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Cambridge University Press
0521622565 - Corporate Insolvency Law: Perspectives and Principles

Vanessa Finch
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Corporate Insolvency Law

Perspectives and Principles
In this volume Vanessa Finch provides a new way of looking at

corporate insolvency laws and processes. She adopts an
interdisciplinary approach in placing two questions at the
centre of her discussion. Are current English laws and
procedures efcient, expert, accountable and fair? Are
fundamentally revised conceptions of insolvency law needed if
it is to develop in a way that serves corporate as well as broader
social ends?
Topics considered in this wide-ranging study include the
different ways of nancing companies, the causes of corporate
failure and the prospects of designing processes that are rescue
friendly. Alternative ways of distributing the assets of failed
companies are also examined as are allocations of insolvency
risks and the effects of insolvency on a companys directors
and employees.
Finch argues that changes of approach are needed if
insolvency law is to develop with coherence and purpose.
Corporate Insolvency Law: Perspectives and Principles offers a
framework for such an approach. This book has relevance
across the common law world and will appeal to academics,
insolvency professionals and students at advanced
undergraduate as well as graduate level.
Vanessa Finch is a Reader in Law at the London School of
Economics and Political Science where she teaches corporate
law and insolvency law. She has published numerous articles
in these elds and she is a member of the Insolvency Lawyers
Association Academic Advisory Group.
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Corporate Insolvency
Law
Perspectives and Principles
Vanessa Finch
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Vanessa Finch
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published by the press syndicate of the university of cambridge

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cambridge university press
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C Vanessa Finch 2002
This book is in copyright. Subject to statutory exception

and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without
the written permission of Cambridge University Press.
First published 2002
Reprinted 2004
Printed in the United Kingdom at the University Press, Cambridge
Typefaces Lexicon No. 2 9/13 pt. and Lexicon No. 1
System LATEX2 [tb]
A catalogue record for this book is available from the British Library
Library of Congress Cataloguing in Publication data
Finch, Vanessa.
Corporate insolvency law: perspectives and principles / Vanessa Finch.
p.
cm.
Includes bibliographical references and index.
isbn 0 521 62256 5 (hardback) isbn 0 521 62685 4 (pbk.)
1. Bankruptcy Great Britain. 2. Business failures Law and legislation
Great Britain. i. Title.
kd2139.f558 2002
346.4107 8 dc21 2002070893
isbn 0 521 62256 5 hardback
isbn 0 521 62685 4 paperback
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To Rob
and in memory of D.F.G. and M.A.G.
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Contents
Acknowledgements xi
Table of cases xii
Table of statutes and other instruments xxix
List of abbreviations xxxviii
Introduction 1
Part I
Agendas and objectives
The roots of corporate insolvency law 7

Development and structure 8
Corporate insolvency procedures 16
The players 20
The tasks of corporate insolvency law 22
Conclusions 23
Aims, objectives and benchmarks 25

Cork on principles 25
Visions of corporate insolvency law 28
The nature of measuring 43
Conclusions 54
Part II
The context of corporate insolvency law: nancial

and institutional
Insolvency and corporate borrowing 59
Creditors, borrowing and debtors 61
Modes of nancing corporate activity 73
Conclusions 117
vii
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viii
Contents
Corporate failure 120

What is failure? 121
Who denes insolvency? 124
Why companies fail 126
Conclusions: failures and corporate insolvency law 140
Insolvency practitioners 145

The evolution of the administrative structure 148
Evaluating the structure 152
Conclusions 182
Part III
The quest for turnaround
Rescue 187
What is rescue? 187
Why rescue? 189
Approaches to rescue 194
Rescue options 207
Conclusions 210
Informal rescue 211

Assessing the prospects 211
Implementing strategies 216
Conclusions 232
Receivers and their role 234

The development of receivership 235
Processes, powers and duties: the Insolvency Act 1986
onwards 240
Efciency and creditor considerations 249
Expertise and the institution 260
Accountability and fairness 261
Revising receivership 265
Conclusions 269
Administration 273
The rise of administration 273
Efciency 280
Expertise 292
Accountability and fairness 292
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ix
Ministering to administration 294

Conclusions: administration as practical rescue 321
10
Company arrangements 324

Schemes of arrangement under the Companies Act 1985
sections 4257 324
Company voluntary arrangements 331
Reform 336
Conclusions 355
11
Rescuing rescue 358
Part IV
Gathering and distributing the assets
12
Gathering the assets: the role of liquidation 369

The voluntary liquidation process 369
Compulsory liquidation 375
The concept of liquidation 381
Efciency 382
Expertise 395
Accountability 397
Fairness 398
Conclusions: concepts of liquidation 418
13
The pari passu principle: when everyone is equal? 421

Exceptions to pari passu 424
Conclusions: rethinking exceptions to pari passu 447
14
Bypassing pari passu 450

Security 452
Retention of title and quasi-security 464
Trusts 470
Alternatives to pari passu 483
Conclusions 491
Part V
The impact of corporate insolvency
15
Directors in troubled times 495

Accountability 495
Expertise 521
Efciency 540
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Contents
Fairness 548
Conclusions 551
16
Employees in distress 553

Protections under the law 554
Efciency 559
Expertise 564
Accountability 565
Fairness 567
Conclusions 570
Conclusion 573
Bibliography 580
Index 609
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Acknowledgements
I would like to thank all my colleagues at the London School of

Economics who have helped me with this book and who have made the
Law Department such a stimulating environment in which to research law
in its broader contexts.
Particular thanks go to those who have read and commented on drafts:
Rob Baldwin, Hugh Collins LSE and David Milman of the University of
Manchester. I owe a special debt to Judith Freedman of the University of
Oxford for her all-round encouragement and support, and Susan Hunt
must also be singled out for her superbly efcient work with the
manuscript. I am grateful for research assistance to Opeyemi Atawo and
Luke Finch. Finally, I thank Olivia, Luke and Nat for their help and
forbearance during the gestation of this work.
xi
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Table of cases
A Company, Re (No. 0013925 of 1991), ex parte Roussel [1992]

