Document Type
Article
Publication Date
2-2024
Abstract
In the world of cross-border corporate insolvency, those in the know are familiar with the increasingly popular scheme of arrangement, the British quasi-reorganization procedure that allows a company to restructure some, but not all, of its debt. The typical scheme effects a corporate balance sheet reshuffling by supermajoritarian approval (and judicial "sanction") but often leaves other debt, such as the trade, untouched. A key conceptual component of the scheme mechanism is its intentional modularity, called by some its "selectivity." It does not require a comprehensive reckoning of all claims against a given debtor, only some. The scheme has proved popular-so popular, in fact, that corporate bankruptcy market share-grabber Singapore introduced scheme-like procedures in its most recent overhaul of its insolvency system. Indeed, some wags have pronounced it the Decline and Fall of Chapter 11.
Recommended Citation
Pottow, John A. E. "Modular Bankruptcy: Toward a Consumer Scheme of Arrangement." Cardozo Law Review 45, no. 3 (2024): 721-788.
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Bankruptcy Law Commons, Commercial Law Commons, Comparative and Foreign Law Commons, Courts Commons
Comments
© 2024 Cardozo Law Review. All rights reserved. Reproduced with permission.