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1
Tunstall, Ian. Trading or insolvency?: Risk management and the company administrator scheme. Sydney: LBC Information Services, 2000.
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2
Kerr, William Williamson. Kerr on the law and practice as to receivers and administrators. London: Sweet & Maxwell, 1990.
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3
Hunter, Muir. Kerr on the law and practice as to receivers and administrators. London: Sweet & Maxwell, 1997.
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4
Dunmore, Angela Catherine. Assets in corporate insolvency: Administration and liquidation. Birmingham: University of Birmingham, 1999.
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6
M, Roberts William, ed. Insolvency law and practice: A guide to the administration of insolvencies under the Insolvency Act 1986 and secondary legislation. Cambridge, England: ICSA Pub., 1988.
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7
Homan, Mark. A survey of administrations under the Insolvency Act 1986: The result of administration orders made in 19877. (Milton Keynes): Research Board of the Institute of Chartered Accountants in England and Wales, 1989.
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8
Stevanovich, Milo. Bankruptcy practice manual: Selected practical topics under the new Serbian bankruptcy law for administrators and other insolvency professionals. Belgrade: USAID, 2005.
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9
Stevanovich, Milo. Bankruptcy practice manual: Selected practical topics under the new Serbian bankruptcy law for administrators and other insolvency professionals. Belgrade: USAID, 2005.
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10
Insurance, California Legislature Assembly Committee on Finance and Insurance (1982 ). Subcommittee on Unemployment and Disability. Interim hearing on review of the Employment Development Department's administration of the disability insurance tax and management of the disability insurance fund: Pending insolvency and jeopardy of benefits. Sacramento, CA: The Committee, 1985.
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11
Canada. Bill: An act to amend the Insolvent Act of 1864. Ottawa: Hunter, Rose, 2001.
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12
Canada. Bill: An act to facilitate the arrangement of insolvent estates in Lower Canada. [Toronto: J. Lovell, 2001.
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13
Statutory law revision: Legislation administered by the Department of Justice and Constitutional Development (legislation regulating the legal profession; courts and other institutions; civil procedure and evidence; substantive criminal law; civil law; wills; estates and insolvency and constitutional and political and legislation). Cape Town: South African Law Reform Commission, 2011.
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14
Rachel, Sztajn, Salles de Toledo Paulo Fernando Campos, and Nimer Moreira da Silva Fernando César. 4 National Report for Brazil. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0004.
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This chapter discusses the law on creditor claims in Brazil. The legal treatment of creditor claims is similar to that in other worldwide systems. The new Brazilian Insolvency Law (Federal Law No 11.101/2005) and the former Decree-Law empower the insolvency judge to appoint a judicial administrator and define the time period in which existing debts will be recognized and included in the legal procedure. Because the firm’s assets represent the guarantee of payment of debts, the creditors’ and debtor’s legal positions are connected in a sort of unitary bundle. Of note in the new Law is the reduction of priority of tax and wages claims, leaving more value available for distribution to other creditors. The chapter then examines insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Roy, Goode, Kronke Herbert, and McKendrick Ewan, eds. Part IV Transnational Insolvency, 17 Harmonization and Co-Operation in Cross-Border Insolvency. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780198735441.003.0018.
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This chapter is devoted to cross-border principles. It begins with an examination of two sets of opposing principles: unity of proceedings versus plurality and universality or territoriality in the administration of the debtor's assets in insolvency. This is followed by an examination of two major instruments: the widely adopted 1997 UNCITRAL Model Law on Cross-Border Insolvency and the EU Insolvency Regulation (recast), approved in 2015 and incorporating numerous significant changes to the former EC Regulation. The Model Law is concerned with recognition of foreign insolvency proceedings, carrying with it an automatic stay of local proceedings, and the status of foreign administrators and duties of co-operation with foreign courts and foreign administrators. The EU Insolvency Regulation (recast) is primarily a conflict of laws regulation governing jurisdiction and the law applicable to insolvency matters.
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Slorach, J. Scott, and Jason Ellis. 25. Company insolvency proceedings. Oxford University Press, 2017. http://dx.doi.org/10.1093/he/9780198787686.003.0025.
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This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 (IA 1986) together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.
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Slorach, J. Scott, and Jason Ellis. 25. Company insolvency proceedings. Oxford University Press, 2018. http://dx.doi.org/10.1093/he/9780198823230.003.0025.
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This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 (IA 1986) together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.
18
Hunter, Muir, and Raymond Walton. Kerr on Receivers and Administrators. Sweet & Maxwell, 1992.
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19
French, Derek. 20. Company insolvency and liquidation. Oxford University Press, 2018. http://dx.doi.org/10.1093/he/9780198815105.003.0020.
