I am very pleased to present this tenth edition of The Restructuring Review. As with the previous editions, our intention is to help general counsel, private practice lawyers and the public sector understand the conditions prevailing in the global restructuring market in 2017, with a view to the coming year, and to highlight some of the more significant legal and commercial developments and trends that have been evident in recent years and that are expected to be significant in the future.

The global economic situation continues to be uncertain, presenting an interesting market for restructuring and insolvency practitioners. While, as in previous years, politics continues to throw up surprising and disruptive events as populations grapple with the competing forces of globalisation and culture, some of the more pessimistic predictions of recent times have not, in fact, come to pass.

Nevertheless, as the political implications of, among other factors, Brexit and mass immigration continue to be worked out in Europe and beyond, at a more fundamental level the realisation is dawning on many that a turn in the economic cycle may be approaching and that the severe economic crisis of 2008-9 may not be an isolated event. For example, the Bank for International Settlements has recently warned that the global economy is trapped in a perpetual boom-bust cycle and that, as debt levels continue to swell, a severe reckoning may be imminent.

Beyond finance, the perennial tensions surrounding the Middle East, Russia and South East Asia show no indication of being resolved. In a rapidly changing global environment, the tentative peace between the great powers that has prevailed since the mid-twentieth century seems ever more fragile.

While, of course, no credible predictions as to the consequences of the above factors for insolvency and restructuring activity are possible, past experience has taught us that where there is uncertainty and stress there is a healthy restructuring market. As such, the tenth edition of this work continues to be relevant and important, in particular, as a result of the cross-border nature of many corporate restructurings.

I would like to extend my gratitude to the contributors from some of the world's leading law firms who have given such valuable support and cooperation in the preparation of this work, and to our publishers, without whom this work would not have been possible.

Christopher Mallon

Skadden, Arps, Slate, Meagher & Flom (UK) LLP


July 2017