Corporate insolvency law notes

We have updated this note to add reference to Part Amoratoriums and Part 26A restructuring plans as introduced by this legislation. A person who is not solvent is insolvent. These notes are a compilation of lecture materials, cases, legislation , the study guide and weekly readings. The notes cover all topics that are assessed in the exam as well as the assignment topic.

Throughout the notes there are summaries and analyses of cases, legislation, examples and tips for the exam and assignment. Insolvency law pre-dates company law by several centuries. INTRODUCTION TO INSOLVENCY LAW 1. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive during a period of unprecedented interruption and turmoil. The chapter also covers the contractual resolution of financial distress.

Where a contract was entered into by a receiver in the proper performance of the receiver’s functions, the receiver has, subject to the rights of any prior encumbrances, an indemnity in respect of any liability relating to the property. In the past fifteen years corporate insolvency law in the UK has been radically reshaped mainly by means of the Enterprise Act. As a result corporate rescue has become increasingly a fashionable topic, which has long been a subject of global interest.

It has been commanding very significant legislative, academic and professional attention. An SI containing regulations under section to. Explain the common- law meaning of the phrase “any body corporate ”. The court gave the common- law meaning of “any body corporate ” as an association of individuals capable of holding property and of suing and being sued in its corporate name, or a universitas having the capacity to acquire certain rights apart from the rights of the. Company law and insolvency Introduction: There had been innumerable petitions under s. Full text of the Act of Parliament as passed by Parliament (this is the Act in its original state. The Act may have been amended by another Act and any such amendments are not shown in this version).

The measures in this Act will relieve the burden on businesses during the. Notes on Green Shoe Option. Under the Bill, where a company enters into an insolvency procedure, any provision in a contract for the supply of goods or services to that company which entitles the supplier to terminate the contract or ‘any other thing’ as a result of the insolvency shall not have effect (except where the company or insolvency office-holder consents). Corporate insolvency and guarantees: overview.

An overview of the impact of corporate insolvency on guarantees. It also considers the effect of foreign corporate insolvency proceedings on English law guarantees. A balance of various objectives serves the purpose of a modern insolvency law system. These findings would enable future reforms in Uganda to be streamlined towards a particular objective rather than a. This paper provides a literature review. It further considers the advantages of the pre-pack approach in corporate rescue and questions whether this pragmatic approach to rescue is capable.

A refereed forum for discussion of personal and corporate insolvency. Penalties Summary Chart. In essence, the most influential initiatives of European Community on the UK company law have as their base Article 54(3)(g) of the EC Treaty14. Generally, UK insolvency law deals with the insolvency of firms in the UK.

This hybrid nature has ramifications for the company issuing the convertible note and investors alike in terms of flexibility, taxation purposes and priority repayments on corporate insolvency. A convertible note can be favourable where the company already has loans. It introduced a number of temporary and permanent measures to restructuring and insolvency law which will affect creditors’ rights in the UK. Explores the framework and fundamental principles of corporate insolvency law , a knowledge of which is essential to an understanding of this complex field. Combines conceptual clarity with a rigorous analysis of the many difficult problems confronting the practitioner.

Member Strength 378and growing. The insolvency law measures in the Bill are “reserved” in relation to Wales, in some respects devolved in Scotland and are fully transferred to Northern Ireland. Since the global financial crisis, insolvency and restructuring law have been at the forefront of law reform initiatives in Europe and elsewhere.

The specific topic of business rescue ranks top on the insolvency law related agenda of both the EU and national legislators faced by a rapid growth of insolvencies, which clearly highlighted the importance of efficient mechanisms for dealing with financially distresse but viable businesses. Core company law textbooks differ in the extent to which they deal with insolvency law , securities regulation and corporate governance. The approach taken in this book to each is set out in the following three sections.