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This chapter deals with procedures and legislation governing the insolvency and liquidation of a company and who are qualified as insolvency practitioners. It discusses insolvency procedures such as administration, voluntary arrangement, creditors’ voluntary winding up, winding up by the court and the appointment of a provisional liquidator. It considers the effect of insolvency and liquidation procedures on floating charges, court control of insolvency and liquidation procedures, and liability for fraudulent trading and wrongful trading. The legal principles underlying disqualification orders against a company’s directors, the use of an insolvent company’s name, the order of the application of assets in liquidation and the dissolution of a company are also examined.
20
French, Derek, Stephen W. Mayson, and Christopher L. Ryan. 20. Company insolvency and liquidation. Oxford University Press, 2016. http://dx.doi.org/10.1093/he/9780198778301.003.0020.
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This chapter deals with procedures and legislation governing the insolvency and liquidation of a company and who are qualified as insolvency practitioners. It first discusses insolvency procedures such as administrative receivership, administration, voluntary arrangement, creditors’ voluntary winding up, winding up by the court, and the appointment of a provisional liquidator. It then considers the effect of insolvency and liquidation procedures on floating charges, court control of insolvency and liquidation procedures, and liability for wrongful trading. The legal principles underlying disqualification orders against a company’s directors, the use of an insolvent company’s name, the order of the application of assets in liquidation, and the dissolution of a company are also examined.
21
Anderson, Hamish. The Framework of Corporate Insolvency Law. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780198805311.001.0001.
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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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Hendrik, Dr, Haag. 15 Germany. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198808589.003.0015.
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This chapter examines statutory and contractual set-off in Germany prior to insolvency proceedings and how such proceedings affect the prerequisites relating to set-off. It begins with a discussion of set-off between solvent parties, focusing on the statutory right of set-off under the German civil code ‘BGB’, contractual right of set-off, exclusions of set-off, set-off restriction in general terms and conditions, and limitations of a set-off claim. It then considers set-off against insolvent parties, taking into account the relevant provisions of the German Insolvency Statute ‘InsO’, acquisition of the right to set-off before the commencement of insolvency proceedings, set-off between two insolvency administrators, and cash pooling in insolvency proceedings. Finally, it analyses cross-border issues arising from the right to set-off.
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Jonathan, Ross. 23 New Zealand. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198808589.003.0023.
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This chapter provides an overview of the law of set-off in New Zealand, both outside and within the context of insolvency. There are numerous statutes in New Zealand that regulate set-off and are applicable in particular circumstances. Set-off may be divided into current account set-off, independent (or legal) set-off, transaction (or equitable) set-off, and contractual set-off. The chapter first considers these types of set-off between solvent parties, along with set-off in relation to competing security interests under the Personal Property Securities Act 1999 (PPSA), before discussing set-off against insolvent parties. In particular, it explains insolvency set-off in liquidation, set-off in voluntary administration, netting insolvency set-off in liquidation and voluntary administration, and statutory management set-off. It also analyses issues arising from cross-border set-off, including the choice of law and cross-border application of PPSA.
24
Wang, Weiguo. 6 National Report for the People’s Republic of China. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0006.
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This chapter discusses the law on creditor claims in China. The rights and interests of creditors are protected by the 2006 Enterprise Bankruptcy Law (EBL). The term ‘insolvency claims’ is not officially used to refer to the claims against the insolvent debtor which are eligible for insolvency proceedings. In the text of the EBL, they are simply referred to as ‘claims’ (ie, creditors’ rights or obligatory rights). Only when bankruptcy liquidation proceedings start following the court’s ruling of bankruptcy declaration do the claims become known as ‘bankruptcy claims’. The rest of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section is concerned with: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
25
Moore, Imogen. 11. Corporate Insolvency. Oxford University Press, 2016. http://dx.doi.org/10.1093/he/9780198745228.003.0011.
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The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes typical questions, suggested answers with commentary, illustrative diagrams, guidance on how to develop your answer, suggestions for further reading, and advice on exams and coursework. This chapter examines the law on corporate insolvency. It considers the important and topical subject of corporate rescue, reviewing, in particular, administration (including pre-packaged administrations) and Company Voluntary Arrangements. The chapter addresses several issues relating to liquidation, including: winding up petitions and the meaning of ‘inability to pay debts’; assets available to creditors; distribution of assets to creditors; priority of claims; the pari passu principle; and transaction avoidance (dispositions of property after the commencement of winding up; transactions at an undervalue; preferences; voidable floating charges; and transactions defrauding creditors). The potential liability of directors on a company’s insolvent liquidation is considered, concentrating on wrongful and fraudulent trading and disqualification.
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Richard, Tredgett. 12 England. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198808589.003.0012.
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This chapter provides an overview of the law of set-off in England and Wales, both prior to insolvency (whether by virtue of a contract or by operation of law) and in the event of a winding up or an administration of a company under English law. It begins with a discussion of set-off between solvent parties, focusing on contractual set-off, legal set-off, equitable set-off, and banker's right of set-off. It then considers set-off against insolvent parties, taking into account the relevant set-off rules, the mandatory nature of insolvency set-off, ‘due’ and contingent claims, mutuality of claims, and the rule on build-up of set-offs. It also examines insolvency clawbacks and concludes with an analysis of issues arising in cross-border set-off.
