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Informal Workouts And Restructuring

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Chapter Summary

This chapter provides a discussion that enables the reader to evaluate informal approaches in various legal situations and as to debtors in various circumstances. An informal rescue arises within the concept of business rescue and presupposes a debtor either in or near serious default vis-à-vis its creditors. The chapter discusses various approaches that seek to provide for the workout and restructuring of the debtor where the role of the court will, at most, be limited to conferring a public blessing on the parties' agreement but where, initially, one or more of the interested parties opposes the course of workout. Formal and informal workout procedures are not mutually exclusive, and in both informal procedures discussed in this chapter, the London Approach and Pre-packaged Insolvency, the informal process gains much of its authority and success from the existence of the formal procedures.

Keywords: creditor; debtor; informal workouts; London Approach; restructuring procedure

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