‘The relative priority rule compromises rather than respects priority. It allows for plans giving value to shareholders without trade creditors receiving payments in full, or plans that make provisions for payment to unsecured creditors before preferential or secured creditors receive a full distribution.’ (Gerard McCormack)
Critically discuss the relative priority rule and alternative approaches to rank-ordering of claims in restructuring procedures.
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‘The relative priority rule compromises rather than respects priority. It allows