Schemes of arrangement are an important and flexible mechanism, which can be used to reorganise a company's capital. Schemes have undergone a renaissance over the last twenty years, particularly as a debt restructuring device in the aftermath of the 2008 financial crisis when companies and their advisors have needed to develop effective tools for dealing with financial distress. The COVID-19 pandemic has provided a further incentive for jurisdictions to ensure that they have an effective debt restructuring mechanism in place. Schemes have also become the mechanism of choice for recommended takeovers. This book performs a critical, contextual and comparative analysis of schemes and their uses, examines recent developments in this area, including the Corporate Insolvency and Governance Act 2020, and considers whether further reform is needed to ensure that schemes continue to develop as an indispensable tool for companies for the future.

‘From an EU perspective, schemes of arrangement will remain the 'gold standard' for efficient and timely court-based restructurings. This book provides the most informative and detailed examination of schemes in law and practice available. If you wish to know how they work, how they compare to a restructuring plan or a company voluntary arrangement (CVA), or how they can help foreign companies even after Brexit, Jennifer Payne’s second edition will leave none of your questions unanswered.’

Stephan Madaus - Professor of Civil Law, Civil Procedure and Insolvency Law, Martin Luther University Halle-Wittenberg

‘The importance of schemes of arrangement in insolvency law goes well beyond the UK borders. The attractiveness of the instrument has shaken European insolvency law, even triggering legal reform across Europe. Professor Payne’s book is the single most important academic contribution on schemes, and, as such, a must-read for both academics and practitioners alike.’

Ignacio Tirado - Secretary-General, UNIDROIT