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Ⅰ. CORPORATE DEBT RESTRUCTURING Alan Kornbergand Sarah Paterson3

1. Insolvency in the UK and the US3

Ⅰ. Time to Compare3

Ⅱ. Principal Tests of Inability to Pay Debts in the English Statutory Scheme and Their Relevance in Considering a Restructuring4

A. Overview4

B. The Tests of Inability to Pay Debts4

C. The Cash Flow Test6

D. The Balance Sheet Test11

Ⅲ. Restructuring and Directors’ Duties in England and the US14

A. Groups18

B. Directors’ Duties in the US19

Ⅳ The Standstill in England20

Ⅴ. Vulnerable Transactions22

A. Transactions at an Undervalue （Section 238 of the Insolvency Act 1986）22

B. Transactions Defrauding Creditors （Section 423 of the Insolvency Act 1986）24

C. Preferences （Section 239 of the Insolvency Act 1986）24

D. Jurisdiction of the Court27

E. Avoidance of Floating Charges （Section 245 of the Insolvency Act 1986）27

Ⅵ. Avoidance Actions in the United States27

A. Fraudulent Conveyances27

B. Preferences32

2. The EC Regulation on Insolvency Proceedings35

Ⅰ. Preliminary35

Ⅱ. Legal Framework36

A. Purpose36

B. Interpretation36

C. Relationship with the Brussels Regulation37

D. Scope and Application38

E. International Jurisdiction38

E Choice of Law Rules45

G. Recognition of Proceedings51

H. Judicial Cooperation53

I. Rights of Creditors53

Ⅲ. Managing the Insolvency of Group Companies54

A. Group Companies and Sharing of COMIs54

Ⅳ Application of the EC Regulation to Rescue Plans60

A. Impact on Discharge and Variation of Debt60

B. Use of Company Voluntary Arrangements in Main Proceedings61

C. Use of Company Voluntary Arrangements and Administrations in Secondary Proceedings62

D. Schemes of Arrangement63

Ⅴ Forum Shopping as a Restructuring Tool65

A. Introduction65

B. Timing Post-Migration： When to Open Insolvency Proceedings70

C. Freedom of Establishment76

D. The Impact of the European Merger Directive79

Ⅵ. Review and Reform？80

3. Out-of-Court vs Court-Supervised Restructurings82

Ⅰ. Workouts and Other Restructurings in the United States82

A. Advantages and Disadvantages of Workouts82

B. Considerations in Out-of-Court Workouts84

C. Typical Out-of-Court Approaches86

D. Potential for Failure and a Subsequent Chapter 11 Filing87

Ⅱ. Exchange Offers87

A. Introduction87

B. Reasons for Doing a Debt Exchange Offer89

C. US Securities Law Considerations90

D. Common Tactics in Debt Exchange Offers100

E. Certain US Federal Income Tax Considerations and Accounting Considerations102

Ⅲ. Chapter 11 Plan Standards103

A. Introduction103

B. Best Interests Test105

C.Absolute Priority Rule106

D.Feasibility and Other Confirmation Standards110

Ⅳ.Pre-Arranged vs Pre-Packaged Chapter 11 Plans114

A.Pre-Petition Activities114

B.First-Day Filings118

C.Confirmation Hearing （Day 30—60）119

D.Post-Confirmation Activities120

E.Advantages and Disadvantages of a Pre-Packaged or Pre-Arranged Chapter 11 Plan121

Ⅴ.The Section 363 Sale Alternative122

A.Relevant Standard： Sound Business Reason122

B.Sub Rosa Plan124

C.Recent Developments： Chryslerand GeneralMotors125

D.Conclusion127

Ⅵ.Chapter 11 and Administration Compared128

A.Administration128

B.Differences in Theory128

C.Differences in Practice129

D.Perceptions of Administration and Chapter 11134

Ⅶ.The Role of Receivership in English Restructurings135

Ⅷ.The Role of the Company Voluntary Arrangement in English Restructurings136

A.Introduction136

B.Process137

C.Challenge139

D.Moratorium144

E.Retail Businesses145

Ⅸ.English Pre-Packaged Administrations and Corporate Debt Restructurings146

A.Introduction146

B.Criticisms of Pre-Packs146

C.Pre-Pack Guidelines147

D.Courts’ Approach to Pre-Packs149

Ⅹ.English Schemes of Arrangement and Corporate Debt Restructurings155

A.Introduction155

B.Meaning of ‘Creditor’155

C.Stages of a Scheme and Related Issues158

Ⅺ.Comparison Between ‘Cramdown’ in England Achieved Through a Scheme and a Pre-Packaged Administration and （A） a Chapter 11 Plan of Reorganization and （B） a Section 363 Credit Bid with Stalking Horse163

A.Introduction163

B.Case Studies164

C.Valuation166

D.Directors’ Duties168

E.Pre-Packaged Administration and Section 363 Sales169

4. The UNICITRAL Model Law on Cross-Border Insolven172

Ⅰ.The Impact of the UNCITRAL Model Law on Cross-Border Insolvency172

A.Introduction172

B.Objectives172

C.Scope of Application173

D.Interpretation173

Ⅱ.The US Version—Chapter 15174

A.Overview174

B.History of Chapter 15174

C.Mechanics of Chapter 15178

Ⅲ.Chapter 15 Recognition of English Schemes of Arrangement187

Ⅳ.Does the Availability of Chapter 15 Relief Affect the Willingness of US Courts to Accept Jurisdiction in a Chapter 11 Case Where the Debtor’s COMI is Outside the US？190

