Recent reforms to English law took place against the backdrop of corporate restructuring law reform initiatives in Europe and in many other regions of the world. These reforms reflect an emerging consensus as to the importance of such laws, both as a complement to macroeconomic stabilisation tools i...

Recent reforms to English law took place against the backdrop of corporate restructuring law reform initiatives in Europe and in many other regions of the world. These reforms reflect an emerging consensus as to the importance of such laws, both as a complement to macroeconomic stabilisation tools in times of extraordinary crisis, and as a determinant of investment conditions in more ordinary times. But it is one thing to recognise the importance of such laws in the abstract, and quite another to work out precisely how corporate restructuring rules should be designed.