scholarly journals THEORIES OF CORPORATE INSOLVENCY: A PHILOSOPHICAL ANALYSIS OF THE CORPORATE RESCUE MECHANISMS UNDER THE COMPANIES ACT 2016

2021 ◽  
Vol 12 (Number 2) ◽  
pp. 167-202
Author(s):  
Thim Wai Chen ◽  
Ruzita Azmi ◽  
Rohana Abdul Rahman
Keyword(s):  
Theoretical Approach ◽  
Philosophical Analysis ◽  
The Us ◽  
Corporate Insolvency ◽  
Financially Distressed ◽  
The Uk ◽  
Corporate Rescue ◽  
A Company ◽  
The Way

This paper aims to provide an examination of the theories that underpin corporate insolvency as developed in the US and the UK, and apply that to the two novel corporate rescue mechanisms; the corporate voluntary arrangement and judicial management, which are embedded in the Companies Act 2016 (CA 2016) of Malaysia. This paper adopted a doctrinal and theoretical approach to law. The tension in the corporate rescue mechanisms in the CA 2016 between creditors and other stakeholders of a company affected the objectives on corporate insolvency in Malaysia. This paper identified the theories that are reflected in the corporate rescue mechanisms in the CA 2016– a gap within the provisions which was left out in the process that ranged from consultancy and leading up to the drafting of the CA 2016. In addition, the objectives of introducing the corporate rescue mechanisms were identified. These findings may pave the way to reform the corporate rescue law in order to enhance its conformity with the objectives of corporate rescue in Malaysia. This in turn would facilitate the recovery of financially distressed companies and the minimisation of the loss of employment.

Control and Corporate Rescue–An Anglo-American Evaluation

2007 ◽  
Vol 56 (3) ◽  
pp. 515-551 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
Entrepreneurial Culture ◽  
The Us ◽  
Restructuring Process ◽  
Anglo American ◽  
Bankruptcy Code ◽  
The Uk ◽  
Corporate Rescue ◽  
A Company ◽  
Administration Procedure

AbstractThis article compares and contrasts Chapter 11 of the US Bankruptcy Code with the UK administration procedure under the Insolvency and Enterprise Acts. It focuses in particular on who runs a company during the restructuring process—debtor-in-possession or management displacement in favour of an outside administrator. Various reasons have been given to explain the US/UK divergence in this respect including differences in entrepreneurial culture and differences in the lending markets in the two countries. The article suggests that the divergence cannot be reduced to a single factor but instead implicates a complex web of circumstances.

Regulating Natural Monopoly: Are Price Caps an Alternative to Rate of Return Targets?

1994 ◽  
Vol 5 (2) ◽  
pp. 102-120
Author(s):  
Colm Kearney ◽  
Ivo Favotto
Keyword(s):  
Federal Government ◽  
International Experience ◽  
Natural Monopoly ◽  
Rate Of Return ◽  
Price Cap Regulation ◽  
Price Cap ◽  
Price Caps ◽  
The Us ◽  
The Uk ◽  
The Way

As the process of corporatisation and privatisation of both State and Federal Government Business Enterprises gathers pace, increasing attention is being placed on the way in which these organisations are regulated. The Prices Surveillance Authority has recently proposed a change in the way it conducts surveillance of prices from a cost based system to a price cap system. Price capping, as a form of regulation, has been used extensively in the UK and the US for some time. The article argues that the lesson of this international experience is that price caps may not be the answer to the traditional problems associated with cost based regulation and that price caps may have additional disadvantages, particularly incentives for under investment, although it may have some other advantages. Some alternative regulatory options are then examined, mainly involving modifications to both cost based and price cap regulation.

Ordinary Language Philosophy in Aarhus

2020 ◽  
Vol 53 (1) ◽  
pp. 61-83
Author(s):  
Martin Ejsing Christensen ◽  
Thomas Bohl
Keyword(s):  
20Th Century ◽  
Ordinary Language ◽  
Important Influence ◽  
Ordinary Language Philosophy ◽  
World War ◽  
Language Philosophy ◽  
The Us ◽  
The Uk ◽  
Work Done ◽  
The Way

Abstract This paper examines the way in which Ordinary Language Philosophy came to exert an important influence on the work done at Aarhus University’s department of philosophy in the latter half of the 20th century. The first section depicts the rise of Ordinary Language Philosophy as an international movement centered around Oxford in the wake of World War ii. The second section goes on to describe how it was brought to Aarhus by Professor Justus Hartnack, who had been deeply influenced by the movement during stays abroad in the UK and the US. The following three sections move on to describe some of the important ways in which Ordinary Language Philosophy has influenced the work of three of Hartnack’s most prominent students (Hans Fink, Uffe Juul Jensen and Jørgen Husted), who have influenced the life of the department in crucial ways from the 1970s until recently. Finally, the paper ends by briefly assessing the legacy and contemporary influence of Ordinary Language Philosophy in Aarhus.

