The first edition of Corporate Insolvency Law proposed a fundamentally revised concept of insolvency law, intended to serve corporate as well as broader social ends. This second edition takes on board a host of changes that have subsequently reshaped insolvency law and practice, notably the consolidation of the rescue culture in the UK, the rise of the pre-packaged administration and the substantial replacement of administrative receivership with administration. It also considers the implications of recent and dramatic changes in the provision and trading of credit, the movement of an increasing amount of 'insolvency work' to the pre-formal insolvency stage of corporate affairs and the arrival, on the insolvency scene, of a new cadre of specialists in corporate turnaround. Looking to the future, Vanessa Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose, and she offers a framework for such an approach.
The Enterprise Act 2002 sought to assist troubled companies by enhancing the rescue‐friendliness of the UK insolvency regime. Assessing that regime calls for a focus on: the different roles and control powers of the various parties involved with troubled companies; the essential tasks that a rescue regime has to carry out; and the level of co‐ordination that is to be expected between different parties. Key tasks in the furtherance of rescue are: the collectiiig of relevant information; the production of sound judgments and strategies; and the taking of timely actions and decisions. The problems of co‐ordination, moreover, vary from task to task. For judges, central challenges in coming years will be not only to protect parties’rights within the new rescue regime but also to use judicial oversight powers to encourage co‐ordinated action in pursuit of rescue. An appreciation of the co‐ordination issue is central to an understanding of the post‐Enterprise Act 2002 regime and the potential of the judges to enhance that regime in its furtherance of rescue.
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