Court-Supervised Restructuring of Large Distressed Companies in Asia

Wai Yee Wan is Associate Dean and Professor at the School of Law, City University of Hong Kong.

1. Introduction and Theoretical Framework
1.1. Overview
1.2. Restructuring Models in Anglo-America and Asia
1.3. Understanding the Interaction between Corporate Governance and Restructuring Law
1.4. Building an Analytical Framework
1.5. Methodology
1.6. Organisation of the Book

2. Development of Corporate Restructuring Law in Four Asian Jurisdictions
2.1. Introduction
2.2. Emerging Jurisdictions
2.3. Advanced Jurisdictions
2.4. Conclusion

3. The Agency Costs of Manager–Creditor and Shareholder–Creditor Relationships in Restructuring
3.1. Introduction
3.2. Institutional and Organisational Background
3.4. Addressing Information Asymmetry and Hold-Out Problems in Asian Restructurings
3.5. Enhancing the Restructuring Regime: Lessons and Implications
3.6. Conclusion

4. The Agency and Coordination Costs of Creditor–Creditor Relationships in Restructuring
4.1. Introduction
4.2. Institutional and Organisational Background
4.3. Strategies to Deal with Agency and Coordination Costs of Creditor–Creditor Conflicts in Anglo-American Restructurings
4.4. The Features of Asian Restructurings
4.5. Enhancing the Restructuring Regime in Asia: Lessons and Implications
4.6. Conclusion

5. Managing Non-Performing Loans and their Impact on Agency and Coordination Costs in Two Emerging Jurisdictions
5.1. Introduction
5.2. Institutional and Organisational Background in the International Context for Resolving NPLs
5.3. Institutional Background to NPLs in India and Mainland China
5.4. AMCs and Variations to Agency and Coordination Costs in Restructuring
5.5. Developing Active Distressed Loan Markets in India and Mainland China
5.6. Conclusion, Lessons and Implications for Managing NPLs
5.7. Postscript

6. Insolvency Practitioners as Gatekeeper Intermediaries
6.1. Introduction
6.2. Role of Insolvency Practitioners: A Comparative Perspective
6.3. The Governance of Intermediaries: Accountability, Conflicts of Interest and Effectiveness
6.4. Lessons, Implications and Options for Reform in Asian Jurisdictions
6.5. Conclusion

7. Role of the Courts in Court-Supervised Restructurings
7.1. Introduction
7.2. Legislative Framework and Judicial Discretion in the US and the UK: Strengths and Limitations
7.3. Legislative Framework and Judicial Discretion in Asia
7.4. Lessons and Implications
7.5. The Experience of Mainland China
7.6. Conclusion

8. Relationship between Restructuring Law, Enforcing Contracts and Directors’ Duties
8.1. Introduction
8.2. Impact of Enforcing Creditor Rights on Restructuring Law
8.3. Analysis
8.4. Directors’ Duties and Incentives to Invoke or Use Restructuring Law
8.5. Conclusion

9. Restructuring Law, Implications for Reform and Conclusion
9.1. Introduction
9.2. Seven Propositions in this Book
9.3. Future Prospects for Reform in the Asian Jurisdictions
9.4. Conclusion