BCLC 562 377
A Company, Re (No. 007923 of 1994) [1995] BCC 634 381
A Company, Re (No. 007070 of 1996) [1997] BCLC 139 380
Abbey National Building Society v. Cann [1991] 1 AC
56 462
ABC Coupler and Engineering Co. Ltd (No. 3) [1970] 1 All ER
656 425
Abels v. Bedrijfsvereniging voor de Metaal-Industrie en de
Electrotechnische Industrie (Case C-135/83) [1987] 2 CMLR
406 559, 5623
Abraham v. Thompson [1997] 4 All ER 362 389
Adams v. Cape Industries [1990] 2 WLR 657 405, 411
Agip (Africa) v. Jackson [1989] 3 WLR 1367 471
Agnew v. Commissioner of Inland Revenue (Re Brumark
Investments Ltd) [2001] 3 WLR 454, [2001] UKPC 28 308
AIB Finance Ltd v. Alsop and Another [1998] BCC 780 457
Alderson v. Temple (1768) 6 Burr. 2235, 97 ER 165 401
Allied Domecq plc, Re [2000] BCC 582 325
Aluminium Industrie Vaassen BV v. Romalpa Aluminium
Ltd [1976] 1 WLR 676 110, 4656
American Express v. Hurley [1986] BCLC 52 245
AMF International Ltd (No. 2), Re [1996] 2 BCLC 9 160
ANC Ltd v. Clark Goldring and Page Ltd [2001] BPIR 568
388, 391
Anderson v. Pringle of Scotland Ltd [1998] IRLR 64 566
Anglo-Austrian Printing and Publishing Co., Re [1895]
Ch 152 516
Anglo-Continental Supply Co. Ltd, Re [1922] 2 Ch 723 325
xii
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xiii
Arbuthnot Leasing International Ltd v. Havelet Leasing

(No. 2) [1991] 1 All ER 591 404
Argylls Ltd v. Coxeter [1913] 29 TLR 355 374
Armour v. Thyssen Edelstahlwerke AG [1990] 3 WLR 810,
[1990] 3 All ER 481, [1991] 2 AC 339 110, 114, 465, 467
Armstrong Whitworth Securities Ltd, Re [1947] Ch 673 374
Artic Engineering Ltd, Re (No. 2) [1986] BCLC 253 529
Associated Alloys Pty Ltd v. ACN (2000) 171 ALR 568 466,
468
Atlantic Computer Systems plc, Re (No. 1) [1992] Ch 505,
[1992] 2 WLR 367, [1990] BCC 859 2778, 2889, 3067
Atlantic Medical Ltd, Re [1992] BCC 653 306
Atlas Maritime Co. v. Avalon Maritime Ltd (No. 1) [1991]
4 All ER 769 410
Automatic Bottle Makers Ltd, Re [1926] Ch 412 114
Ayerst v. C and K Construction Ltd [1976] AC 167 378
B. Johnson & Co. (Builders) Ltd, Re [1955] Ch 634 2456
Baker v. Secretary of State for Trade and Industry [2001] BCC
273 527
Bank of Baroda v. Panessar [1986] BCLC 497 240
Bank of Ireland v. Hollicourt (Contracts) Ltd [2001] 2 WLR
290, [2001] 1 All ER 289, [2001] 1 BCLC 233 (CA) 377
Barclays Bank Ltd v. Quistclose Investments Ltd [1970] AC
567, [1968] 3 All ER 651 47382
Barings plc, Re, Secretary of State for Trade and Industry
v. Baker [1998] BCC 583; (No. 5) [1999] 1 BCLC 433 527
Bath Glass Ltd, Re [1988] 4 BCC 130 521, 526, 531
Bayoil SA, Re [1999] 1 WLR 147, [1998] BCC 988 375
BCCI (No. 8), Re [1997] 3 WLR 909 43940
Beacon Leisure Ltd, Re [1991] BCC 213 400
Bell Group v. Westpac Banking Corp. (1996) 22 ACSR 337
387
Blackspur Group plc, Re (No. 2) [1998] 1 WLR 422, [1998]
BCC 11 523, 536, 549
Blackspur Group plc, Re (unreported, 23 May 2001) 526
Bond Worth Ltd, Re [1979] 3 All ER 919, [1980] Ch 228
4656
Bondina Ltd v. Rollaway Shower Blinds Ltd [1986] 1 WLR 517
510
Borden (UK) Ltd v. Scottish Timber Products Ltd [1979]
3 WLR 672, [1981] Ch 25 466, 481
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Table of cases
Bork International A/S v. Foreningen 101/87 [1988] ECR

3057, [1990] 3 CMLR 701 558
Brady v. Brady [1989] 3 BCC 535 (CA), [1988] 2 All ER 617
(HL) 500, 503, 505, 520
Brelec Installation Ltd, Re, The Times, 18 April 2000 335
Brian D. Pierson (Contractors) Ltd, Re [1999] BCC 26
51314, 516
Brightlife Ltd, Re [1987] Ch 200 80, 306, 426
Brinds Ltd v. Offshore Oil [1986] 2 BCC 98 375
Bristol Airport plc v. Powdrill [1990] Ch 744 277
Bristol and Commonwealth Holdings plc (Joint
Administrators) v. Spicer and Oppenheim (Re British and
Commonwealth Holdings plc No. 2) [1993] AC 426 395
British Eagle International Airlines Ltd v. Compagnie
Nationale Air France [1975] 2 All ER 390, [1975] 1 WLR
758 439, 4434, 450, 4767
Brooks v. Secretary of State for Trade and Industry [1999]
BCC 232 553
Brumark Investments Ltd, Re [1999] NZCA 227, [2000]
1 BCLC 353 3089
Brumark Investments Ltd, Re (Agnew v. Commissioner of
Inland Revenue) [2001] 3 WLR 454, [2001] UKPC 28
3089, 426
Brunton v. Electrical Engineering Corp. [1892] 1 Ch 434 103
BTR plc, Re [1999] 2 BCLC 675 327, 3289
Buchan v. Secretary of State for Employment, Ivey v.
Secretary of State for Employment [1997] IRLR 80 553
Buckingham International plc, Re [1998] BCC 943 435
Bullen v. Tourcorp Developments Ltd (1988) 4 NZCLC
64 412
Burgoine v. London Borough of Waltham Forest [1997] BCC
347 513
Business Computers Ltd v. Anglo-African Leasing Ltd [1977]
1 WLR 57 438
Canada Rice Mills Ltd v. R [1939] 3 All ER 991 405
Carecraft Construction Co. Ltd, Re [1993] 4 All ER 499, [1994]
1 WLR 172 522, 536
Carlen v. Drury [1812] 1 Ves & B 154 501
Carreras Rothmans Ltd v. Freeman Mathews Treasure Ltd
[1985] 1 Ch 207, [1984] 3 WLR 1016 451, 475, 481
Carroll Group Distributors Ltd v. Bourke Ltd [1990] ILRM
285 465
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xv
Castell & Brown Ltd, Re [1898] 1 Ch 315 103

