the crisis, intended to harmonize Member States law. It considers the new powers given to government authorities under the BRRD to write down shares and debt instruments issued by banks, and the function of the newly created 'Single Resolution Board'. Commentary on the Winding-Up Directive (2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC) discusses the significant changes these statutes have undergone as a consequence of the adoption of the BRRD and SRMR, as well as several high-profile court cases decided on the interpretation of these two statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments, and Heritable Bank cases. This is an invaluable practitioner guide to the new European banking insolvency regime, written by experts in the field.
This comprehensive and topical work examines the impact of European Banking Union in the context of the European Central Bank taking over supervision of the 130 European banks in 2014. The work addresses the effect on the daily supervision of large banks in Europe and also analyses the position of bank creditors and shareholders. The thematic approach covers the Single Rulebook and CRD IV, the Single Supervisory System (SSM), and the Single Resolution Mechanism (SRM) from a legal and economic perspective. The book also compares the US to Europe and assesses whether anything can be learnt from US experience. Key issues such as judicial protection of supervised credit institutions, implications for financial market governance, and risk management and compliance, are examined alongside case-studies and analysis.
Receive complimentary lifetime digital access to the eBook with new print purchase. This statutory supplement can be used with any law school bankruptcy casebook. This edition includes the current Bankruptcy Code and related provisions of titles 18 and 28 of the United States Code, including court rules and the current bankruptcy court fee schedule, the Federal Rules of Bankruptcy Procedure and Interim Amendments, the Official Forms, related uniform laws, and federal tax lien statutes-Internal Revenue Code.
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. Integrating theoretical and practical insights, this book will be of great interest to academics and practitioners, and also to policymakers in the DTI, Insolvency Service and regulatory bodies.
Responding to lessons learned during the global financial crisis, the EU Directive on the Recovery and Resolution of Banks and Securities Firms (the BRRD) has substantially changed the legal framework for insolvency management of financial services institutions across Europe. As the legislative process has been completed with the adoption of the BRRD, and of Regulation No 806/2014 establishing the Single Resolution Mechanism, this book offers a unique insight into the new European framework for the resolution of banks in distress. The chapters in this volume take stock of what has been achieved and present an insightful analysis of both the technical framework and its impact on banking institutions and their counterparties in representative forms of banking activities, including retail and wholesale depositors, counterparties to financial directives, and the providers of relevant parts of the market infrastructure. Special attention is given to the international coordination of resolution. The book's focus is on resolution and its impact on the relationships between banks, customers, other market participants and market infrastructure, including the preventative requirements on recovery and resolution planning under the BRRD. The chapters bring together a wide range of perspectives by scholars, practitioners from regulatory authorities and other parts of the financial safety net, as well as from private practice, from many jurisdictions, and both legal and economic backgrounds. Arranged broadly in line with the structure of the BRRD, the book is a highly useful reference for practitioners, policy-makers, and academics alike.
The Law of Assignment is the leading text on the law relating to intangible property or choses in action. Its clear and approachable structure covers all forms of intangible property (debts, rights under contract, securities, intellectual property, leases, rights/causes of action and equitable rights), considering the nature of intangible property, how it comes into being and how it is transferred or assigned. The first part of the book analyses the general principles regarding intangibles and their transfer, and the second examines the practical considerations relating to particular types of intangibles, securities, insurance contracts, leases and intellectual property under the law. The third edition includes new chapters on powers of attorney and factoring, areas particularly important to legal practice. Other significant developments include the expansion of the chapter on leases to include leasing of chattels, and more material on securities, especially regarding the operation of settlement systems.
In this new book, Hayk Kupelyants examines sovereign debt litigation before the English and New York courts. The book sets out parties' litigation choices at various stages of proceedings and provides the legal background against which parties to a sovereign bond may wish to negotiate. The book offers an exhaustive account of litigation tactics available to bondholders and sovereign debtors alike. The book is unique in the breadth of its coverage. It examines issues of jurisdiction and choice of law at the preliminary stages of litigation, substantive challenges of various sorts to sovereign debt restructurings and to the repayment of bonds on merits, and enforcement of final judgments against the state and its assets in the post-judgment phase. This is a systematic explanation and critical evaluation of a difficult area of law, with regard to the current state of the law and key provisions of sovereign bond documents.
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