Schemes of Arrangement
Theory, Structure and Operation

Examines schemes of arrangement, which are an invaluable tool for companies in restructuring their capital.

Jennifer Payne (Author)

9781108835329, Cambridge University Press

Hardback, published 16 December 2021

508 pages
23.5 x 15.7 x 3.1 cm, 0.803 kg

'The importance of schemes of arrangement in insolvency law goes well beyond the UK borders. The attractiveness of the instrument has shaken European insolvency law, even triggering legal reform across Europe. Professor Payne's book is the single most important academic contribution on schemes, and, as such, a must-read for both academics and practitioners alike.' Ignacio Tirado, Secretary-General, UNIDROIT

Schemes of arrangement are an important and flexible mechanism, which can be used to reorganise a company's capital. Schemes have undergone a renaissance over the last twenty years, particularly as a debt restructuring device in the aftermath of the 2008 financial crisis when companies and their advisors have needed to develop effective tools for dealing with financial distress. The COVID-19 pandemic has provided a further incentive for jurisdictions to ensure that they have an effective debt restructuring mechanism in place. Schemes have also become the mechanism of choice for recommended takeovers. This book performs a critical, contextual and comparative analysis of schemes and their uses, examines recent developments in this area, including the Corporate Insolvency and Governance Act 2020, and considers whether further reform is needed to ensure that schemes continue to develop as an indispensable tool for companies for the future.

1. Schemes of arrangement – an introduction
2. The mechanics of a scheme of arrangement
3. Member schemes of arrangement: takeover schemes
4. Member schemes of arrangement: other examples
5. Creditor schemes of arrangement: debt restructuring
6. Creditor schemes of arrangement: other examples
7. Cross-border issues
8. Conclusion.

Subject Areas: Company, commercial & competition law [LNC], Comparative law [LAM], Law [L]