The liquidation process and unsecured creditors: using the resulting trust to restore the balance

Ever since the formation of limited companies became permissible, unsecured creditors have faced a Sisyphean struggle to regularly recover substantial levels of the debts owed to them should corporate creditors enter insolvency. These low recovery rates result in many issues for lenders, including large losses, and in some cases, the insolvency of the lender themselves. The causes of these low return rates are long established and clearly demarcated. They consist of the existence and widespread use of security interests - which remove the majority of the company’s assets upon insolvency occurring - and the statutory priority of distribution, which ensures that parties other than the unsecured creditors have their debts discharged first by the liquidator from the already insufficiently resourced asset pool. English insolvency law has sought to provide some protection to the unsecured creditors through the anti-deprivation and personal liability provisions of the Insolvency Act 1986, which are intended to protect the integrity of the insolvent company’s asset pool. However, as concluded by this thesis, these provisions fail to afford adequate protection as a consequence of their substantive, evidential and remedial limitations, potentially resulting in the distributable assets being misappropriated and out of the reach of unsecured creditors. This thesis therefore analyses the limitations of the existing anti-deprivation and personal liability provisions before concluding as to how and why they fail to adequately protect unsecured creditors. This is done through a doctrinal and theoretical analysis of the provisions, before these conclusions are then tested empirically in two case studies. Given the inadequate protection provided by the Insolvency Act, this thesis then analyses the resulting trust – on which little analysis has been conducted in the context of insolvency – to determine whether it is capable of assisting unsecured creditors to increase their liquidation return rates. This increase is achieved through returning assets beneficially owned by the company to the company, or by preventing parties from becoming unsecured creditors in the first place by removing assets beneficially owned by them from the company. This analysis too will adopt a doctrinal and theoretical methodology, and it is concluded that the resulting trust is able to assist should the requisite factual matrices occur

Public views on the donation and use of human biological samples in biomedical research: a mixed methods study

Objective A mixed methods study exploring the UK general public's willingness to donate human biosamples (HBSs) for biomedical research.<p></p> Setting Cross-sectional focus groups followed by an online survey.<p></p> Participants Twelve focus groups (81 participants) selectively sampled to reflect a range of demographic groups; 1110 survey responders recruited through a stratified sampling method with quotas set on sex, age, geographical location, socioeconomic group and ethnicity.<p></p> Main outcome measures (1) Identify participants’ willingness to donate HBSs for biomedical research, (2) explore acceptability towards donating different types of HBSs in various settings and (3) explore preferences regarding use and access to HBSs.<p></p> Results 87% of survey participants thought donation of HBSs was important and 75% wanted to be asked to donate in general. Responders who self-reported having some or good knowledge of the medical research process were significantly more likely to want to donate (p<0.001). Reasons why focus group participants saw donation as important included: it was a good way of reciprocating for the medical treatment received; it was an important way of developing drugs and treatments; residual tissue would otherwise go to waste and they or their family members might benefit. The most controversial types of HBSs to donate included: brain post mortem (29% would donate), eyes post mortem (35%), embryos (44%), spare eggs (48%) and sperm (58%). Regarding the use of samples, there were concerns over animal research (34%), research conducted outside the UK (35%), and research conducted by pharmaceutical companies (56%), although education and discussion were found to alleviate such concerns.<p></p> Conclusions There is a high level of public support and willingness to donate HBSs for biomedical research. Underlying concerns exist regarding the use of certain types of HBSs and conditions under which they are used. Improved education and more controlled forms of consent for sensitive samples may mitigate such concerns.<p></p&gt

Consent for the use of human biological samples for biomedical research: a mixed methods study exploring the UK public’s preferences