CCG International Enterprises Ltd, Re [1993] BCC 580 306
Cedac Ltd, Re [1990] BCC 555, [1991] BCC 148 524, 5278,
531
Centrebind Ltd, Re [1967] 1 WLR 377 370
Chaigley Farms Ltd v. Crawford, Kaye & Greyshire Ltd [1996]
BCC 957 114
Challoner Club Ltd, Re (in liquidation), The Times,
4 November 1997 472
Charnley Davies Ltd, Re [1990] BCC 605 2789
Charterbridge Corp. Ltd v. Lloyds Bank [1970] 1 Ch 62 409
Chartmore Ltd, Re [1990] BCLC 673 525, 5289, 531
Chohan v. Saggar & Another [1992] BCC 306 405
Christopher Moran Holdings Ltd v. Bairstow [1999] All ER
673 291
Churchill Hotel (Plymouth) Ltd, Re [1988] BCC 112 525, 527
City Equitable Fire Insurance Co., Re [1925] Ch 407 499,
512
Cladrose Ltd, Re [1990] BCC 11 523, 526
Clarence Coffey v. Corchester Finance (unreported,
3 November 1998) 291
Clough Mill Ltd, Re [1985] 1 WLR 111 467
Cloverbay Ltd, Re [1991] Ch 90, [1990] BCC 415 395
Collins v. John Ansell & Partners [2000] ELR 555 558
Commissioners of Inland Revenue v. Kahn (Re Toshoku
Finance (UK) plc) [2000] 3 All ER 938, [2001] BCC 373 383,
424
Compaq Computers Ltd v. Abercorn Group Ltd [1992] BCC
484 465
Connolly Bros Ltd (No. 2), Re [1912] 2 Ch 25 462
Consumer and Industrial Press Ltd, Re [1988] 4 BCC 68 275
Continental Assurance Co. of London plc, Re (sub nom.
Secretary of State for Trade and Industry v. Burrows) [1996]
BCC 888, [1997] BCLC 48, [2001] BPIR 733 51316, 527
Copp, Ex parte [1989] BCLC 13 92
Corbenstoke Ltd, Re (No. 2) [1989] 5 BCC 767 159
Cornhill Insurance plc v. Improvement Services Ltd [1986]
1 WLR 114 123
Countrywide Banking Corporation Ltd v. Dean [1998] BCC
105 (PC) 402
Coutts & Co. v. Stock [2000] BCC 247 377
Credit Suisse First Boston (Europe) Ltd v. Litster [1999] ICR
794 558
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Table of cases
Crestjoy Products Ltd, Re [1990] BCC 23, [1990] BCLC

677 5245, 529
Crigglestone Coal Co., Re [1906] 1 Ch 523 241
Croftbell, Re [1990] BCC 781 209
CU Fittings Ltd, Re [1989] 5 BCC 210 502, 527
Cuckmere Brick Co. Ltd v. Mutual Finance Ltd [1971]
Ch 949 245
Dalhoff and King Holdings Ltd, Re [1991] 2 NZLR 296 412
Dawson Print Group Ltd, Re [1988] 4 BCC 322 527
De Villiers, Ex parte, Re Carbon Developments Ltd
(in liquidation) [1993] 1 SA 493 444
Dean-Willcocks v. Soluble Solution Hydroponics Pty Ltd
[1997] 13 ACLC 833 412
Diplock, Re [1948] Ch 465 471
D. J. Matthews (Joinery Design) Ltd, Re [1988] 4 BCC
513 526, 528
DJan of London Ltd, Re [1993] BCC 646, [1994] 1 BCLC
561 142, 499, 516
DKG Contractors Ltd, Re [1990] BCC 903 51415
Dorchester Finance Co. Ltd v. Stebbing [1989] BCLC
498 499
Dorman Long, Re [1934] 1 Ch 635 325, 328
Douai School Ltd, Re; Re a Company (No. 005174 of 1999)
[2000] BCC 698 286
Douglas Construction Services Ltd, Re [1988] BCLC 397
5267
Downer Enterprises Ltd, Re [1974] 2 All ER 1074 425
Downsview Nominees Ltd v. First City Corporation Ltd
[1993] 2 WLR 86, [1993] AC 295 109, 2456, 2501, 457
Dunlop Pneumatic Tyre Co. Ltd v. Selfridge & Co. Ltd [1915]
AC 847 445
Dyer v. Dyer (1788) 2 Cox Eq 92 472
Eastglen Ltd v. Grafton [1996] BCC 900 387
Eaton v. Robert Eaton Ltd [1988] IRLR 83 553
Ebrahimi v. Westbourne Galleries Ltd [1973] AC 360 376
ECM (Europe) Electronics, Re [1991] BCC 268, [1992] BCLC
814 524, 529
Edennote Ltd, Re, Tottenham Hotspur plc v. Ryman [1996]
BCC 718, [1996] 2 BCLC 389 160, 398
Ellis, Son & Vidler Ltd, Re [1994] BCC 532 243, 472
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xvii
Embassy Art Products Ltd, Re [1987] 3 BCC 292 395

English & American Insurance Co., Re [1994] 1 BCLC
649 471
English & Scottish Mercantile Investment Co. Ltd
v. Brunton [1892] 2 QB 700 103
Equiticorp International plc, Re [1989] BCLC 317 275
Esal Commodities Ltd, Re [1988] 4 BCC 475, [1988] PCC
443 159, 398
Evans v. Rival Granite Quarries [1910] 2 KB 979 103
Evans (C) and Sons Ltd v. Spritebrand Ltd and Sullivan [1985]
1 WLR 317 510
Everson and Barrass v. Secretary of State for Trade and
Industry and Bell Lines Ltd (in liquidation) [2000] IRLR
202 (ECJ) 555
Exchange Travel Agency Ltd v. Triton Property Trust plc
[1991] BCC 341 288, 291
Exchange Travel Holdings, Re [1996] 2 BCLC 524 393
Exchange Travel Holdings Ltd (No. 3), Re [1997] 2 BCLC
579 385
Export Credits Guarantee Dept. v. Turner 1981 SLT 286 472
Ezekiel v. Orakpo [1976] 3 All ER 659 291
Facia Footwear Ltd (in administration) v. Hinchliffe [1998]
1 BCLC 218 505
Fairline Shipping Corporation v. Adamson [1974] 2 All ER
967 510
Fairway Magazines Ltd, Re [1992] BCC 924, [1993] 1 BCLC
643 400, 405
Farmizer (Products) Ltd, Re [1995] BCC 926 513
Firedart, Re [1994] 2 BCLC 340 525
FJL Realisations Ltd, In re [2001] ICR 424 (also reported as
Inland Revenue Commissioners v. Lawrence [2001]
BCC 663) 287, 556
FLE Holdings, Re [1967] 1 WLR 140 401
Fleet Disposal Services Ltd, Re [1995] 1 BCLC 345 471
Flooks of Bristol (Builders) Ltd, Re [1982] Com LR 53 377
Floor Fourteen Ltd, Re, Lewis v. Commissioners of Inland
Revenue [2001] 3 All ER 499, [2001] 2 BCLC 392 383,
3858, 519
Ford AG-Werke AG v. Transtec Automotive (Campsie)
(Transtec Automotive (Campsie) Ltd) [2001] BCC 403
247
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Table of cases
Forster v. Wilson 1843 12 M&W 191 442

