The English scheme of arrangement process has, in many ways, proved a reliable friend to distressed companies and their majority finance creditors in the decade following the financial crisis. However, experience of using the scheme process to achieve a debt restructuring has highlighted a number of areas where it could be improved for the present, or to make it more adaptable in the future. This article was written at a time when the Insolvency Service had launched a review of the corporate insolvency framework in the UK (and published many of the responses which it has received to the consultation), and the European Commission had published a proposal for a new Directive setting minimum harmonisation standards for restructuring law. Both the consultation and the proposal have significant implications for the reform agenda, and the Government has published its response to the UK consultation just as this article is going to press. This paper focuses on the introduction of a preliminary moratorium as a gateway to restructuring efforts, the crucial question of how to value the enterprise if a cram down mechanism is introduced and the role of the insolvency practitioner in the scheme context.

中文翻译：

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关于英国《遇险安排法》和改革建议的思考

在金融危机之后的十年中，英国的安排方案流程在许多方面已证明是陷入困境的公司及其多数财务债权人的可靠朋友。但是，使用计划程序来实现债务重组的经验表明，目前可以改进或在将来使其更具适应性的许多领域。本文是在破产管理署对英国的公司破产框架进行审查（并发布了其对咨询的许多答复）以及欧洲委员会已经发布了一项新的提案时撰写的。指令为重组法律设定了最低统一标准。磋商和提案都对改革议程产生重大影响，在本文付印之际，政府已发布了对英国磋商的回应。本文的重点是引入初步的暂停措施，以此作为重组工作的门户，是关键的问题，即如果采用强制降息机制，如何对企业进行估值，以及破产从业者在计划背景下的作用。