6 research outputs found

    Reforming The Governance Of Corporate Rescue: The Enterprise Act 2002

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    English corporate insolvency law has been reshaped by the Enterprise Act 2002. The Act was intended to ‘to facilitate company rescue and to produce better returns for creditors as a whole’. Administrative receivership, which placed control of insolvency proceedings in the hands of banks, is for most purposes being abolished. It is being replaced by a ‘streamlined’ administration procedure. Whilst it will still be possible for banks to control the appointment process, the administrator once in office owes duties to all creditors and must act in accordance with a statutory hierarchy of objectives. In this article, we seek to describe, and to evaluate, this new world of corporate rescue.corporate insolvency, corporate rescue, secured credit

    PRIORITY AS PATHOLOGY: THE PARI PASSU

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    Consistency of Principle in Corporate Insolvency

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    The objective of this thesis is to produce a systematic and principled study of the theory of some of the most important aspects of English corporate insolvency law. It aims to present this body of law as a coherent whole, stemming from common fundamental principles, and amenable to being justified or criticised on that basis. At a high level of abstraction, the principle which is argued to underlie the law governing corporate insolvency is that all the parties affected by it are to be regarded as worthy of equal care and concern. This implies that equal attention and respect must be accorded to the interests of them all. To the extent that it succeeds in being egalitarian in this way, the law is fair and just. The argument draws on the work of John Rawls and Ronald Dworkin to construct a framework within which the relevant rules and principles of insolvency law can be tested for compliance with this fundamental requirement. The argument is also very much alive to considerations of economic efficiency. The thesis consists of seven chapters. English insolvency law is of course very diverse and has evolved over a considerable period of time. It would be surprising if it did not reflect the influence of the numerous political and ideological struggles which would have been part of the legislative and judicial context at various stages of its development. Given this undeniable fact, the very notion that some common fundamental principles could be found woven into it as a whole has been questioned. The first chapter presents a way of understanding the project of the paper, and thus of meeting this objection. The second chapter examines and criticises the Creditors' Bargain, the best-known analytical and justificatory model in insolvency law. The third constructs an alternative (referred to as the Authentic Consent Model) while seeking to avoid the various shortcomings which it identifies in the Bargain and in other approaches extant in the literature. Chapters four, five, and six deploy the new Model alongside of economic analysis to examine three of the most basic features of English insolvency law, namely, the pari passu principle, the priority accorded to secured claims, and the liability of directors for wrongful trading. The seventh chapter concludes

    Consistency of principle in corporate liquidation

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    Available from British Library Document Supply Centre- DSC:DXN061843 / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo
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