Pre-Insolvency Proceedings A Normative Foundation and Framework

This timely new work evaluates the law regarding pre-insolvency proceedings. Setting the law in context, the book provides a conceptual framework for ideal practice, illustrating the implications of the new regime with specific practical examples. The book features a comprehensive discussion of the key principles underlying restructuring proceedings and explains the purpose of, and justification for, pre-insolvency proceedings. It provides answers to a number of important issues that are still undecided and the subject of debate. In particular, the book provides detailed analysis of the system of voting in classes, and it offers an in-depth discussion of the appropriate criteria for confirmation and cram-down together with consideration of the little-understood underlying economic issues. It also includes analysis of the key aspects of valuation and the applicable valuation standards in the context of restructuring, much needed as the incidence of judicial valuation arises in the context of cram-down. A comparative analysis and critique of UK schemes of arrangement and US Chapter 11 procedure is also included, giving readers a good understanding of the key features of both systems and enabling them to identify and learn from the differences. The author also proposes an outline of ideal pre-insolvency proceedings, setting out general and specific requirements for ensuring flexibility, efficiency, and effectiveness.

1 - Introduction
2 - Insolvency law: objective and justification
3 - Pre-insolvency proceedings: objective and justification
4 - Plan governance: a hybrid model with both a democratic and a judicial component
5 - Initial observations on valuation and valuation terminology
6 - The US Chapter 11 plan procedure
7 - The English scheme of arrangement
8 - Framework for a pre-insolvency plan procedure
9 - Summary

Nicolaes Tollenaar is a partner at RESOR NV in Amsterdam. He specializes in corporate and bankruptcy law, and both advises and litigates on a variety of matters in this area. He has a special focus on cross-border matters and has acted on various major pan-European bankruptcies. Mr Tollenaar writes and speaks regularly on insolvency and restructuring law and practice. Although the author is a fluent English speaker he has engaged an experienced translator with whom he is working closely on the English version.