Women on corporate boards of public listed companies - a UK and EU gender diversity conundrum

This chapter analyses the current state of affairs in relation to gender diversity on the boards of public listed companies in the UK and the EU. The chapter analyses the proposed European Union (EU) Directive on Women on Company Boards and related matters, the current stage of the proposed Directive and why it has not been adopted for over 7 years. The chapter analyses key conceptual underpinnings that may have contributed to the procedural paralysis in the adoption of the Directive. The position and current state of affairs on women on corporate boards of FTSE listed companies in the UK is examined, as well as initiatives taken by the UK government and institutional players to address this concern. Finally, the chapter analyses why the UK government’s recommendation for FTSE listed companies to achieve a 40 percent representation of women on FTSE boards by 2020 has not been achieved and offers a suggestive solution

The role of the central bank in financial distress management and resolution in developing economies

A decade following the 2007 – 2008 financial crisis, jurisdictions have responded through legislative and policy reforms. However, the role and effectiveness of the central bank in financial distress management and resolution in developing economies has faced increased scrutiny. This treatise analyses the need for an accountable, effective and independent central bank to steer the economy through socio-economic and financial policies

Reinvigorating corporate rescue in developing economies – a Ugandan perspective

This paper analyses the concept of corporate rescue in Uganda as an emerging economy. It explores Uganda’s evolutionary roadmap to a modern insolvency framework and its quest for corporate rescue as sought by the Insolvency Act 2011. The paper then examines why corporate rescue as a policy objective of Uganda’s insolvency law has yet to achieve its intended objectives and offers some avenues on how corporate rescue could be reinvigorated

Corporate insolvency and employment protection: a theoretical perspective

When a company faced with financial difficulties finally enters formal insolvency, several creditor interests are affected. However, the relationship between employees and their employer is more threatened as companies faced with insolvency usually consider cutting labour costs as a mode of restructuring. Other stakeholder interests and mutual expectations such as continuity of employment may be severely altered or cease to exist completely where the company is either liquidated or sold as a going concern. This may prompt various parties with interests in that company to pursue and recover their interests against the debtor company. However, secured creditors such as banks with privately agreed contractual arrangements may choose to pursue their interests by exercising those contractual rights, usually to the detriment of general unsecured creditors like employees. This raises questions as to whose interest should insolvency law seek to protect on corporate insolvency? In other words, what the legitimate aim or goal of insolvency is or ought to be on corporate insolvency. This article will analyse two insolvency specific theories namely; the Creditors’ Bargain Theory (CBT) and the Team Production Theory of Corporate Reorganizations (TPT) and two general theories namely; Marxist Legal Theory and Dworkin’s Interpretative Theory of Law, to examine their normative position on the treatment of employees on corporate insolvency and the impact they would impose on the drive to rescue insolvent but viable businesses. The two general theories (Marxist Legal Theory and Dworkin’s Interpretative Theory) will be analysed in light of insolvencies to establish whether their normative perspectives may inform law and policy justifications on corporate insolvency in a non–specific insolvency perspective. The article will conclude by analysing what the legitimate goal of insolvency law ought to be if a balanced approach to stakeholder interest consideration is to be reached

The call for harmonisation of cross-border insolvency laws to enable cross-border filing and litigation in the East African community

This article analyses the need for the adoption of the UNCITRAL Model Law on Cross-border Insolvency in the East African Community (EAC) to enhance regional cross-border insolvency filing and litigation during the corporate insolvency of companies with assets and interests across the EAC region. The article considers the policy and procedural underpinnings, and challenges faced by EAC States on adoption/harmonisation of the Model Law, and how the adoption of the UNCITRAL Model Law would boost regional co-operation, trade and economic growth, and safeguarding of corporate and creditors interests on corporate cross-border insolvency

The interpretative approach to bankruptcy law: remedying the theoretical limitations in the traditionalist and the proceduralist perspectives on corporate insolvency

The tension between corporate rescue and employment protection laws affects both employees’ and business owners’ policy objectives on corporate insolvency. The theoretical perspectives of both the traditionalists and proceduralists have so far failed to provide a clear approach on how this tension may be balanced or remedied. This paper proposes that this tension may be remedied through interpretation, that is, by adopting Dworkin’s Interpretative Approach to Law

The debtor-in-possession model in the EU insolvency and restructuring framework - a domino effect?

This article analyses the concept of the debtor-in-possession model in EU insolvency and restructuring law, its evolution and the latest iteration under Article 5 of Directive 2019/0123/EU. It also explores whether the DIP model would be a perfect fit for the EU and a missed opportunity for the UK following Brexit

The road to Prest v Petrodel: an analysis of the UK judicial approach to the corporate veil - part 2: post Prest

This article examines the judicial approach to the corporate veil post-Prest v Petrodel Resources Ltd. Analysis is undertaken of the judgment in Prest and of how judges have adapted and applied this judgment in subsequent cases. The article offers an evaluation on whether the judgment in Prest, has indeed, provided much needed clarity on the judicial approach to the concealment/evasion principles as grounds for veil-piercing/lifting. The article concludes by advocating for a return to the use of the doctrine of judicial discretion as a tool for addressing legal matters relating to the corporate veil of incorporation

The road to Prest v Petrodel: an analysis of the UK judicial approach to The Corporate Veil - part 1

This article examines the common law approach to the doctrine of separate legal personality in UK Corporate Law, its origin, development and the challenges encountered by judges in the interpretation and application of this doctrine. The article also analyses the grounds/circumstances upon which this doctrine may be disregarded by the judges to ‘lift/pierce’ the corporate veil. The article then analyses the judicial interpretative approaches to dichotomies and metaphors, such as ‘concealment/evasion’ and ‘shame/façade’ et cetera. The conclusion explores whether the UKSC decision in Prest v Petrodel Resources Ltd has, indeed, provided much needed clarity in the common law approach to the corporate veil