Asset-based lending has been one of the success stories of the UK debt market over the last decade, enabling businesses to free capital that would otherwise be locked up in receivables, inventory, and other assets and to finance rapid expansion. The onset of the international credit crisis has thrown asset-based lending transactions into sharper relief. When borrowers fail, are asset-based lenders better protected than mainstream bank debt providers? What legal issues determine whether a lender will be able to recover the full amount of its advances from the borrower? This book is for asset-based lenders and their legal advisers, and it explains the options available when the borrower faces insolvency. For those new to the subject, the authors outline how asset-based lending works, as well as the regulatory framework for insolvency. Other topics covered include: the review process, rights of acceleration and termination, the option to continue, financing companies in administration, asset enforcement (receivables, stock, and IP), the syndication aspects of insolvency, and cross-border insolvency issues.