G. L. Saunders Ltd, Re [1986] 1 WLR 215 248
Galladin Pty Ltd v. Aimnorth Pty Ltd (1993) 11 ACSR 23 505
Gateway Hotels Ltd v. Stewart [1988] IRLR 281 559
Gertzenstein Ltd, Re [1997] 1 Ch 115 374
Giles v. Thompson [1994] 1 AC 142 389
Glenisla Investments Ltd, Re (1996) 18 ACSR 84 387, 392
Golden Chemical Products Ltd, Re [1976] 1 Ch 300 381
Goldthorpe Exchange Ltd, Re [1995] 1 AC 74 (PC) 472, 475
Gomba Holdings UK Ltd and Others v. Homan and Bird
[1986] 1 WLR 1301, [1986] 3 All ER 94 109, 243, 245, 261,
516
Grayan Building Services Ltd, Secretary of State for Trade
and Industry v. Gray, Re [1995] Ch 241 498, 524, 526
Greenwood, Re [1900] 2 QB 306 377
Greystoke v. Hamilton-Smith [1997] BPIR 24 350
Grifn Hotel Co. Ltd, Re [1941] Ch 129 426
Grove v. Flavel (1986) 4 ACLC 654 504
Grovewood Holdings v. James Capel & Co. [1995] BCC
760 388
Gye v. McIntyre [1991] 171 CLRT 609 442
H & K Medway Ltd, Re [1997] BCC 853 426
Hadjipanayi v. Yeldon et al. [2001] BPIR 487 250, 457
Hamlet International Plc, Re [1998] 2 BCLC 164 65
Hans Place Ltd, Re [1993] BCLC 768 160
Harris Bus Company Ltd, Re (unreported, 16 December
1999) 279
Harris Simons Construction Ltd, Re [1989] 5 BCC 11 276
Harrison Bowden Ltd v. Bowden [1994] ICR 186 558
Hawk Insurance Co. Ltd, Re [2001] BCC 57, [2001] EWCA
Civ 241 327
Hendy Lennox (Industrial Engines) Ltd v. Grahame Puttick
Ltd [1984] 1 WLR 485 466
Henry Brown & Sons v. Smith [1964] 2 Lloyds Rep 476 510
Henry Pound and Sons Ltd v. Hutchins [1889] 42 Ch D 402
240
Hindcastle Ltd v. Barbara Attenborough Associates [1996]
2 WLR 262 373
Hire Purchase Co. v. Richans [1887] 20 QBD 387 372
Holiday Stamps Ltd, Re, The Times, 11 July 1985 377
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Holroyd v. Marshall [1862] 10 HL Cas 191 455

Home and Colonial Insurance Co. Ltd, Re [1930] 1 Ch 102
160
Honeycombe 78 Ltd v. Cummins and Others (unreported,
EAT 100/99) 558
Hooker Investments Pty Ltd v. Email Ltd (1986) 10 ACLR
443 500
Horne v. Chester & Fein Property Development Pty Ltd and
Others (19867) 11 ACSR 485 444, 446
Horsley and Weight Ltd, Re [1982] 3 All ER 1045 5001, 504,
506, 516, 520
Huish v. Ellis [1995] BCC 462 246
Hydrodan (Corby) Ltd, Re [1994] BCC 161, [1994] 2 BCLC
180 213, 513, 535
Illingworth v. Houldsworth [1904] AC 355 80
Imperial Motors (UK) Ltd, Re [1989] 5 BCC 214 275
Inland Revenue Commissioner v. Goldblatt [1972] Ch 498
248
Inland Revenue Commissioner v. Hoogstraten [1985] QB
1077 379
Inland Revenue Commissioner v. Lawrence (In re
Realisations) [2001] BCC 663, [2001] ICR 424 287, 556
Inns of Court Hotel Co., Re 1868 LR 6 Eq 82 403
Istituto Chemioterapico Italiano SpA v. EC Commission
(Case 6, 7/73) [1974] ECR 223 411
J. E. Cade & Son Ltd, Re [1991] BCC 360 376
James, Ex parte, Re Condon 1874 9 Ch App 609 160
Jeffree v. National Companies & Securities Commission
(1989) 7 ACLC 556 502
Jessel Trust Ltd, Re [1985] BCLC 119 328
Joint Liquidators of Sasea Finance Ltd and KPMG [1998]
BCC 216 394
Jones v. Secretary of State for Wales [1997] 1 WLR 1008 155
Joshua Shaw & Sons Ltd, Re [1989] BCLC 362 242
Jules Dethier Equipment SA v. Dassy (Case C-319/94) [1998]
ICR 541 559, 563
Katz v. McNally [1997] BCC 784 3857
Kayford Ltd, Re [1975] 1 All ER 604, [1975] 1 WLR 279
4712, 4747
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Table of cases
Kaytech International plc, Re [1999] BCC 390, [1999] 2 BCLC

