This timely new work evaluates the law regarding pre-insolvency proceedings. Setting the law in context, the book provides a conceptual framework for ideal practice, illustrating the implications of the new regime with specific practical examples. The book features a comprehensive discussion of the key principles underlying restructuring proceedings and explains the purpose of, and justification for, pre-insolvency proceedings. It provides answers to a number of important issues that are still undecided and the subject of debate. In particular, the book provides detailed analysis of the system of voting in classes, and it offers an in-depth discussion of the appropriate criteria for confirmation and cram-down together with consideration of the little-understood underlying economic issues. It also includes analysis of the key aspects of valuation and the applicable valuation standards in the context of restructuring, much needed as the incidence of judicial valuation arises in the context of cram-down.A comparative analysis and critique of UK schemes of arrangement and US Chapter 11 procedure is also included, giving readers a good understanding of the key features of both systems and enabling them to identify and learn from the differences. The author also proposes an outline of ideal pre-insolvency proceedings, setting out general and specific requirements for ensuring flexibility, efficiency, and effectiveness.