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This work deals with the liability of the holding company for the
debts of its insolvent subsidiaries. In analyzing the current
position under English law, the work challenges as outmoded and
inadequate the virtual dogma that a holding company is not
answerable for the debts of its insolvent subsidiaries. The study
identifies four separate and distinct types of behavioural
practices within corporate groups which may prejudice the interests
of external creditors or otherwise constitute an abuse of the
corporate form; the subservient subsidiary situation; the
inadequately financed subsidiary situation; the integrated economic
enterprise situation; and the group persona situation. After
weighing the various arguments for and against a change in the law
and concluding that reform is called for, the study proceeds to
submit some radical proposals for reform. The basic thrust of the
reform proposals is that in a number of well-defined situations
entity law should give way to an enterprise analysis and holding
company liability should be imposed for the debts of insolvent
subsidiaries.
This work deals with the liability of the holding company for the
debts of its insolvent subsidiaries. In analyzing the current
position under English law, the work challenges as outmoded and
inadequate the virtual dogma that a holding company is not
answerable for the debts of its insolvent subsidiaries. The study
identifies four separate and distinct types of behavioural
practices within corporate groups which may prejudice the interests
of external creditors or otherwise constitute an abuse of the
corporate form; the subservient subsidiary situation; the
inadequately financed subsidiary situation; the integrated economic
enterprise situation; and the group persona situation. After
weighing the various arguments for and against a change in the law
and concluding that reform is called for, the study proceeds to
submit some radical proposals for reform. The basic thrust of the
reform proposals is that in a number of well-defined situations
entity law should give way to an enterprise analysis and holding
company liability should be imposed for the debts of insolvent
subsidiaries.
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