351 527, 535
Kerry Foods Ltd v. Creber [2000] IRLR 10 558
Keypack Homecare Ltd, Re [1987] BCLC 409 160, 529
Keypack Homecare Ltd (No. 2) [1990] BCC 117 527, 548
Kinsela v. Russell Kinsela Pty Ltd (1986) 4 ACLC 215 500,
5024, 516
Kleinwort Benson v. Lincoln City Council and Others [1992]
2 AC 349 309
Knight v. Lawrence [1991] BCC 411 251
Kuwait Asia Bank EC v. National Mutual Life Nominees Ltd
[1990] BCC 567, [1991] 1 AC 187 213, 501
L. Todd (Swanscombe) Ltd, Re [1990] BCC 127 511
Landhurst Leasing, Re [1999] 1 BCLC 286 527
Lathia v. Dronseld Bros. Ltd [1987] BCLC 321 109, 148
Leigh Estates Ltd, Re [1994] BCC 292 377
Leisure Study Group Ltd, Re [1994] 2 BCLC 65 354
Leon v. York-O-Matic Ltd [1966] 1 WLR 1450 398
Lewis v. Hyde [1997] BCC 976 401
Leyland DAF Ltd v. Automotive Products plc [1993] BCC 389
116, 425, 469
Leyland DAF, Re / Re Ferranti International [1994] BCC 654:
see also Powdrill v. Watson [1995] 2 AC 394, [1995] BCC 319
190, 244, 286291
Leyland DAF Ltd, Re, [2001] 1 BCLC 419 252, 383, 386, 424
Leyton & Walthamstow Cycle Co. [1901] WN 275 448
Liebert, Re (1873) 8 Ch App 283 401
Lightning Electrical Contractors Ltd, Re [1996] 2 BCLC 302
515
Lindgreen v. L & P Estates Ltd [1968] 1 Ch 572 409
Linton v. Telnet Pty Ltd (1999) 30 ACSR 465 505
Liquidators of West Mercia Safety Wear Ltd v. Dodd [1988]
4 BCC 30 213, 500, 505, 508
Litster v. Forth Dry Docks and Engineering Co. Ltd [1990]
1 AC 546 558
Living Images Ltd, Re [1996] 1 BCLC 348 524
Lloyds Furniture Palace Ltd, Re, Evans v. Lloyds Furniture
Palace Ltd [1925] Ch 853 404
Lo-Line Electric Motors Ltd, Re [1988] 4 BCC 415 523, 527,
52930
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Lomax Leisure Ltd, Re [1999] EGCS 61 291

London and Paris Banking Corporation, Re 1875 LR 19
Eq 444 375
London Pressed Hinge Co. Ltd, Re [1905] 1 Ch 576 455
London Wine Shippers Ltd, Re [1986] PCC 121 472
Lonrho v. Shell Petroleum [1980] 1 WLR 627 500, 505
Lowestoft Trafc Services Co. Ltd, Re [1986] 2 BCC 98, [1986]
BCLC 81 159, 372
M. C. Bacon Ltd, Re [1990] BCC 78, [1991] Ch 127, [1990] BCLC
324 400, 403, 463
M. C. Bacon (No. 2) [1990] BCC 430, [1990] 3 WLR 646
3825, 393, 463, 519
Mackay, Ex parte 1873 LR 8 Ch App 643 451
Majestic Sound Recording Studios Ltd, Re [1988] 4 BCC 519
529
Mancetter Developments Ltd v. Garmanson Ltd et al. [1986]
2 WLR 871 510
Manlon Trading Ltd, Re, Ofcial Receiver v. Haroon Abdul
Aziz [1995] 1 All ER 988 529
Mann v. Secretary of State for Employment [1999] IRLR 566
235, 5545
Maple Environmental Services Ltd, Re [2000] BCC 93 335
Maskelyne British Typewriter Ltd, Re [1898] 1 Ch 133 235
Maxwell Communications Corp., Re [1992] BCLC 465 160
Maxwell Communications Corp., Re (No. 2) [1994] 1 BCLC 1,
[1993] BCC 369, [1994] 1 All ER 737 4404, 450
Maxwell Fleet Facilities Management Ltd (No. 2) [2000] 2
All ER 860 558
McCredie, Re, The Times, 5 October 1999 394
McMeechan v. Secretary of State for Employment [1997]
ICR 549 (CA) 555
McQuisten v. Secretary of State for Employment
(EAT/1298/95, 11 June 1996) 553
Meadrealm Ltd v. Transcontinental Golf Construction Ltd
(1991, unreported) 240, 458
Medforth v. Blake [1999] 3 All ER 97, [1999] BCC 771
24651, 261, 271, 363, 457, 460
Meesan Investments Ltd, Re [1988] 4 BCC 788 289
Meigh v. Wickenden [1942] 2 KB 160 242, 261
Melcast (Wolverhampton) Ltd, Re [1991] BCLC 288 525
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xxii
Table of cases
Michael Peters Ltd v. Farneld & Michael Peters Group plc

[1995] IRLR 190 410
Ministry of Health v. Simpson [1951] AC 251 445
Mirror Group Newspapers plc v. Maxwell [1998] BCC 324
152
Mirror Group Newspapers v. Maxwell and Others [1999]
BCC 684 152
Mitchell v. Buckingham International plc [1998] 2 BCLC
369 398
MMI v. LSE [2001] 4 All ER 223 443, 451
Mond v. Hammond Suddards [2000] Ch 40, [1999] 3 WLR
697 385
Moorgate Metals Ltd, Re [1995] 1 BCLC 503 525
Morphites v. Bernasconi [2001] 2 BCLC 1 511
Morris v. Agrichemicals Ltd (Morris v. Rayners Enterprises
Inc.) (BCCI No. 8) [1997] 3 WLR 909, [1997] BCC 965, [1998]
AC 214, [1997] 4 All ER 568, [1998] 1 BCLC 68 43940
MS Fashions v. Bank of Credit and Commerce International
SA (No. 2) [1993] BCC 70 440
Multi Guarantee Co. Ltd, Re [1987] BCLC 257 471
National Arms and Ammunition Co., Re (1885) 28 Ch D 474
424
National Bolivian Navigation Co. v. Wilson (1880) 5 App
Cas 176 473
National Westminster Bank Ltd v. Halesowen Presswork and
Assemblies Ltd [1972] AC 785 43941, 450
National Westminster Bank plc v. Jones, The Times,
7 July 2000 404
New Bullas Trading Ltd, Re [1993] BCC 251 3069
New Bullas Trading Ltd, Re [1994] BCC 36 (CA) 426
New Generation Engineers, Re [1993] BCLC 435 522
New World Alliance Pty Ltd, Re (Fed. No. 332/94,
26 May 1994) 501
Newport County Association Football Club Ltd, Re [1987]
3 BCC 635 275
NFU Development Trust Ltd, Re [1972] 1 WLR 1548 325
Niagara Mechanical Services International Ltd, Re
(in administration) [2001] BCC 393 473
Nicholson v. Permakraft [1985] 1 NZLR 242 499502,
5047, 516, 520
Nicol v. Cutts [1985] 1 BCC 99 244
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Table of cases
xxiii
Nokes v. Doncaster Amalgamated Collieries [1940] AC 1014