OBJECTIVE: A mixed-methods study exploring the UK general public's views towards consent for the use of biosamples for biomedical research.<p></p> SETTING: Cross-sectional population-based focus groups followed by an online survey.<p></p> PARTICIPANTS: 12 focus groups (81 participants) selectively sampled to reflect a range of demographic groups; 1110 survey responders recruited through a stratified sampling method with quotas set on sex, age, geographical location, socioeconomic group and ethnicity.<p></p> MAIN OUTCOME MEASURES: (1) Views on the importance of consent when donating residual biosamples for medical research; (2) preferences for opt-in or opt-out consent approaches and (3) preferences for different consent models.<p></p> RESULTS: Participants believed obtaining consent for use of residual biosamples was important as it was 'morally correct' to ask, and enabled people to make an active choice and retain control over their biosamples. Survey responders preferred opt-in consent (55%); the strongest predictor was being from a low socioeconomic group (OR 2.22, 95% CI 1.41 to 3.57, p=0.001) and having a religious affiliation (OR 1.36, 95% CI 1.01 to 1.81, p=0.04). Focus group participants had a slight preference for opt-out consent because by using this approach more biosamples would be available and facilitate research. Concerning preferred models of consent for research use of biosamples, survey responders preferred specific consent with recontact for each study for which their biosamples are eligible. Focus group participants preferred generic consent as it provided 'flexibility for researchers' and reduced the likelihood that biosamples would be wasted. The strongest predictor for preferring specific consent was preferring opt-in consent (OR 4.58, 95% CI 3.30 to 6.35, p=0.015) followed by non-'White' ethnicity (OR 2.94, 95% CI 1.23 to 7.14, p<0.001).<p></p> CONCLUSIONS: There is a preference among the UK public for ongoing choice and control over donated biosamples; however, increased knowledge and opportunity for discussion is associated with acceptance of less restrictive consent models for some people.<p></p&gt

Solution to the Equations of the Moment Expansions

We develop a formula for matching a Taylor series about the origin and an asymptotic exponential expansion for large values of the coordinate. We test it on the expansion of the generating functions for the moments and connected moments of the Hamiltonian operator. In the former case the formula produces the energies and overlaps for the Rayleigh-Ritz method in the Krylov space. We choose the harmonic oscillator and a strongly anharmonic oscillator as illustrative examples for numerical test. Our results reveal some features of the connected-moments expansion that were overlooked in earlier studies and applications of the approach

Molecular and Optical Properties of Tree-derived Dissolved Organic Matter in Throughfall and Stemflow From Live Oaks and Eastern Red Cedar

Studies of dissolved organic matter (DOM) transport through terrestrial aquatic systems usually start at the stream. However, the interception of rainwater by vegetation marks the beginning of the terrestrial hydrological cycle making trees the headwaters of aquatic carbon cycling. Rainwater interacts with trees picking up tree-DOM, which is then exported from the tree in stemflow and throughfall. Stemflow denotes water flowing down the tree trunk, while throughfall is the water that drips through the leaves of the canopy. We report the concentrations, optical properties (light absorbance) and molecular signatures (ultrahigh resolution mass spectrometry) of tree-DOM in throughfall and stemflow from two tree species (live oak and eastern red cedar) with varying epiphyte cover on Skidaway Island, Savannah, Georgia, USA. Both stemflow and throughfall were enriched in DOM compared to rainwater, indicating trees were a significant source of DOM. The optical and molecular properties of tree-DOM were broadly consistent with those of DOM in other aquatic ecosystems. Stemflow was enriched in highly colored DOM compared to throughfall. Elemental formulas identified clustered the samples into three groups: oak stemflow, oak throughfall and cedar. The molecular properties of each cluster are consistent with an autochthonous aromatic-rich source associated with the trees, their epiphytes and the microhabitats they support. Elemental formulas enriched in oak stemflow were more diverse, enriched in aromatic formulas, and of higher molecular mass than for other tree-DOM classes, suggesting greater contributions from fresh and partially modified plant-derived organics. Oak throughfall was enriched in lower molecular weight, aliphatic and sugar formulas, suggesting greater contributions from foliar surfaces. While the optical properties and the majority of the elemental formulas within tree-DOM were consistent with vascular plant-derived organics, condensed aromatic formulas were also identified. As condensed aromatics are generally interpreted as deriving from partially combusted organics, some of the tree-DOM may have derived from the atmospheric deposition of thermogenic and other windblown organics. These initial findings should prove useful as future studies seek to track tree-DOM across the aquatic gradient from canopy roof, through soils and into fluvial networks

Temporal Controls on Dissolved Organic Matter and Lignin Biogeochemistry in a Pristine Tropical River, Democratic Republic of Congo

