Canadian Commercial Reorganization

Reinventing Bankruptcy Law offers the first historical account of the CCAA, drawing on a broad array of historical sources including legislation, news sources, scholarly writing, archival materials, and more.

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.

Reorganizations Under Chapter 11 of the Bankruptcy Code is the most complete and up-to-date one-volume treatment of this important business-planning tool. It contains a thorough discussion of Chapter 11 law and practice, including significant changes in: exclusivity; key employee retention plans; pre-petition severance pay; the debtor's ability to retain turnaround specialists; conversion and dismissal of cases; the obligation of creditors' committees to share information with members of the constituencies; and the way in which small business and single-asset real estate cases are conducted. This authoritative volume also brings you legal analysis and practical guidance on such subjects as: bankruptcy court jurisdiction; voluntary and involuntary petitions; creditors' committees; managing and operating the debtor and its business, including obtaining post-petition financing; treatment of secured creditors; dealing with executory contracts and unexpired leases; filing and allowance of proofs of claims and interests; the content, modification and confirmation of plans of reorganization, including a discussion of how claims may be classified; the effect of plan confirmation; and post-confirmation appeals and plan consummation. Reorganizations Under Chapter 11 of the Bankruptcy Code will keep you current on the latest statutory and regulatory developments while briefing you on the often conflicting decisions handed down by the courts

A Practical Guide in Five Steps Most executives will lead or be a part of a reorganization effort (a reorg) at some point in their careers. And with good reason—reorgs are one of the best ways for companies to unlock latent value, especially in a changing business environment. But everyone hates them. No other management practice creates more anxiety and fear among employees or does more to distract them from their day-to-day jobs. As a result, reorgs can be incredibly expensive in terms of senior-management time and attention, and most of them fail on multiple dimensions. It’s no wonder companies treat a reorg as a mysterious process and outsource it to people who don’t understand the business. It doesn’t have to be this way. Stephen Heidari-Robinson and Suzanne Heywood, former leaders in McKinsey’s Organization Practice, present a practical guide for successfully planning and implementing a reorg in five steps—demystifying and accelerating the process at the same time. Based on their twenty-five years of combined experience managing reorgs and on McKinsey research with over 2,500 executives involved in them, the authors distill what they and their McKinsey colleagues have been practicing as an “art” into a “science” that executives can replicate—in companies or business units large or small. It isn’t rocket science and it isn’t bogged down by a lot of organizational theory: the five steps give people a simple, logical process to follow, making it easier for everyone—both the leaders and the employees who ultimately determine a reorg’s success or failure—to commit themselves to and succeed in the new organization.