557
Norman v. Theodore Goddard [1991] BCLC 1028 142
Normandy Marketing Ltd, Re [1994] Ch 198, [1993] BCC 879
381
Northwest Holdings plc, Re, Secretary of State for Trade and
Industry v. Backhouse [2001] BCH 7, [2001] EWCA Civ 67
381
Oak Pits Colliery Co., Re (1882) 21 Ch D 322 425
Oasis Merchandising Services Ltd, Re [1995] BCC 911, [1997]
BCC 282 38590, 51314
Ocean Steam Navigation Co. Ltd, Re [1939] Ch 41 326
Ofcial Receiver v. Barnes (Re Structural Concrete Ltd) [2001]
BCC 478 522
Ofcial Receiver v. Cooper [1999] BCC 115 536
Ofcial Receiver v. Vass [1999] BCC 516 527
Ofcial Receiver of Celtic Extraction and Bluestone
Chemicals v. Environment Agency [2000] BCC 487, [1999]
4 All ER 684 373
Oriental Bank Corporation, Re (Macdowells Case) (1886)
32 Ch D 36 378
Osiris Insurance Ltd, Re [1999] 1 BCLC 182 327
Oy Liikenne Ab v. Pekka Liskjarvi and Pentti Juntunen
[2001] IRLR 171 557
Pacic Syndicates (NZ) Ltd, Re (1989) 4 NZCLC 64 412
Palk v. Mortgage Services Funding plc [1993] Ch 330 460
Pamstock, Re [1994] 1 BCLC 716 525
Paramount Airways Ltd (No. 3), Re: reported as Powdrill
v. Watson [1994] 2 BCLC 118, [1995] 2 WLR 312, [1995] BCC
319, [1995] 2 All ER 65, [1995] 2 AC 394 190, 244, 286291
Park Air Services, Re (Christopher Moran Holdings Ltd
v. Bairstow and Ruddock) [1999] BCC 135, [1999] EGCS 17
373
Park House Properties Ltd, Re [1997] 2 BCLC 530 527
Parker-Tweedale v. Dunbar Bank plc [1991] Ch 12 245
Patrick and Lyon Ltd, Re [1933] Ch 786 406, 511
Peachdart, Re [1984] Ch 131 466
Pearl Maintenance Services Ltd, Re [1995] 1 BCLC
449 248
Penrose v. Ofcial Receiver [1996] 1 BCLC 389 515
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More information
xxiv
Table of cases
Pfeiffer (E.) WW Gmbh v. Arbuthnot Factors Ltd [1988]

WLR 150, [1987] BCLC 522 465
PFTZM Ltd, Re [1995] BCC 280 92, 213, 535
Phillips v. Brewin Dolphin Bell Lawrie Ltd [2001] 1 WLR 143
402
Pinewood Joinery v. Starelm Properties Ltd [1994]
2 BCLC 412 405
Plant (Engineers) Sales Ltd v. Davis (1969) 113 Sol Jo 484
374
Polkey v. A. E. Dayton Services Ltd [1988] ICR 142 565
Polly Peck International plc (No. 3), Re [1996] 1 BCLC 428
410
Polly Peck International (No. 4) Re, The Times, 18 May 1998
472
Portbase Clothing Ltd, Re [1993] Ch 388, [1993] BCC 96 383
Potters Oils Ltd (No. 2), Re [1986] 1 WLR 201 22
Powdrill v. Watson (also known as Re Paramount Airways
Ltd) [1995] 2 All ER 65 (HL) 190, 244, 28691
Power v. Sharpe Investments Ltd (Re Shoe Lace Ltd) [1994]
1 BCLC 111 405, 410
Primlaks (UK) Ltd, Re [1989] BCC 710 276
Probe Data Systems Ltd (No. 3), Re [1991] BCC 428, [1992]
BCC 110 528, 531, 534
Produce Marketing Consortium Ltd, Re [1989] 5 BCC 569,
[1989] BCLC 520 142, 212, 51315, 530
Pulsford v. Devenish [1903] 2 Ch 625 160
Purpoint Ltd, Re [1991] BCLC 491 51415
R v. Evans [2000] BCC 901 523, 526
R v. Grantham [1984] 2 WLR 815 212
R v. Holmes [1991] BCC 394 524, 530
R v. Miles (1992) Crim L Rev 657 511
R v. Young [1990] BCC 549 523
RAC Motoring Services Ltd, Re [2000] 1 BCLC 307 325
Radain Bank, Re [1992] BCLC 301 450
Razzaq v. Pala [1997] 1 WLR 1336, [1998] BCC 66 291
Rea v. Barker (1988) 4 NZCLC 6 412
Rea v. Chix (1986) 3 NZCLC 98 412
Realisations, In re (IRC v. Lawrence) [2001] BCC 663, [2001]
ICR 424 287, 556
Regeling v. Bestur van de Bedrijfsvereniging voor de
Metaalnijverheid [1999] IRLR 379 (ECJ) 555
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Table of cases
xxv
Regentcrest plc (in liquidation) v. Cohen [2001] BCC 494

501, 507
Rhine Film Corporation (UK) Ltd, Re [1986] 2 BCC
98 159
Richbell Information Systems Inc. v. Atlantic General
Investments Trust Ltd [1999] BCC 871 375
Robson v. Smith [1895] 2 Ch 118 80, 103
Rolfe Lubell & Co. v. Keith [1979] 1 All ER 860 510
Rolls Razor v. Cox [1967] 1 QB 552 439
Rolus Properties, Re [1988] 4 BCC 446 526
Rother Iron Works v. Canterbury Precision Engineers Ltd
[1974] QB 1 438
Rowbotham Baxter Ltd, Re [1990] BCC 113 285, 294, 457
S. Davies & Co. Ltd, Re [1945] Ch 402 373
St James Court Estate Ltd, Re [1944] Ch 6 326
Salcombe Hotel Development Co. Ltd, Re [1991] BCLC 44
370
Salomon v. A. Salomon & Co. Ltd [1897] AC 22 407, 499
Samuel Sherman plc, Re [1991] BCC 699 526
SAR Schotte GmbH v. Parfums Rothschild SARL, 218/86
[1992] BCLC 235 410
Saunders v. UK [1997] BCC 872 395
SCL Building Services Ltd, Re [1989] 5 BCC 746 285
Scott v. Thomas (1834) 6 C&P 661 401
Secretary of State for Employment v. Spence [1986] ICR 651
558
Secretary of State for Trade and Industry v. Backhouse [2001]
EWCA Civ 67 384
Secretary of State for Trade and Industry v. Baker [1999] 1 All
ER 1017 529
Secretary of State for Trade and Industry v. Bottrill [1999]
IRLR 326, [1999] BCC 177 553
Secretary of State for Trade and Industry v. Collins [2000]
BCC 998 529
Secretary of State for Trade and Industry v. Deverell [2000]
2 WLR 907 92, 213, 414, 498, 535
Secretary of State for Trade and Industry v. Gray [1995]
Ch 241, [1995] 1 BCLC 276 498, 524, 526
Secretary of State for Trade and Industry v. Grifths, Re
Westmid Packaging Services Ltd (No. 3) [1998] BCC 836
523, 526, 529, 548
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xxvi
Table of cases
Secretary of State for Trade and Industry v. Imo Synthetic

