This new edition offers detailed legal analysis of international corporate, banking, and sovereign debt restructuring, from the perspective of creditors and debtors. It provides practical guidance to help practitioners, policymakers, and academics in the UK and US to understand current developments in debt restructuring, and it provides solutions for creditors holding distressed debt and debtor options in a distressed scenario. The Corporate Debt section includes significant changes to highlight the impact of COVID-19 on restructurings. It also includes the recent adoption of the Part 26A Restructuring Plans and the EU Restructuring Directive. Amendments to the Bank Resolution section reflect decisions by the Single Resolution Board, and national authority resolution decisions notified to the European Banking Authority. A sub-section on domestic bank insolvency and liquidation covers the developments under the Deposit Guarantee Schemes Directive, and a new chapter addresses the international debate on a special resolution regime for insurance firms. Other updates include the 2017 code of practice, the ‘third country’ branch model after Brexit, non-equivalence regarding depositor protection arrangements, and the Resolvability Assessment Framework. There is detailed coverage of US and UK developments, examining the increased role of sanctions and the possibility of piercing the corporate veil in SoEs (Chrystallex), as well as the increased push for domestic laws to be used to curtail litigation. The book also covers developments in re-designation and the emergence of the ‘pac-man technique’ in the context of collective action clauses. The impact of COVID-19 on the adoption of the Debt Service Suspension Initiative and the Common Framework are also analysed.