Sarah Paterson, Corporate Reorganization Law and Forces of Change

DOI10.3366/elr.2022.0777
Author
Pages290-292
Date01 May 2022
Published date01 May 2022

The law and practice of corporate reorganisations in the UK have changed dramatically in the past half century and developments have continued apace recently, with the introduction of restructuring plans and free-standing moratoria through the Corporate Insolvency and Governance Act 2020. Corporate Reorganization Law and Forces of Change, by Professor Sarah Paterson, is an illuminating work that provides new insights regarding this important area. The 2020 Act was only passed after the book went to press; however, references to the preceding Bill are included in the text and some of the conclusions are directed towards the challenges faced in the wake of COVID-19. The book examines the ways in which various “forces of change” have impacted upon corporate reorganisations and how the law has been used and developed as a result, both within England and the USA. It is clearly a product of deep thinking and demonstrates a firm grasp of the practical realities of corporate reorganisations, as well as conceptual and theoretical issues.

The book is divided into ten chapters. After the introduction (ch 1), there is a chapter providing historical and background material on the “Initial Conditions and Emergence of Corporate Reorganization in the United States and England” (ch 2). This covers the period from the nineteenth century until the 1970s, including the connection between railways and finance and the impact of the Great Depression. Amongst other matters, it charts the development of court debt restructuring procedure (schemes of arrangement) in England in the nineteenth century, and their giving way to private reordering in the mid-twentieth century (see 35-38) (more recently, there has been something of a return to the use of such procedures), and highlights the historical significance of “equity receivership” and capital markets in the USA (23-30). The following six chapters (chs 3-8) each focus...

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