The first edition of Corporate Insolvency Law proposed a fundamentally revised concept of insolvency law, intended to serve corporate as well as broader social ends. This second edition takes on board a host of changes that have subsequently reshaped insolvency law and practice, 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. It also considers the implications of recent and dramatic changes in the provision and trading of credit, the movement of an increasing amount of ‘insolvency work’ to the pre-formal insolvency stage of corporate affairs and the arrival, on the insolvency scene, of a new cadre of specialists in corporate turnaround. Looking to the future, Vanessa Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose, and she offers a framework for such an approach.
• Links theory and practice whilst offering a critical approach that challenges conceptual underpinnings and draws on disciplines beyond the law • A substantially revised edition that takes on board the latest legal changes in law and practice, for example the Enterprise Act 2002 on corporate rescue • Examines the shifting boundaries of formal and informal corporate insolvency processes and the changes in the provision and trading of credit, e.g. the pre-packaged administration and the 'fragmentation' of credit
Contents
Introduction; Part I. Agendas and Objectives: 1. The roots of corporate insolvency law; 2. Aims, objectives and benchmarks; Part II. The Context of Corporate Insolvency Law: Financial and Institutional: 3. Insolvency and corporate borrowing; 4. Corporate failure; 5. Insolvency practitioners and turnaround professionals; Part III. The Quest for Turnaround: 6. Rescue; 7. Informal rescue; 8. Receivers and their role; 9. Administration; 10. Pre-packaged administrations; 11. Company arrangements; 12. Rethinking rescue; Part IV. Gathering and Distributing the Assets: 13. Gathering the assets: the role of liquidation; 14. The pari passu principle; 15. Bypassing pari passu; Part V. The Impact of Corporate Insolvency: 16. Directors in troubled times; 17. Employees in distress; Conclusion.
Review
' … this is a valuable addition to the specialist library. … the author is to be congratulated for the sheer amount of work and scholarship that she has put into this book, which should not be off the shelves of any serious student of the subject.' International Company and Commercial Law Review
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