Municipalities in Financial Distress
Subtitle
An Environmental, Social and Governance Critique
This timely book argues that long-term recovery and sustainability for municipalities in financial distress requires a modularly tailored decision-making process, incorporating environmental, social, and governance (ESG) considerations.
Expert authors provide an in-depth comparison of the legal approaches to municipal distress in the United Kingdom, the United States and South Africa, documenting the effectiveness of diverse strategies in different legal and cultural contexts. Examining the extent to which local governments in these jurisdictions are accountable for their financial decisions, the authors analyse the responsibilities of locally elected officials to the public and future generations. They identify and interrogate legal frameworks and mechanisms, drawing on their extensive experience, relevant policy frameworks, and key judicial decisions. Chapters provide a critical assessment of ESG factors in the context of the management and the restructuring of municipalities and outline recommendations for local decision makers, policymakers and regulators worldwide.
This book is beneficial to scholars and students of insolvency law and administrative law and provides a multifaceted view of municipal financial distress. It is also of interest to foreign policymakers, professionals, think-tanks and civil servants seeking a comparative overview of the key features of different approaches to restructuring local entities in distress.
Bio
Laura Coordes is a Professor of Law at Arizona State University's Sandra Day O'Connor College of Law. Her research focuses on bankruptcy and financial distress and includes commercial law, large corporate reorganizations, international and comparative insolvency law, and local government finance and policy. She teaches Chapter 11 Bankruptcy, Advanced Bankruptcy, Secured Transactions (in-person and online), and Contracts. Professor Coordes is an active member of the American Bankruptcy Institute (ABI) and was honored as a member of the ABI's 40 Under 40 in 2020. Professor Coordes served on the board of the American Bankruptcy Law Journal from 2019 until 2022 and is an Honorary Master of the Arizona Bankruptcy American Inn of Court. She also serves on the Education Committee for Credit Abuse Resistance Education (CARE). Professor Coordes is currently serving as the Reporter for the Uniform Law Commission's Drafting Committee on Assignments for the Benefit of Creditors. With Charles Tabb and Kara Bruce, she is author of The Law of Bankruptcy (6th ed.). She is also a contributor to SLoGLaw Blog and a contributing editor for Bankruptcy Law Letter. Professor Coordes received her J.D. with honors from The University of Chicago Law School, where she was a Bradley Fellow and served on The University of Chicago Law Review. She completed a legal fellowship at the Student Press Law Center after receiving her degree. Before coming to the College of Law, Professor Coordes practiced in the Business, Finance and Restructuring Department at Weil, Gotshal & Manges in New York.
Praise for this book
The urban local bodies are principal catalysts for guiding urbanization. Unlike corporate bodies, municipalities cannot simply file for bankruptcy in the event of financial distress because of their fixed public service obligations. How, then, are these threats to be managed? Municipalities in Financial Distress addresses this question and offers a valuable resource for policymakers and researchers seeking to understand and mitigate the risks of financial collapse of municipalities.
Sumant Batra Insolvency Law Academy, India
This book explores municipal financial distress, offering an in-depth comparative analysis of the US, UK and South Africa’s respective approaches towards resolving such issues....The book provides a fresh approach to the topic and is a vital read for policymakers and scholars in the field.
André Boraine University of Pretoria, South Africa
