Source Currency: First edition, published October 2026. Liability Management Exercises: Law and Practice is the first comprehensive practitioner text on liability management exercises (LMEs) across the UK, US and Canada. It provides detailed, comparative guidance on the legal, documentary and strategic considerations involved, from assessing documentary capacity and structuring transactions to anticipating litigation risk and evaluating court-driven alternatives. The book examines the principal forms of LME, including drop-downs, uptiers, double dips, distressed exchanges, pari-plus transactions and hunter-gatherer structures. It explains their commercial rationale and the provisions that enable or constrain them, covering covenant flexibility, amendment mechanics, intercreditor dynamics and creditor protections. Analysis of leading cases, including Serta Simmons and Mitel, places these techniques within the wider restructuring landscape.