Technology Ltd [1993] BCC 549 5212
Secretary of State for Trade and Industry v. Langridge [1991]
Ch 402 524
Secretary of State for Trade and Industry v. McTighe [1997]
BCC 224 526
Secretary of State for Trade and Industry v. Rosenfeld [1999]
BCC 413 529
Secretary of State for Trade and Industry v. Travel Time (UK)
Ltd [2000] BCC 792 380
Secure and Provide plc, Re [1992] BCC 405 380
Sevenoaks Stationers Retail Ltd, Re [1991] Ch 164, [1990]
BCC 765 213, 525, 529
Shamji v. Johnson Matthey Bankers Ltd [1991] BCLC
36 457
Sherborne Associates Ltd, Re [1995] BCC 40 51315
SHV Senator Hanseatische Verwaltungs Gesellschaft mBH,
Re [1997] BCC 112, [1996] 2 BCLC 562 380
Siebe Gorman & Co. Ltd, v. Barclays Bank Ltd [1979] 2
Lloyds Reports 142 305, 3089
SIG Security Services Ltd, Re, Ofcial Receiver v. Bond [1998]
BCC 978 536
Silver Valley Mines, Re (1882) 21 Ch D 381 379
Smith (Administrator of Coslett (Contractors) Ltd)
v. Bridgend CBC (Re Coslett (Contractors) Ltd
(in administration)) [2001] BCC 740 438
Smith and Fawcett Ltd, Re [1942] Ch 304 499, 501
Smith v. Pilgrim (1876) 2 Ch D 127 401
Soden v. British & Commonwealth Holdings plc
(in administration) [1997] BCC 952 446
Southard, Re [1979] 1 WLR 1198 409
Southbourne Sheet Metal Co. Ltd, Re [1991] BCC 732
5289, 531
Sovereign Life Assurance Co. v. Dodd [1892] 1 QB 573 327
Spa Leasing Ltd v. Lovett & Others [1995] BCC 502 405
Specialised Mouldings Ltd, Re (unreported, 13 Feb. 1987)
244, 286
Standard Chartered Bank Ltd v. Walker [1982] 1 WLR 1410
245
Stein v. Blake [1996] 1 AC 243 442
Stocznia Gdanska SA v. Latvian Shipping Co. (No. 2) [1999]
3 All ER 822 389
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Table of cases
xxvii
Sunlight Incandescent Ltd, Re [1906] 2 Ch 728 371

Swan, The (Bridges & Salmon v. Swan, The (Owner)) [1968]
1 Lloyds Rep 5 510
Swift 736 Ltd, Re [1992] BCC 93, [1993] BCC 312 (CA)
5246
Swiss Bank Corp. v. Lloyds Bank Ltd [1981] 2 WLR 893 471
T & D Industries plc and T & D Automotive Ltd, Re [2000]
1 WLR 646 279
Tasbian Ltd (No. 3), Re [1992] BCC 358 528, 531
Taylor v. Standard Gas and Electric Co. (1939) 306 US 307
41011
TBL Realisations plc, Re, 20 March 2001 332
Thirty Eight Building, Re [1999] BCC 260 400
Thomas Saunders Partnership v. Harvey (1990) 9 Trad LR 78
510
Titan International Inc., Re [1998] 1 BCLC 102 381
TLL Realisations Ltd, Re, Secretary of State for Trade and
Industry v. Collins [2000] BCC 998 529
Toshoku Finance plc, Re, as Commissioners of Inland
Revenue v. Kahn [2000] 3 All ER 938, [2001] BCC 373,
[2002] BCC 110 (HL) 383, 426
TransTec Automotive (Campsie) Ltd [2001] BCC 403 247
Tri-State Paving, Re, 34 BR 2 (Banker UDPA 1982) 204
US Trust Corporation v. Australia and New Zealand
Banking Group (1995) 17 ACSR 697 446
Valletort Sanitary Steam Laundry, Re [1903] 2 Ch 654 103
Vandervell v. Inland Revenue Commissioners [1967] 2 AC 291
472
Vuma Ltd, Re [1960] 1 WLR 1283 377
Wait, Re [1927] 1 Ch 606 475
Walker v. Wimborne [1976] 50 ALJR 446, (1976) 137 CLR 1,
(1978) 3 ACLR 529 499, 505, 516
Walter L. Jacobs Ltd, Re [1989] 5 BCC 244 380
Ward v. Aitken [1997] BCC 282 385
Watts v. Midland Bank plc [1986] BCLC 15 248
Weddel (NZ) Ltd, Re [1996] 5 NZBLC 104 468
Weisgard v. Pilkington [1995] BCC 1108 400
Welfab Engineers Ltd, Re [1990] BCC 600 503
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xxviii
Table of cases
Wellworth Cash & Carry (North Shields Ltd) v. North

Eastern Electricity Board [1986] 2 BCC 99 425
West Mercia Safetywear Ltd v. Dodd [1988] 4 BCC 30, [1988]
BCLC 250 359, 500, 5046, 508
Westlowe Storage & Distribution Ltd, Re [2000] BCC 851
516
Westmid Packing Services Ltd, Re, Secretary of State for
Trade and Industry v. Grifths [1998] 2 All ER 124, [1998]
BCC 836 (CA) 523, 526, 529, 548
Westminster Property Management Ltd, Re, Ofcial
Receiver v. Stern [2001] 1 All ER 633, [2001] BCC 121 523,
5267
Wheatley v. Silkstone & Haigh Moor Coal Co. (1885)
29 Ch D 715 103, 114
Wheeler v. Patel and J. Goulding Group of Companies [1987]
ICR 631 559
Whitehouse v. Charles A. Blatchford & Sons Ltd [2000] ICR
542 559
William Leach Brothers Ltd, Re [1932] 2 Ch 71 511
Williams v. Compair Maxam [1982] ICR 156 565
Williams v. Natural Life Health Foods [1998] 1 WLR 830 510
Willis v. McLaughlin and Harvey plc [1996] NI 427 558
Wilson v. St Helens Borough Council, British Fuels Ltd
v. Baxendale [1999] 2 AC 52, [1998] ICR 1141 558, 561
Windsor Steam Coal Co. (1901) Ltd, Re [1929] 1 Ch 151 160
Winkworth v. Edward Baron Developments Co. Ltd [1987]
1 All ER 114, [1986] 1 WLR 1512 500, 502, 505
Woodroffes Ltd, Re [1986] Ch 366 425
Woods v. Winskill [1913] 2 Ch 303 248
Wright v. Frisnia (1983) 1 ACLC 716 505
Xyllyx plc, Re (No. 2) [1992] BCLC 378 381
Yagerphone, Re [1935] Ch 392 384
Yorkshire Ltd Woolcombers Association, Re [1903] 2 Ch 284
80, 308
Yukong Lines Ltd of Korea v. Rendsburg Investments Corp.
of Liberia (No. 2) [1998] 1 WLR 294, [1998] BCC 870
5001, 519
Ziceram Ltd, Re [2000] BCC 1048 375
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Table of statutes and other instruments
1542
1844
Bankruptcy Act 8
Joint Stock Companies Act 10
Companies Winding Up Act 10
1855 Limited Liability Act 10
1856 Joint Stock Companies Act 10
1861 Bankruptcy Act 10
1862 Companies Act
s. 81 11
1869 Debtors Act 10
1870 Joint Stock Companies Act 324
1897 Preferential Payments in Bankruptcy Act 425
1908 Companies (Consolidation) Act 10
1925 Law of Property Act 21
1929 Companies Act 10
1948 Companies Act 10, 328, 381
ss. 2068 328
s. 287 331
s. 306 331
1955 New Zealand Companies Act 402
1966 Bankruptcy Act 394
1974 Consumer Credit Act 66
s. 10(1) 66
s. 189(1) 346
1976 Insolvency Act 11
Second Council Directive 77/91/EEC of 13 December 1976,
OJ 1997, No. L26/1 (Acquired Rights Directive) 84
xxix
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1978
American Bankruptcy Reform Act 195

