Restructuring

AuthorWela Quan
Pages112-161
10.
RESTRUCTURING
(1)
REQUIREMENTS
\
AND
PROCESSES
\
(2)
KEY
FIGURES
IN
\
RESTRUCTURING
\
(A)
DIRECTORS
AND
THEIR
\
DUTIES
AND
LIABILITIES
\
1)
FIDUCIARY,
DUTY
OF
CARE
\
2)
OPPRESSION,
MISREPRESENTATION
\
3)
STATUTORY
\
(B)
MONITORS
(3)
BUSINESS
OPERATIONS
DURING
RESTRUCTURING
(4)
CCAA
CLAIMS
(5)
BIA
PROPOSALS
112
10.
RESTRUCTURING
Cl)
Requirements
ccncL
Processes
Regimes
VJe
kci\/c
completed
liquidation
regimes
including
bccnLruptcij
nnd
receiv'crship.
Now
we
turn
our
CLtteatioix
to
restructuring
regimes
under
tke
Compccnies
/
Creditors
Arrangement
/Vet
(CCAA)
cind
tke
&XA
tkrougk
proposals.
Z^i-F-Ferences
between
bccnkruptcij
nnd
restructuring
include:
BMK.KUPTCy
assets
vast
in
trustee
assets
are.
liquidated
•proceeds
wt
distributed
based
On
legal
priorities
and
pari
ptixu
OMxxq
unsecured
Oreditars
REST^UCTC^/M
•debtor
CecndinS
in
Lorrhrol
of
-Hne
assets
/
bus
i
res
S
•skuj
of
Creditor's
ngVrfs
to
ailow
for
negotiation
specia\
powers
ore
granted
to
certain
rights
ot
parties
to
aiskst-
in
the
restructure
r
estructure
aqreernent
/
plan
uot+h
Créditos
113
Court
supervised,
fijerseen
toM
<
*
t^orn'hur
10.
RESTRUCTURING
CO
Requirements
clac
L
Processes
Objectives
"Chere
cere
several
di-F-Fcrent
objectives
o-F
restructuring;
the
most
importcLnt
one
is
minimÍT-ing
economic
hardship
to
employees
cind
society
at
large
when
a
compamj
-Fails.
Other
obJectives
include:
preserving
the
value
o-F
the
business,
helping
the
debtor
make
changes
to
the
business
so
that
the
debtor
maij
continue
to
run
the
business,
and
increasing
creditor
returns.
Un^xbxnaVelq,
voe
are
cestructuniAg
the
atn4
ipu
rOighb
have
fc>

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