Selling English: advertising and the discourses of ELT

English Today ◽  
2004 ◽  
Vol 20 (1) ◽  
pp. 3-10 ◽  
Author(s):  
MARK PEGRUM
Keyword(s):  
New Zealand ◽  
Lingua Franca ◽  
Outer Circle ◽  
The Us ◽  
Expanding Circle ◽  
English Speaking ◽  
Inner Circle ◽  
The Uk ◽  
The Way

FOR SOME time, a growing chorus of voices has been expressing concern over the way in which English is promoted by English-speaking countries, primarily the UK, the US, Canada, Australia and New Zealand (cf. Phillipson 1992, Pennycook 1994 & 1998, Canagarajah 1999, Skutnabb-Kangas 2000). Identified by Kachru (1985) as the ‘inner circle’ countries, these make vast profits from linguistic sales to ‘outer circle’ countries such as Singapore and India – despite the fact that the latter have largely developed their own Englishes – and even more so to the ‘expanding circle’ of countries which require access to the default international lingua franca.

21. Corporate rescue

Company Law ◽  
2019 ◽  
pp. 599-621
Author(s):  
Lee Roach
Keyword(s):  
The Law ◽  
The Uk ◽  
Corporate Rescue ◽  
Rescue Mechanism ◽  
A Company ◽  
Rescue Procedure ◽  
Binding Agreement

This chapter examines the rationale behind the rescue culture and the two principal rescue mechanisms: administration and the company voluntary arrangement. The UK has sought to adopt a rescue culture, under which the law offers struggling companies access to several rescue mechanisms. The principal rescue mechanism is administration, under which an administrator is appointed to try and fulfil the purpose of administration. An administrator can be appointed by the court; the holder of a qualifying floating charge; or the company or its directors. A moratorium is imposed once a company enters administration, which prevents certain actions from proceedings. Meanwhile, a company voluntary arrangement is a rescue procedure that allows a company to enter into a binding agreement with its creditors. A company voluntary arrangement begins with a proposal being made, and that proposal must then be approved by the company and creditors.

Why Comrades Go to War

2017 ◽  
Author(s):  
Philip Roessler ◽  
Harry Verhoeven
Keyword(s):  
World War Ii ◽  
Political Institutions ◽  
Central Africa ◽  
Organizational Structures ◽  
Great War ◽  
World War ◽  
The Us ◽  
The Uk ◽  
Pyrrhic Victory ◽  
The Way

In October 1996, a motley crew of ageing Marxists and unemployed youths coalesced to revolt against Mobutu Seso Seko, president of Zaire/Congo since 1965. Backed by a Rwanda-led regional coalition that drew support from Asmara to Luanda, the rebels of the AFDL marched over 1500 kilometers in seven months to crush the dictatorship. To the Congolese rebels and their Pan-Africanist allies, the vanquishing of the Mobutu regime represented nothing short of a “second independence” for Congo and Central Africa as a whole. Within 15 months, however, Central Africa’s “liberation Peace” would collapse, triggering a cataclysmic fratricide between the heroes of the war against Mobutu and igniting the deadliest conflict since World War II. Uniquely drawing on hundreds of interviews with protagonists from Congo, Rwanda, Angola, Uganda, Tanzania, Ethiopia, Eritrea, South Africa, Belgium, France, the UK and the US, Why Comrades Go to War offers a novel theoretical and empirical account of Africa’s Great War. It argues that the seeds of Africa’s Great War were sown in the revolutionary struggle against Mobutu—the way the revolution came together, the way it was organized, and, paradoxically, the very way it succeeded. In particular, the book argues that the overthrow of Mobutu proved a Pyrrhic victory because the protagonists ignored the philosophy of Julius Nyerere, the father of Africa's liberation movements: they put the gun before the unglamorous but essential task of building the domestic and regional political institutions and organizational structures necessary to consolidate peace after revolution.

