Schemes of Arrangement (2^nd Ed.)
Theory, Structure and Operation

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.

Jennifer Payne is the Linklaters Professor of Corporate Finance Law at the University of Oxford. She writes widely in the fields of company law, corporate finance law, financial regulation and corporate insolvency. She is a contributor to Palmer's Company Law, a founder editor of the Journal of Corporate Law Studies and a founder editor of the Oxford Business Law Blog. She is currently a member of the Expert Advisory Panel to the Law Commission on its Intermediated Securities project.