‘Corporate reorganisation’ is something of an umbrella term, and is used in many different contexts to mean a multitude of different things. At one extreme, a reorganisation may refer to ‘paper’ changes to a corporate group’s funding and capital structure that, ultimately, have little or no impact on customers, suppliers or employees of the companies concerned. At the other extreme, a full ‘operational’ reorganisation can involve fundamental changes to the way a business operates, affecting day-to-day trading arrangements with customers and suppliers, having a major impact on employees and affecting regulatory status. It is important to draw a distinction at the outset between the solvent corporate reorganisations that are the focus of this guide, and insolvent or financially distressed restructurings, the latter of which is addressed separately.