The role of the court as a ‘filtering safeguard’

Lydia Tsioli ()

Chapter 5 in Viability in Corporate Debt Restructuring Law, 2025, pp 208-243 from Edward Elgar Publishing

Abstract: Having now examined how the viability assessment unfolds mid-process, the book concludes by focusing on a restructuring's end stage. Chapter 5 analyses the provisions regulating a restructuring's confirmation and finds that the court's role vis-à-vis viability at this stage is that of a ‘filtering safeguard’: the court ensures that the viability assessment has indeed been duly conducted by creditors throughout the restructuring, under conditions that would allow such an assessment to be fairly made and thus be relied upon. This is the case under both the American and English frameworks. Chapter 5 concludes by looking at how the Directive's relevant provisions, which are in principle aligned with the above ‘filtering safeguard’ role, could be optimised under the comparative light of the US and UK.

Keywords: Chapter 11 plan confirmation; Scheme of arrangement; Restructuring plan sanction; Feasibility test; Fairness test; Just and equitable; Filtering safeguard (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035350254
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