This is a dynamic time for insolvency law. Many jurisdictions have made or are considering reforms to their insolvency regimes. The United Kingdom has proposed a new standalone restructuring mechanism that incorporates many attributes of Chapter 11, including a cross‐class cram down and the absolute priority rule. A distinctive feature of the UK proposal is the infusion of judicial discretion permitting courts to deviate from the absolute priority rule. This discretion is not permitted in the United States. This judicial discretion addresses a key problem with the application of the absolute priority rule in the United States—it may serve as an impediment to reorganization. This impediment is exacerbated by the recent U.S. Supreme Court decision, Czyzewski v. Jevic Holding Corp., which impacts the effective use of Chapter 11 rescue tools. This article explores the absolute priority rule, the problems associated with it, and the effect of Jevic in the United States. Drawing on the UK reform proposal, I argue that the United States should implement reforms that infuse judicial discretion into the application of the absolute priority rule. Doing so will facilitate the underlying policy goal of rescuing the company in Chapter 11 and also promote a broader policy goal of rescuing the business.

中文翻译：

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在第11章中增强救援：英国改革努力的经验教训

这是破产法动态的时期。许多司法管辖区已经或正在考虑对其破产制度进行改革。联合王国提出了一种新的独立重组机制，该机制合并了第11章的许多属性，包括跨类的压低和绝对优先权规则。英国提案的一个显着特征是融合了司法自由裁量权，允许法院偏离绝对优先权规则。美国不允许这样做。该司法自由裁量权的地址在美国的绝对优先规则的应用的一个关键问题-它可能成为阻碍重组。最近美国最高法院的判决Czyzewski诉Jevic Holding Corp.加剧了这一障碍，这影响了第11章救援工具的有效使用。本文探讨了绝对优先权规则，与之相关的问题以及杰维克在美国的影响。根据英国的改革建议，我认为美国应该实施将司法裁量权注入绝对优先权规则的改革。这样做将有助于在第11章中解救公司的基本策略目标，也将促进更广泛的解救业务的策略目标。