Dissolved organic carbon (DOC), lignin biomarkers, and the optical properties of dissolved organic matter (DOM) were measured in the Epulu River (northeast Democratic Republic of Congo) with the aim of investigating temporal controls on the quantity and chemical composition of DOM in a tropical rainforest river. Three different periods defined by stages of the hydrologic regime of the region, (1) post dry flushing period, (2) intermediary period, and (3) start of the dry period/post flush, were sampled. Temporal variability in DOM quantity and quality was observed with highest DOC, lignin concentration (Σ8) and carbon‐normalized (Λ8) values during the flushing period attributed to greater surface runoff and leaching of organic‐rich horizons, with lowest values in the dry period/post flush once source materials were well leached. Chromophoric DOM (CDOM) was strongly correlated to DOC and Σ8 (r2 = 0.85 and 0.83, respectively; p \u3c 0.001), and CDOM quality measurements (SUVA254, spectral slope ratio and fluorescence index) were strongly correlated to Λ8 values (r2 = 0.77, 0.69, and 0.75, respectively; p \u3c 0.001), demonstrating the ability to derive DOC and lignin export and to track DOM quality in tropical riverine systems from simple optical measurements. This study demonstrates similar effects in the variability of DOM quantity and quality due to changing hydrologic inputs for a tropical river as has been previously reported for temperate and northern high‐latitude rivers. Therefore, flushing periods in tropical rivers warrant further study, as they are critical toward understanding ecosystem biogeochemistry as maximal export of freshly leached plant material occurs during this time period

Contextualizing Wetlands Within a River Network to Assess Nitrate Removal and Inform Watershed Management

Aquatic nitrate removal depends on interactions throughout an interconnected network of lakes, wetlands, and river channels. Herein, we present a network‐based model that quantifies nitrate‐nitrogen and organic carbon concentrations through a wetland‐river network and estimates nitrate export from the watershed. This model dynamically accounts for multiple competing limitations on nitrate removal, explicitly incorporates wetlands in the network, and captures hierarchical network effects and spatial interactions. We apply the model to the Le Sueur Basin, a data‐rich 2,880 km2 agricultural landscape in southern Minnesota and validate the model using synoptic field measurements during June for years 2013–2015. Using the model, we show that the overall limits to nitrate removal rate via denitrification shift between nitrate concentration, organic carbon availability, and residence time depending on discharge, characteristics of the waterbody, and location in the network. Our model results show that the spatial context of wetland restorations is an important but often overlooked factor because nonlinearities in the system, e.g., deriving from switching of resource limitation on denitrification rate, can lead to unexpected changes in downstream biogeochemistry. Our results demonstrate that reduction of watershed‐scale nitrate concentrations and downstream loads in the Le Sueur Basin can be most effectively achieved by increasing water residence time (by slowing the flow) rather than by increasing organic carbon concentrations (which may limit denitrification). This framework can be used toward assessing where and how to restore wetlands for reducing nitrate concentrations and loads from agricultural watersheds.This research was funded by NSF grant EAR-1209402 under the Water Sustainability and Climate Program (WSC): REACH (REsilience under Accelerated CHange)NSF grant EAR-1242458 under Science Across Virtual Institutes (SAVI): LIFE (Linked Institutions for Future EarthA.T.H. acknowledges support provided by NSF grant EAR- 1415206 under the Science, Engineering and Education for Sustainability (SEES

Drivers of organic molecular signatures in the Amazon River

Author Posting. © American Geophysical Union, 2021. This article is posted here by permission of American Geophysical Union for personal use, not for redistribution. The definitive version was published in Global Biogeochemical Cycles 35(6), (2021): e2021GB006938, https://doi.org/10.1029/2021GB006938.As climate-driven El Niño Southern Oscillation (ENSO) events are projected to increase in frequency and severity, much attention has focused on impacts regarding ecosystem productivity and carbon balance in Amazonian rainforests, with comparatively little attention given to carbon dynamics in fluvial ecosystems. In this study, we compared the wet 2012 La Niña period to the following normal hydrologic period in the Amazon River. Elevated water flux during the La Niña period was accompanied by dilution of inorganic ion concentrations. Furthermore, the La Niña period exported 2.77 Tg C yr−1 more dissolved organic carbon (DOC) than the normal period, an increase greater than the annual amount of DOC exported by the Mississippi River. Using ultra-high-resolution mass spectrometry, we detected both intra- and interannual differences in dissolved organic matter (DOM) composition, revealing that DOM exported during the dry season and the normal period was more aliphatic, whereas compounds in the wet season and following the La Niña event were more aromatic, with ramifications for its environmental role. Furthermore, as this study has the highest temporal resolution DOM compositional data for the Amazon River to-date we showed that compounds were highly correlated to a 6-month lag in Pacific temperature and pressure anomalies, suggesting that ENSO events could impact DOM composition exported to the Atlantic Ocean. Therefore, as ENSO events increase in frequency and severity into the future it seems likely that there will be downstream consequences for the fate of Amazon Basin-derived DOM concurrent with lag periods as described here.This work was partially supported by National Science Foundation grant OCE-1464396 to Robert G. M. Spencer and funding from the Harbourton Foundation to Robert G. M. Spencer, R. Max Holmes, and Bernhard Peucker-Ehrenbrink.2021-12-1