Summary

The new third edition of Debt Restructuring offers detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of creditors and debtors. It provides practical guidance to help practitioners, policy-makers, and academics in the UK and US to understand current developments in debt restructuring, and provides solutions for creditors holding distressed debt and debtor options in a distressed scenario.

The Corporate Debt section includes significant changes to highlight the impact of COVID-19 on restructurings, including: potential grounds for investors/lenders to modify or terminate commitments to fund or support restructurings by invoking material adverse effect or force majeure clauses; unprecedented relief granted by insolvency courts to aid ailing retailers; and challenges facing insolvency courts in making necessary confirmation findings regarding the feasibility of reorganization plans due to market instability. This section also includes the recent adoption of the Part 26A Restructuring Plans and the EU Restructuring Directive.

Amendments to the Bank Resolution section reflect decisions by the Single Resolution Board, and national authority resolution decisions notified to the European Banking Authority. A new sub-section on domestic bank insolvency and liquidation covers the developments under the Deposit Guarantee Schemes Directive, and a new chapter on insolvency law relating to Insurance Firms addresses the international debate on a special resolution regime for insurance firms. Other updates include the 2017 code of practice, the 'third country' branch model after Brexit, non-equivalence regarding depositor protection arrangements, and the Resolvability Assessment Framework.

In the Sovereign Debt section, there is detailed coverage of US and UK developments, examining the increased role of sanctions and the possibility of piercing the corporate veil in Stae owned-enterprises, as well as the increased push for domestic laws to be used to curtail litigation. It also covers developments in re-designation and the emergence of the 'pac-man technique' in the context of collective action clauses, as a result of the recent restructurings of Argentina and Ecuador. The impact of COVID-19 on the adoption of the Debt Service Suspension Initiative and the Common Framework are also analysed.

Author Biography

Rodrigo Olivares-Caminal, Professor of Banking and Finance Law, Queen Mary University of London,Alan Kornberg, Partner, Paul Weiss,Sarah Paterson, Professor of Law, LSE,Alan Kornberg, Partner, Paul Weiss,Dalvinder Singh, Professor, University of Warwick,Eric McLaughlin, Partner, Davis Polk

Rodrigo Olivares-Caminal is Professor in Banking and Finance Law at the Centre for Commercial Law Studies at Queen Mary University of London. Prior to joining CCLS, he was a Senior Lecturer in Financial Law and the Academic Director at the Centre for Financial and Management Studies (SOAS),
University of London and the School of Law, University of Warwick. He has acted as a Sovereign Debt Expert for the United Nations Conference on Trade and Development (UNCTAD), Senior Insolvency Expert for the World Bank / IFC and as a consultant to multilateral institutions in Washington DC and
Europe, Central Banks and Sovereign States. He specialises in international finance and insolvency law, and is the author/editor of seven books.

Randall Guynn is co-head of the Financial Institutions Group at Davis Polk & Wardwell. He is a leading bank regulatory and M&A lawyer, and has been ranked a Star Individual in bank regulation by Chambers. He was named Banking Lawyer of the Year and Most Highly Regarded Banking Lawyer in the World by
Law Business Research (2014 & 2017). He advises on financial services, including on critical transactions, business opportunities, and corporate governance issues.

Alan Kornberg is co-chair of the Restructuring Department at Paul, Weiss, Rifkind, Wharton & Garrison LLP. He received his J.D. from New York University School of Law after completing his A.B. at Brandeis University, where he graduated magna cum laude.

Eric McLaughlin is a partner in the Financial Institutions Group at Davis Polk & Wardwell. He provides bank regulatory advice to financial institutions. He has advised clients on the Bank Holding Company Act, the National Bank Act, the Home Owners' Loan Act, and other statutes and regulations
applicable to financial institutions. He also advises on capital markets and M&A transactions, as well as on compliance, enforcement, and corporate governance matters, as well as on matters relating to digital assets and distributed ledger technology.

Sarah Paterson is Professor of Law at the London School of Economics, researching corporate insolvency and restructuring law. Previously, Sarah was a partner in the Restructuring and Insolvency Group of Slaughter and May, where she retains a senior consultancy. She is editor of McKnight, Paterson
and Zakrzewski on the Law of International Finance and author of Corporate Reorganization Law and Forces of Change (OUP, 2020). Sarah is a member of the Council of the Insolvency Lawyers' Association, the technical committee of the Insolvency Lawyers' Association III, and the General Technical
Committee of R3.

Dalvinder Singh is Professor of Law at the University of Warwick. He has been Adjunct Professor, Alma Mater Studiorum (Università di Bologna), Department of Management since 2019. His research interests are in the fields of banking supervision and cross border banking. He is the editor of the
Journal of Banking Regulation and a member of the Advisory Panel of the International Association of Deposit Insurers, Switzerland.

1. Insolvency in the UK and US, Alan Kornberg and Sarah Paterson
2. The European Restructuring Directive, Sarah Paterson
3. Out-of-court VS Court-supervised Restructurings, Alan Kornberg and Sarah Paterson
4. The Uncitral Model Law on Cross-border Insolvency, Alan Kornberg and Sarah Paterson
5. Legal Aspects of Banking Regulation in the UK and US, Dalvinder Singh
6. Banks in Distress, Dalvinder Singh
7. Banking Act Restructuring and Insolvency Procedures, Dalvinder Singh
8. Resolutions of US Banks and Other Financial Institutions, Randall Guynn and Eric McLaughlin
9. European Bank Resolution Regime, Dalvinder Singh
10. An Introduction to Sovereign Debt Restructuring, Rodrigo Olivares-Caminal
11. Litigation Aspects of Sovereign Debt, Rodrigo Olivares-Caminal
12. Transactional Aspects of Sovereign Debt Restructuring, Rodrigo Olivares-Caminal

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