28. Insolvency

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
Historical Background ◽  
Insolvency Law ◽  
Cross Border ◽  
Corporate Insolvency ◽  
The Cross ◽  
International Airlines

This chapter deals with insolvency and the principles of insolvency law. It begins with a brief historical background on the evolution of insolvency law, from the Bankruptcy Acts of 1883 and 1914 to the Insolvency Act 1986 and its amended versions, along with the Cross-Border Insolvency Regulations 2006. It then considers the basic objectives of insolvency law as it relates to the bankruptcy of individuals and to corporate insolvency. In particular, it highlights the importance of the pari passu principle, as illustrated by the case British Eagle International Airlines Ltd v Cie Nationale Air France (1975). The chapter goes on to discuss the various definitions of insolvency before concluding with an overview of insolvency procedures for both individual insolvency and corporate insolvency.

An Introduction to Corporate Insolvency Law and Reforms in Australia

2019 ◽  
pp. 107-131
Author(s):  
Amit Kumar Kashyap ◽  
Urvashi Jaswani ◽  
Anchit Bhandari ◽  
Yashowardhan S. N. V. Dixit
Keyword(s):  
Australian Government ◽  
Insolvency Law ◽  
Cross Border ◽  
Basic Framework ◽  
Corporate Insolvency ◽  
Model Law ◽  
Insolvency Proceedings ◽  
Legal Infrastructure

The Corporations Act of 2001 regulated the probable insolvency proceedings of all companies incorporated in Australia and companies incorporated or possessing separate legal. For personal insolvency, a specific legislation called Bankruptcy Act is there, but the basic framework of corporate insolvency law has been there since the inception of Corporations Act 2001 enactment, which includes all the aspects of company formation, management, governance, and dissolution. The authors have highlighted recent reforms; however, the main concentration of this chapter is on the legal infrastructure of corporate insolvency law at present as the reforms are not yet in force. The chapter also puts forth the problems faced by corporate debtor and creditors in the proceedings of insolvency resolution and has also expressed the scenario of cross-border insolvency in Australia in light of UNICTRAL Model law of cross-border insolvency which has been adopted by the Australian government in 2008.

28. Insolvency

2020 ◽  
pp. 1013-1046
Author(s):  
D Fox ◽  
RJC Munday ◽  
B Soyer ◽  
AM Tettenborn ◽  
PG Turner
Keyword(s):  
Historical Background ◽  
Insolvency Law ◽  
Equal Footing ◽  
Corporate Insolvency

This chapter deals with insolvency and the principles of insolvency law. It begins with a brief historical background. It then considers the basic objectives of insolvency law as it relates to the bankruptcy of individuals and to corporate insolvency. In particular, it highlights the importance of the pari passu principle to ensure that all creditors participate on an equal footing in the estate in question. The chapter goes on to discuss the various definitions of insolvency before concluding with an overview of insolvency procedures for both individual insolvency and corporate insolvency.

The Debiasing Role of the Cross-Border Insolvency System

2018 ◽  
Author(s):  
Irit Mevorach
Keyword(s):  
International Law ◽  
Law And Economics ◽  
Optimal Solutions ◽  
Insolvency Law ◽  
Cross Border ◽  
System P ◽  
The Cross ◽  
Decision Making Biases ◽  
Do So

This chapter explores what the reasons for deviating from modified universalism in practice may be. To do so, it draws on behavioural international law and economics. The chapter argues that certain decision-making biases may play a role in cross-border insolvency and can explain both negative inclinations and instances of lack of cooperation, as well as the relative success of modified universalism. The key argument here is that instead of yielding to territorial inclinations, cross-border insolvency law has a debiasing role to play. It should attempt to align choices with optimal solutions, overcoming biases, and should also close gaps in the cross-border insolvency system in line with modified universalism.

Cross-Border Insolvency Law in BRIC

2019 ◽  
pp. 13-34
Author(s):  
Amit Kumar Kashyap ◽  
Anchit Bhandari ◽  
Aakanksha Tiwari
Keyword(s):  
Emerging Economies ◽  
Insolvency Law ◽  
Stable Law ◽  
International Standard ◽  
Cross Border ◽  
The World ◽  
The Cross ◽  
Model Law

The effective cross-border insolvency regimes are absent in many emerging economies around the world, and the BRIC nations are not the exception to this fact. Nevertheless, law on cross-border insolvency, which establishes the international standard in this area, is not addressed by domestic laws of these nations. This has led to a glaring gap in international insolvency regime. Where there is the absence of any uniform and stable law, however, the UNCITRAL model law on cross-border insolvency establishes the international standard that could be followed by any country. The chapter addressed the insolvency law regime in BRIC nations and has made an attempt to analyze the cross-border insolvency regulations in said countries in light of UNICITRAL model law on cross-border insolvency.

The Framework of Corporate Insolvency Law

2017 ◽  
Author(s):  
Hamish Anderson
Keyword(s):  
Critical Examination ◽  
Present Position ◽  
Insolvency Law ◽  
Historical Perspectives ◽  
Cross Border ◽  
Rational Explanation ◽  
Points Of View ◽  
Corporate Insolvency ◽  
Definition Of ◽  
Insolvency Proceedings

This book provides a critical examination of modern English corporate insolvency law, in particular the procedures under the Insolvency Act 1986, from both conceptual and functional points of view. It focuses throughout on identifying a rational explanation for the form that the rules and institutions of the modern law take or, where there is no such rational explanation, the history which has resulted in the present position. A central theme of the book is that the nature and fundamental purpose of insolvency proceedings themselves dictate many of the features of English insolvency proceedings. For example, collective execution on behalf of creditors necessitates definition of the insolvent estate and the provision of rules concerning provable debts and transaction avoidance. Many key features of the insolvency procedures are therefore essentially matters of practicality rather than principle, albeit practicalities applied justly and fairly. The book covers the nature and purpose of insolvency law; the procedures; the administration, supervision and regulation of insolvency proceedings; the insolvent estate and transaction avoidance; investigation and wrongdoing by directors; phoenixism and pre-packing; distribution of the insolvent estate; and, lastly, cross-border insolvency. It examines the various principles of insolvency law in the context of practice, drawing upon historical perspectives where appropriate. By explaining how the law takes the form that it does, the book promotes an understanding of the present law and institutions as a whole, and shows how this understanding might inform future developments.

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