Enhancing the Role of Creditors' Committees in Corporate Rescue Laws
- Thomson Reuters (Scientific) Inc. & Affiliates
- Publication Type:
- Annual Review of Insolvency Law 2011, 2011, 2011, pp. 675 - 701
- Issue Date:
The global financial crisis (GFC) has focused the worlds attention on the nature and processes of bankruptcy law. The fallout from the GFC and changing credit conditions has caused many businesses to experience financial distress or bankruptcy, with millions of employees worldwide losing their jobs At present there are a number of massive reorganizations and corporate bankruptcies that have grabbed the attention of both the public and lawmakers, such as Nortel Networks in Canada, ABC Learning and Griffin Coal in Australia, Feltex in New Zealand and the worlds most expensive bankruptcy case, costing over one billion dollars, Lehman Brothers.
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