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As with the previous editions, our intention with The Restructuring Review is to help general counsel, government agencies and private practice lawyers understand the conditions prevailing in the global restructuring market in 2012/2013, and to highlight some of the more significant legal and commercial developments and trends that have been evident in recent years.
Unsurprisingly, the global economy is still struggling to emerge from the worst financial crisis since the Great Depression. The past year has been dominated by uncertainty caused by the economic and sovereign debt crisis in the eurozone, which appears to have had a profoundly unsettling effect on the global economy. We have been reminded powerfully of the impact of excess indebtedness at the governmental, corporate and individual levels, and of the consequences for national balance sheets of the guarantees, whether express or implicit, given by sovereigns to their banking sectors during the financial crisis.
The difficult global economic conditions are widely expected to contribute to a significant increase in restructuring activity in the coming years. As such, this work, covering 31 jurisdictions, is becoming ever more relevant and important, in particular because of the international nature of many corporate restructurings.