Corporate Insolvency Law: Perspectives and Principles

Corporate Insolvency Law: Perspectives and Principles

Corporate Insolvency Law: Perspectives and Principles

Corporate Insolvency Law: Perspectives and Principles

Synopsis

This new edition of Corporate Insolvency Law builds on the unique and influential analytical framework established in previous editions - which outlines the values to be served by insolvency law and the need for it to further corporate as well as broader social ends. Examining insolvency law in the fast-evolving commercial world, the third edition covers the host of new laws, policies and practices that have emerged in response to the fresh corporate and financial environments of the post-2008 crisis era. This third edition includes a new chapter on the growing issue of cross border insolvency and deals with a host of recent developments, notably; the consolidation of the rescue culture in the UK, the rise of the pre-packaged administration, and the substantial replacement of administrative receivership with administration. Suitable for advanced undergraduate and graduate students, professionals and academics, Corporate Insolvency Law offers an organised basis for rising to the challenges of an ever-shifting area of the law.

Excerpt

This book sets out to offer a critical appraisal of modern corporate insolvency law rather than a description of existing statutory rules and case law on the subject. It will nevertheless attempt to set out rules and procedures of corporate insolvency law in sufficient detail to facilitate understanding of the framework and operation of this area of law.

A critical approach is seen as essential here on the grounds that it is impossible to evaluate areas of the law, suggest reforms or develop the law with a sense of purpose unless there is clarity concerning the objectives and values sought to be furthered, the feasibility of operating certain procedures and the efficiency with which given rules or processes can be applied on the ground.

Insolvency is an area of law of increasing importance not merely in its own right but because it impinges on a host of other sectors such as company, employment, tort, environmental, pension and banking law. It is essential, therefore, that the development of insolvency law proceeds with a sense of purpose. If this is lacking, this area of law is liable to be marked by inconsistencies of reasoning and failures of policy, with the result that related legal sectors will also be adversely affected.

The book’s aims are threefold. the first is to outline the law on corporate insolvency (as at November 2001) and the procedures and enforcement mechanisms used in giving effect to that law. Corporate insolvency law will be seen as raising important social, political and moral issues rather than viewed merely as a device for maximising returns for creditors. Questions of stakeholding, community interests and the concerns of employees and the public as well as creditors will thus be discussed.

The second aim is to set out a theoretical framework for corporate insolvency law that will establish benchmarks for evaluating that law and . . .

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