Ⅴ.Choosing Between Chapter 15 and Chapter 11 for Foreign Debtors192

A.The Automatic Stay192

B.Debtor in Possession Financing193

C.Automatic Relief194

D.Additional Protections Under Chapter 11194

Ⅵ.Notable Litigation Arising Under Chapter 15197

A.Litigation Regarding COMI197

B.Litigation Regarding Available Relief206

Ⅶ.Areas for Potential Improvement208

Ⅷ.The English Experience of the Model Law—The Cross-Border Insolvency Regulations 2006210

A.Implementation210

B.Framework of the Regulations and Limitations on Application210

C.Relationship Between the Regulations and Other Bases of Recognition and Assistance Under English Law211

D.Key Definitions212

E.Recognition of a Foreign Proceeding and Relief214

F.Effects of Recognition217

G.Foreign Creditors’ Rights of Access to Proceedings Under British Insolvency Law222

H.Cross-Border Cooperation223

I.Commencement of Concurrent Proceedings and Coordination of Relief227

J.UNCITRAL Guidance228

Ⅱ.BANK RESOLUTION John Douglas， Randall Guynn， Dalvinder Singh， and Hilary Stonefrost233

5. Legal Aspects of Banking Regulation in the UK and USA233

Ⅰ.Introduction233

Ⅱ.The UK Model of Regulation and Supervision234

A.The Scope of the FSA’s Responsibilities235

B.Bank Supervision237

Ⅲ.The US Approach to Bank Supervision242

A.The Dual Banking System243

B.The Individual Regulators245

C.Financial Stability Oversight Council249

Ⅳ.The US Regulation of the Business of Banks and Safe and Sound Requirements250

A.Safety and Soundness252

B.Capital and Liquidity Requirements253

C.The Directors’ Duties254

D.The Common Law Standard255

E.The Statutory Position256

F.Other Enforcement Actions257

6. Banks in Distress259

A.Sermons and Burials259

B.Northern Rock： the Catalyst for the Banking Legislation260

C.The Institutions to which the Banking Act Applies262

D.The Role of the Tripartite Authorities262

E.Early Intervention by the Tripartite Authorities： the Conditions265

F.The Special Resolution Regime： Part 1 of the Banking Act268

G.The Banking Institutions’ Management and Bank Resolution270

H.The Impact of Share Transfers and Property Transfers271

I. Holding Companies279

J.The Resolution of Dunfermline Building Society280

K.Investment Banks281

L.Cross-Border Cooperation and Resolution Regimes282

M.Parent Undertakings of Banks283

7. Banking Act Restructuring and Insolvency Procedures285

A.Introduction285

B.The Administration and Liquidation Regime for Banking Institutions287

C.The Bank Administration Procedure （BAP）288

D.Bank Insolvency Procedures297

E.Building Societies301

F.The Treatment of Creditors in Bank Insolvencies302

G.Deposit Insurance303

H.Cross-Border Bank Insolvency306

I. Potential Reforms： Investment Bank Failure308

J. Commissions on Banking308

8. Resolution of US Banks and other Financial Institutions311

Ⅰ.Introduction311

Ⅱ.Fundamentals of Resolution Authority313

Ⅲ.Resolution of US Banks317

A.Background318

B.Supervisory and Other Tools to Prevent Failure321

C.Resolution Process326

D.FDIC-assisted Transactions331

E.Claims Process339

F.FDIC Super Powers339

Ⅳ Resolution Authority over Fannie Mae， Freddie Mac， and the FederalHome Loan Banks348

A.Background348

B.Resolution Authority351

C.Exercise of New Resolution Authority352

Ⅳ Resolution Authority over Systemically Important Financial Institutions353

A.Orderly Liquidation Authority Framework354

B.Key Policy Issues359

C.Alternatives Based on Bankruptcy Model367

Ⅵ.International Coordination of Cross-Border Resolutions369

A.Living Wills369

B.Cross-Border Bank Resolution and National Bank Insolvency Regimes370

C.Contingent Capital， Recapitalization Programmes， and Bail-Ins371

Ⅶ.Conclusion372

Annex A373

Ⅲ.SOVERIGN DEBT RESTRUCTURING Rodrigo Olivares-Caminal381

9. An Introduction to Sovereign Debt Restructuring381

Ⅰ. Introduction381

10. Litigation Aspects of Sovereign Debt389

Ⅰ.Litigation389

A.An Introduction to Sovereign Debt Litigation389

B.Some Preliminary Distinctions： In Using a Fiscal Agent and a Trust Structure395

C.The Elliott Case and Other Relevant Legal Precedents396

D.The Interaction of the Pari Passu Clause vis-a-vis Multilateral Debt Payments404

E.The NML Capital Ltd v the Republic of Argentina Case406

Ⅱ.Conclusion414

11. Transactional Aspects of Sovereign Debt Restructuring415

Ⅰ.Transactional Aspects of Sovereign Debt Restructuring415

A.An Introduction to the Transactional Aspects of Sovereign Debt Restructuring415

B.Current Debate on Sovereign Debt Restructuring： Procedures and Methods417

C.The Sovereign Debt Restructuring Mechanism （SDRM） Proposed by the IMF420

D.The Use of CACs， Exit Consent， and Term Enhancements434

E.Some Notes on Class Actions in the Sovereign Debt Context448

F Case Study： Uruguay’s Debt Reprofiling—How to Perform a Successful Exchange Offer453

Ⅱ.Conclusion457

Index461