Part I Corporate Debt Restructuring, 1 Insolvency in the UK and the US

2016 ◽  
Author(s):  
Olivares-Caminal Rodrigo ◽  
Douglas John ◽  
Guynn Randall ◽  
Kornberg Alan ◽  
Paterson Sarah ◽  
...  
Keyword(s):  
Comparative Approach ◽  
Secured Debt ◽  
Financial Difficulties ◽  
The Us ◽  
Financial Restructuring ◽  
Bankruptcy Code ◽  
Mixed Approach ◽  
The Uk ◽  
A Company

This chapter starts by presenting the case for a comparative approach of the UK and US models for financial restructurings of companies in financial difficulties. It argues that a comparison is useful as the systems used to deal with financial problems are actually very dissimilar. The US has its chapter 11 regime, which is a statutory process under the Bankruptcy Code. This allows a company to restructure under court protection and does not require proof of insolvency. The English system has, by contrast, a mixed approach of contract, common law, and statute and no formal regime specifically designed to achieve a financial restructuring of secured debt. The chapter also considers what changes have occurred since the first edition of this book was published.

scholarly journals Piercing the corporate veil in various jurisdictions – Principled or unprincipled?

2020 ◽  
Vol 16 (2) ◽  
pp. 47-53
Author(s):  
Badar Mohammed Almeajel Alanazi
Keyword(s):  
Limited Liability ◽  
Developed Countries ◽  
Court Cases ◽  
Legal Rules ◽  
The Us ◽  
The Subject ◽  
Piercing The Corporate Veil ◽  
The Uk ◽  
A Company ◽  
Fair Balance

The principle of limited liability of a company has been uniformly adopted by developed countries. In order to ensure a fair balance, the courts agree on occasion to ‘pierce’ or ‘lift’ the corporate veil, which involves imposing liability on the mother company for actions of its subsidiary or individual shareholders, directors, and other involved persons for actions of the company. In this regard, there have been several studies arguing the legal issues associated with the limited liability of a company and piercing the corporate veil such as Schall (2016) and Michoud (2019). This paper compares current veil-piercing practices in three jurisdictions: the UK, the US, and Australia in order to outline the advantages and limitations of the approaches taken by the courts in each country as well as to identify best practices in terms of veil piercing. For that purpose, an analytical approach to the examination of the relevant legal rules, principles, and court cases has been adopted in undertaking the present paper. The paper comes up with a number of specific suggestions and recommendations for improving the regulatory role in regard to the subject of piercing of the corporate veil.

Preventive Debt Restructuring and the Nigerian Draft Insolvency Legislation: Lessons from a Comparative Perspective

2020 ◽  
Vol 28 (1) ◽  
pp. 66-84
Author(s):  
Sanford U. Mba
Keyword(s):  
European Union ◽  
Economic Crisis ◽  
Final Analysis ◽  
The European Union ◽  
Debt Restructuring ◽  
The Us ◽  
Financially Distressed ◽  
Bankruptcy Code ◽  
Second Chance

Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.

The Unassailable Self: Freud's Image Among Post-war American Intellectuals

2017 ◽  
Vol 19 (1) ◽  
pp. 55-75 ◽  
Author(s):  
Katherine Jenness
Keyword(s):  
World War Ii ◽  
Cold War ◽  
External Force ◽  
Sigmund Freud ◽  
Human Being ◽  
World War ◽  
The Us ◽  
Post War ◽  
The Cold War ◽  
The Way

This paper explores the way American intellectuals depicted Sigmund Freud during the peak of popularity and prestige of psychoanalysis in the US, roughly the decade and a half following World War II. These intellectuals insisted upon the unassailability of Freud's mind and personality. He was depicted as unsusceptible to any external force or influence, a trait which was thought to account for Freud's admirable comportment as a scientist, colleague and human being. This post-war image of Freud was shaped in part by the Cold War anxiety that modern individuality was imperilled by totalitarian forces, which could only be resisted by the most rugged of selves. It was also shaped by the unique situation of the intellectuals themselves, who were eager to position themselves, like the Freud they imagined, as steadfastly independent and critical thinkers who would, through the very clarity of their thought, lead America to a more robust democracy.

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