Creditor Rights and the Public Interest: Restructuring Insolvent Corporations
Creditor Rights and the Public Interest supports the greater representation of non-traditional creditors in the process of insolvency restructuring in Canada, concentrating particularly on restructuring under the federal Companies' Creditors' Arrangement Act (CCAA). Arguing in favour of the representation of such non-traditional creditors as workers, consumers, trade suppliers, and local governments, Janis Sarra describes the existing process of addressing their interests, analyzes four case studies that focus on non-creditor groups, and compares the Canadian approach to that of several other countries, such as Germany, France, and the United States.
Sarra draws on a comprehensive body of academic literature that covers a broad range of issues--insolvency theory, corporate governance theory, legislative history, and bankruptcy and insolvency practice. She further surveys the relevant legislation and supplements her analysis with insights drawn from extensive primary research of court records and personal interviews with lawyers, judges, and government officials.
Creditor Rights and the Public Interest ultimately illustrates the way in which the concept of the public interest can be utilized to foreground the concerns of non-traditional stakeholders. Sarra provides a coherent account of the justification for recognizing these creditors by situating insolvency law in a legal regime that realizes a duty to maximize all of the interests and investments at stake in the corporation. In an academic field where scholarship is currently scarce, Sarra's text will be a welcome contribution.
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The Existing Regime for Restructuring Insolvent
Current Theoretical Approaches to Insolvency Law
Proposing a Conceptual Framework for Reconciling Stakeholder
Public Policy Recognition of the Value of Workout Schemes
An Expanded Definition of Stakeholders
Enterprise Value Maximization as a Substantive Objective
Principles for Reconciling Traditional Creditors Rights with
Judicial Discretion under the CCAA
Judicial Recognition of Social Stakeholders in CCAA
Canadian Red Cross
Canadian Airlines Corporation and the Public Interest
Creditor Rights and the Public
Enterprise Wealth Maximization as an Objective of Insolvency
Reconciling the Rights of Traditional Creditors and Other