The US and English models for financial restructurings of companies in financial difficulties are fundamentally different. The first edition of this book was written in the wave of restructurings precipitated by the credit crisis which brought into the spotlight arguments that the principles behind the US chapter 11 regime ought to be imported into a UK statutory scheme. Since then, the American Bankruptcy Institute Commission to Study Reform of Chapter 11 has reported, and the European Commission has issued a recommendation on a new approach to business failure and insolvency. Creditors increasingly have security over the debtor’s assets in the US, whilst the very nature of the finance market is changing in the UK. Across much of Europe reform of restructuring procedures is underway or under consideration. This edition is written against a backdrop of reflection and revision, and the corporate chapters seek to contribute three things. First, they seek to identify a coherent body of UK restructuring law from the disparate sources which provide it. Secondly, they provide a comparative functional account of restructuring law in the US and the UK so that each jurisdiction can learn from the other with a view to the development of an effective debt restructuring regime. Finally, they consider the different normative concerns and assumptions of fact which have contributed to the development of law in both jurisdictions, the extent to which these require reconsideration in today’s finance markets, and the implications for restructuring law and practice in the twenty-first century.