1/8/2024 0 Comments Cbr data rescue(2006) ‘Overview of the Treatment of Stakeholders in UK Corporate Insolvency Law’ in H. (2005) ‘La Reforma de los Procedimientos de Recuperación de Empresas en Crisis en el Reino Unido’ 3 Revista de Derecho Concursal y Paraconcursal 403-412. Mokal (2005) ‘Reforming the Governance of Corporate Rescue: The Enterprise Act 2002′ Lloyds’ Maritime and Commercial Law Quarterly 28-64.Īrmour, J. (2006) ‘The Proceeds of Office-holder Actions under the Insolvency Act: Charged Assets or Free Estate?’ Lloyds’ Maritime and Commercial Law Quarterly 27-48.Īrmour, J. Walters (2006) ‘Funding Liquidation: A Functional View’ 122 Law Quarterly Review 303-334. (2006) ‘Evaluating the Impact of the Enterprise Act on Corporate Rescue’, mimeo, January, 20pp. Hsu (2006) ‘The Costs and Benefits of Secured Creditor Control in Bankruptcy: Evidence from the UK’, mimeo, June, 44pp. The net effect on recoveries for unsecured creditors appears to be neutral. These quantitative results were supplemented by qualitative research, consisting of interviews with practitioners and regulators.Īnalysis indicates (i) that gross recoveries in the administration cases, under the new law, are significantly higher than those in receivership cases, under the old law but (ii) that insolvency costs are also significantly higher in the administration cases than receivership cases. Work began in February 2006 and was completed by the end of July 2006. To investigate these issues, a new dataset of 348 cases of corporate insolvency commencing between 20 (153 receiverships under the old law and 195 administrations under the new law) was constructed using data from reports filed by practitioners at Companies House. Whether administrations under the new regime result in greater overall realisations (because of the increased accountability) than under the old administrative receivership procedure.Whether the Act has resulted in lower costs for corporate rescue proceedings and.The project sought to investigate the following questions: However the very mechanisms of accountability – increased legal liability – may themselves generate increased costs through legal bills and actions taken to avoid liability. On the one hand, increased accountability may be expected to result in a greater impetus towards efficiency, with the result that better outcomes are achieved for the businesses of distressed companies. Unlike an administrative receiver, who owes duties only to a secured creditor, an administrator owes legal duties to all creditors. To this end, the Act abolished administrative receivership and replaced it with a new, ‘streamlined’ administration proceeding. The corporate insolvency provisions of the Enterprise Act 2002 (‘the Act’) were intended to enhance efficiency and increase accountability in corporate rescue proceedings.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |