Editorial IFLR
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Staff writers: Gemma Varriale
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Ryan Bolger
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Ashley Lee
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This report states the law as at March 1 2013. It is not a substitute for detailed local advice.
It is presented as a special supplement to the March 1 2013 issue of International Financial Law Review © Euromoney Institutional Investor 2012.
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Four years after the financial crisis, restructuring and insolvency lawyers remain in high demand. This is not to say their jobs are any easier. On the contrary, proceedings are increasingly global and institutions ever more complex.
Vast differences in insolvency codes further complicate matters. It certainly seems that a pan- European insolvency code is just too far an encroachment on state sovereignty to garner meaning- ful support from EU member states.
There have been improvements, however. The European Insolvency Regulation introduced a decade ago has proved effective in practice, allowing a pan-European company to be restructured or liquidated in accordance with one country’s regime.
Lawyers have also pushed the development of a more global insolvency framework. Take Lehman Brothers’ proceedings, for example. Creditors around the world were ultimately able to settle claims under US and UK law in one of the most complicated insolvencies of all time.
Financial institutions are at the heart of the new global complexity. With assets in so many differ- ent countries, forum shopping will remain a trend. It is therefore important to know how diverse asset claimants are treated, whether a company can operate as a going concern, and how the courts carry out resolutions.
It will be even more difficult for distressed companies to refinance their debts as new capital requirements and costly regulations hamper bank liquidity. Lawyers and their clients will have to look across borders for syndicated loans, multi-jurisdictional bond issuances and other complicat- ed debt facilities.
IFLR has gone to the market to put together the Restructuring & Insolvency Guide with these trends in mind, as a source of new strategies, legislative developments and jurisdictional compar- isons from the industry’s best. We trust you will consider it a valuable resource during these uncer- tain times.
Ryan Bolger Staff writer
www.iflr.com
IFLR|RESTRUCTURING & INSOLVENCY 001
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