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Court-Supervised Restructuring of Large Distressed Companies in Asia: Law & Policy


ISBN13: 9781509952335
Published: July 2022
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £95.00



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This book provides an in-depth analysis of four economically significant Asian jurisdictions: Mainland China, India, Hong Kong and Singapore. These jurisdictions have recently either reformed – or are considering reforming – their corporate restructuring laws to promote regimes conducive to restructuring financially distressed, but otherwise economically viable, companies.

Mainland China, India, Hong Kong and Singapore continue to adhere to a framework that requires the court's final approval but draw references from Chapter 11 of the Bankruptcy Code 1978 in the United States and/or the schemes of arrangement in the United Kingdom. However, the institutional and market structures are very different in Asia; in particular, Asia has a far higher concentration in shareholdings among listed firms, including holdings by families and the state, and a different composition of creditors.

The book explains how, notwithstanding the legal transplantation, corporate restructuring laws in these Asian jurisdictions have adapted and evolved due to the frictions in shareholder-creditor and creditor-creditor relationships, and the role of the state in resolving non-performing loans and financial distress of state-owned enterprises which are listed, or which issue public debt.

The study argues that any reforms must go beyond professionalising the insolvency professionals and the judiciary but must be designed to address fundamental issues of corporate governance, bank regulation and enforcing non-bankruptcy rules. It offers invaluable insights for academics and policy makers alike.

Subjects:
Other Jurisdictions , Asia
Contents:
Preface
Acknowledgements
List of Abbreviations
References to Judicial and Policy Guiding Documents in Mainland China (Bilingual)
List of Tables
List of Figures
1. Introduction and Theoretical Framework
2. Development of Corporate Restructuring Law in Four Asian Jurisdictions
3. The Agency Costs of Manager–Creditor and Shareholder–Creditor Relationships in Restructuring
4. The Agency and Coordination Costs of Creditor?Creditor Relationships in Restructuring
5. Managing Non-Performing Loans and their Impact on Agency Costs in Two Emerging Jurisdictions
6. Insolvency Practitioners as Gatekeeper Intermediaries
7. Role of the Courts in Court-Supervised Restructurings
8. Relationship between Restructuring Law, Enforcing Contracts and Directors' Duties
9. Approach towards Restructuring Law, Implications for Reform and Conclusion
Appendices
Bibliography
Index

Series: Contemporary Studies in Corporate Law

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Working Within Two Kinds of Capitalism: Corporate Governance and Employee Stakeholding - US and EC Perspectives
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