Bankruptcy Code (as amended) 195204, 303
EEC Council Directive 78/855, OJ 1978/295/36 326
1979 Sale of Goods Act 465
1981 Supreme Court Act
s. 51 387
Transfer of Undertakings (Protection of Employment)
Regulations (TUPE) SI No. 1981/1794 55671
1982 Customer Prepayment (Protection) Bill 478
Insurance Companies Act 276
EEC Council Directive 82/891, OJ 1982/378/47 326
1985 Companies Act 16
ss. 13541 84
s. 153(1)(b) 505
s. 227 406
s. 247 336
s. 258 406
s. 300 521
s. 309 503
s. 318 553
s. 378 370
s. 378(3) 370
s. 395 382
ss. 3956 465
s. 404 456
s. 405(1) 241
ss. 4257 19, 20, 199, 205, 208, 292, 300, 32431
s. 425(6)(b) 325
s. 426(2)
s. 427 326
s. 458 212, 511, 521, 530, 537
s. 582 331
s. 736 406
s. 741 413, 512
s. 744 62
Insolvency Act 14, 16
1986 Company Directors Disqualication Act 14, 148
s. 2(1) 521, 530
ss. 212 27
s. 4 521, 530
s. 5 521, 530
s. 6 299, 521, 524
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s. 6(1)(4) 521
s. 6(2) 1234
s. 7(1) 521, 531, 534
s. 7(3) 209, 2989, 521
s. 8 521
s. 9 277
s. 10 521, 530
s. 11 522
s. 12 522
s. 16(1) 531
s. 22(5) 498, 512, 535
Sched. 1 399, 533
Insolvency Act 14, 16
ss. 17 20, 147, 208, 325, 331
s. 2(2) 20, 331, 517
s. 4(3) 146, 241, 332
s. 4(4) 146
s. 5 349
s. 6 177
s. 7(2) 332
s. 7(4) 22, 275
s. 7(5) 160
s. 8 123, 297
s. 8(1)(a) 364
s. 8(1)(b) 276
s. 8(2) 275
s. 8(3) 18, 51, 147, 204, 276, 310, 3202
s. 8(3)(a) 144, 294, 361, 364, 457
s. 8(3)(b) 333
s. 8(3)(d) 361
s. 8(4) 276
ss. 827 27, 147, 209
s. 9 147
s. 9(1) 275
s. 9(2) 18, 144, 241, 291, 360, 458
s. 9(3) 241, 276, 360
s. 9(4) 277
s. 10 109, 147, 521
s. 10(1) 277
s. 10(1)(a) 277
s. 11 109, 147, 277, 290
s. 11(1)(b) 248
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s. 14 300
s. 14(1) 21
s. 14(4) 277, 278
s. 14(5) 278, 279
s. 15 243, 279, 283, 310
s. 17(2) 278
s. 19(1) 160, 279
s. 19(4) 245, 287, 556
s. 19(5) 245, 287, 556
s. 19(6) 287, 556
s. 19(7)(9) 287
s. 20 288
s. 23(1) 278, 279
s. 24 262, 278, 279
s. 27 160, 177, 363
s. 27(1) 272, 278
s. 27(1)(a) 293
ss. 2869 209
s. 29(2) 16, 21, 147, 209, 235, 240, 458
s. 30 21
s. 32 21
s. 35 243
s. 36 153
s. 39 241
s. 40 426
s. 42 17, 21, 242
s. 43 17, 21, 243
s. 43(7) 243
s. 44 21, 245, 287, 555
s. 44(1)(a) 243, 516
s. 44(1)(b) 237, 244, 555
s. 44(1)(c) 237, 245
s. 44(2) 244
s. 45 248
s. 45(1) 243, 2489
s. 45(2) 21, 248
s. 46 241
s. 47 248, 268
s. 47(1) 142, 517
s. 48 248, 268
s. 48(1)(2) 142, 517
s. 48(2) 248, 261
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0521622565 - Corporate Insolvency Law: Perspectives and Principles

Corporate Insolvency Law

In this volume Vanessa Finch provides a new way of looking at

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published by the press syndicate of the university of cambridge

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Agendas and objectives

The roots of corporate insolvency law 7

Aims, objectives and benchmarks 25

The context of corporate insolvency law: nancial

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Corporate failure 120

Insolvency practitioners 145

The quest for turnaround

Informal rescue 211

Receivers and their role 234

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Ministering to administration 294

Company arrangements 324

Rescuing rescue 358

Gathering and distributing the assets

Gathering the assets: the role of liquidation 369

The pari passu principle: when everyone is equal? 421

Bypassing pari passu 450

The impact of corporate insolvency

Directors in troubled times 495

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Employees in distress 553

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I would like to thank all my colleagues at the London School of

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A Company, Re (No. 0013925 of 1991), ex parte Roussel [1992]

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Arbuthnot Leasing International Ltd v. Havelet Leasing

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Bork International A/S v. Foreningen 101/87 [1988] ECR

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Castell & Brown Ltd, Re [1898] 1 Ch 315 103

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Crestjoy Products Ltd, Re [1990] BCC 23, [1990] BCLC

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Embassy Art Products Ltd, Re [1987] 3 BCC 292 395

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