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As with the previous editions of The Restructuring Review, our intention is to help general counsel, government agencies and private practice lawyers understand the conditions prevailing in the global restructuring market in 2013 and 2014 and to highlight some of the more significant legal and commercial developments and trends that have been evident in recent years, and that are expected to be significant in the future.
Recent trends in the world economy have presented a mixed picture. Positive economic developments in the United States, such as the robust growth in job creation, have been offset by a situation of stasis in the EU, which remains troubled by concerns about the ongoing eurozone debt crisis and political uncertainty. There have also been some indications that emerging markets, which have done much to underpin global growth in the recent past, are set to experience more challenging conditions in the coming years.
While the picture is continually changing, and the only accurate economic prediction that can be made is for more uncertainty in the months ahead, most commentators agree that a significant deleveraging at the individual, corporate and governmental levels is likely to be seen in the coming years and may be an essential prerequisite for a return to stability.
This deleveraging and 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 is becoming ever more relevant and important, in particular because of the international nature of many corporate restructurings.