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Contents: Editorial preface Part I New Thoughts on Insolvency: Catholic social thought and corporate insolvency law, Armin J. Kammel International trade and insolvency, Paul Todd. Part II The Law Reform Imperative: Tranched, squared and derived: credit derivative regulatory reform and the restructuring of insolvent businesses, Janis Sarra Chinaa (TM)s new bankruptcy law: notable features and key enforcement issues, Rebecca Parry and Haizheng Zhang Creating a template for banking insolvency law reform after the collapse of Northern Rock, Roman Tomasic. Part III Issues in Corporate Rescue: Aggrieved shareholders as creditors: an unmapped coordinate in the cartography of Australian insolvency law, Anil Hargovan The Australian corporate rescue provisions: how do they compare?, David Morrison and Colin Anderson. Part IV Issues for Small and Medium Enterprises: The extension of small company voluntary arrangements: a response to the Conservative Partya (TM)s corporate restructuring proposals, John Tribe. Part V Issues in Personal Insolvency: Perspectives on protecting the family home in South African insolvency law, Corlia van Heerden, AndrA(c) Boraine and Lienne Steyn Debt enforcement regimes outside bankruptcy in English law: observations on current diversity and future complexity, David Milman. Part VI The UNCITRAL Projects: Representing the interests of unsecured creditors: a comparative look at UNCITRALa (TM)s legislative guide on insolvency law, Susan Block-Lieb, Juraj Alexander and Evgeny Kovalenko Is the future bright for enterprise groups in insolvency? An analysis of UNCITRALa (TM)s new recommendations, Irit Mevorach Beyond the UNCITRAL model law in Australasia: the scope for bilateral agreements, David Brown Index.

The company law landscape in Malaysia has witnessed a significant change in its insolvency law with the adoption of two new corporate rescue mechanisms, the corporate voluntary arrangement and judicial management under the Companies Act 2016 (CA 2016), which has repealed the Companies Act 1965 (CA 1965). Previously, the insolvency laws under the CA 1965 were based on the traditional pro‐creditor laws of winding up and receivership, which embodied the liquidation culture. This article examines the transition of the insolvency laws in Malaysia from a liquidation culture under the CA 1965 to a corporate rescue culture under the CA 2016. It also reviews the necessary changes to the pro‐creditor laws, which are preserved under the CA 2016 in order to accommodate the pro‐debtor laws with the introduction of the corporate rescue mechanisms, which came into force on March 1, 2018. Through comparative and critical analysis of similar laws in the United Kingdom and Singapore, this article argues that while the corporate rescue mechanisms are regarded as pro‐debtor however the review reveals that the position of secured creditors are impeding its application and reforms ought to be considered.

The credit crisis has introduced a period of turbulence in insolvency law and it is essential that we are clear about the factors that are driving and should drive reforms. Three models of insolvency law reform can be distinguished: the ‘adaptive’, the ‘strategic’ and the ‘redirective’ approaches. An examination of four recently canvassed reforms of corporate rescue procedures raises questions about the ways in which insolvency processes are developed in this commercially important area. The reforms discussed relate to: new court-supervised restructuring procedures; super-priority funding; imports from Chapter 11; and bespoke rules for the financial sector. Seeing insolvency reforms in terms of the three proposed models offers the prospect of increased clarity on the case for legal change. This approach suggests that reform proposals can be assessed with explicit reference to three identifiable questions. Do changes in market conditions or other factors demand adjustments in insolvency law approaches? Are strategic shifts needed in order to advance established objectives? Is there a case for changing the objectives of insolvency law?

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