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An earlier version of this paper was presented at the CLC Harris Manchester NUS Schemes of Arrangement Conference on 12 January 2017. The author is grateful to Jay Westbrook, John Armour and other participants at the conference for comments. The author is also grateful to Janis Sarra for comments. The usual disclaimers apply.London School of Economics und Political ScienceLondonUnited Kingdom of Great Britain and Northern Ireland'], 'affiliations': [{'raw_affiliation_string': 'Associate Professor of Law at the London School of Economics and Political Science. An earlier version of this paper was presented at the CLC Harris Manchester NUS Schemes of Arrangement Conference on 12 January 2017. The author is grateful to Jay Westbrook, John Armour and other participants at the conference for comments. The author is also grateful to Janis Sarra for comments. 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