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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Commercial law
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Corporate Insolvency Law - Theory and Application (Hardcover)
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Corporate Insolvency Law - Theory and Application (Hardcover)
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This volume analyses corporate insolvency law as a coherent whole,
stemming from common fundamental principles and amenable to being
justified or criticised on that basis. The author explains why
consistency of principle must be sought and how it might be found
in the relevant statutory and case law. He then constructs an
egalitarian theory for the analysis of corporate insolvency law,
based on the premise that all the parties affected by this law are
to be treated as equals. He argues that this theory can reconcile
the dictates of fairness with the demands of economic efficiency.
The theory is employed to analyse some of the most important
aspects of insolvency law. Why should the individualistic method of
enforcing claims against solvent companies give way to a collective
method during insolvency? Why are there different formal mechanisms
for dealing with troubled companies? What role does the pari passu
principle play in the distribution of an insolvent company s
assets? The controversial issues of whether and when secured
creditors should be accorded priority over others receive detailed
consideration. The functional role of the floating charge and its
relationship with receivership are also analysed in this context.
The many questions relating to the operation of the new
administration procedure introduced by the Enterprise Act 2002 are
considered in the light of principle. The book also analyses the
role of the wrongful trading provisions. It examines, finally, why
insolvency law objects to certain transactions at an undervalue and
those having a preferential effect. This volume aims to enhance
understanding of this important branch of the law, and to suggest
principled solutions to problems which have not yet received
judicial attention.
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