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Dennis, Faber, and Vermunt Niels. 12 National Report for the Netherlands. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0012.
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This chapter discusses the law on creditor claims in the Netherlands. It deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings. In essence, holders of insolvency claims (‘insolvency creditors’) are entitled to the liquidation proceeds of the debtor’s insolvency estate after the full discharge of the administration claims. Insolvency creditors (except secured creditors) can only pursue payment by submitting their claims for admission in the proceedings. Administration claims have to be satisfied in priority to insolvency claims and need not be submitted in the claims verification procedure. Holders of such claims (‘administration creditors’) can take recourse against assets comprised in the insolvency estate. Holders of non-enforceable claims can only seek recourse after the insolvency proceedings are terminated (provided that the debtor continues to exist).
28
Roach, Lee. 10. Corporate rescue and insolvency. Oxford University Press, 2016. http://dx.doi.org/10.1093/he/9780198759133.003.0010.
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EachConcentraterevision guide is packed with essential information, key cases, revision tips, exam Q&As, and more.Concentratesshow you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the various procedures available to companies experiencing financial difficulties that are so severe that the company’s survival is in jeopardy. It focuses on procedures that aim to help struggling companies (such as administration); help creditors recover monies owed (such as receivership); and commence the process of ending the company existence and provide for the distribution of its remaining assets (namely winding up).
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Christoph G, Paulus, and Berberich Matthias. 10 National Report for Germany. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0010.
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This chapter discusses the law on creditor claims in Germany. German insolvency law distinguishes between several types of creditors in insolvency proceedings and treats them differently with regard to priority of claims, enforcement, modes of realization, and costs. The doctrinal approach of the German Insolvency Code is not so much a categorization of claims, but rather it takes a view on the creditors. German insolvency law draws a rough distinction between four creditor groups: secured creditors; general insolvency creditors; subordinated creditors; and administration creditors. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
30
Soogeun, Oh, and Kim Kyungjin. 16 National Report for the Republic of Korea (South Korea). Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0016.
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This chapter discusses the law on creditor claims in South Korea. Under South Korea’s Debtor Rehabilitation and Bankruptcy Act (DRBA), insolvency claims are classified into secured, unsecured, and administration claims. Unsecured claims are divided according to their level of priority. As administration claims can be paid on maturity without being impaired in the insolvency proceedings, a principal concern is determining whether or not a certain claim is an administration claim. The 2009 amendment to the DRBA gave new loans borrowed under the court’s permission a kind of priority to be paid before other common benefit claims in cases where a company’s property is insufficient to pay all common benefit claims. The chapter then deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Rodrigo, Olivares-Caminal, Douglas John, Guynn Randall, Kornberg Alan, Paterson Sarah, and Singh Dalvinder. Part II Bank Resolution, 7 Banking Act Restructuring and Insolvency Procedures. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198725244.003.0007.
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This chapter starts by introducing the Insolvency Act 1986 and the Insolvency Rules 1986. It argues that for the most part they work effectively in the rescue or liquidation of companies. Special insolvency regimes have been put in place for a number of important industries in order to meet the situation where the application of the normal corporate insolvency law to a monopoly company causes essential services to be interrupted. The area governing both banks and investment firms has undergone more recent reforms with the introduction of the Financial Services Act 2012, the Financial Services (Banking Reform) Act 2013, and with the move to implement the Bank Recovery and Resolution Directive. Specific measures concerning the broader special administration and insolvency arrangements are addressed, looking at the treatment of depositors and client assets and explaining the priority accorded to them during the administration and insolvency procedure.
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Tomáš, Richter. 7 National Report for the Czech Republic. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0007.
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This chapter discusses the law on creditor claims in the Czech Republic. The Czech Insolvency Act appears to deal with creditors’ claims in a fairly standard manner, making pre-insolvency claims subject to the process of claims submission and verification, and dealing with claims arising during the proceedings as administration claims. But the Insolvency Act actually confers upon creditors the power to decide on numerous of issues in the course of particular proceedings, eg, whether the debtor should be liquidated or reorganized. Many of the difficulties surrounding the Act’s rules on the submission and verification of claims are thus related to the question of who gets to decide on the course of the insolvency proceedings. The chapter then examines insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Alexander, Trukhtanov. 14 National Report for the Russian Federation. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0014.
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This chapter discusses the law on creditor claims in Russia. Russia’s principal bankruptcy law is the Federal Insolvency (Bankruptcy) Law 2002. The law sets out a comprehensive regime of submission, priority, and ranking of claims. It is almost entirely mandatory and leaves very little to be governed by pre-insolvency contractual arrangements. Its policies are generally favourable to creditors and are aimed at achieving pari passu distribution, including restriction of administration claims and giving unsecured creditors access to part of the proceeds of sale of security assets. The remainder of the chapter is concerned with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
34
Md. Dahlan, Nuarrual Hilal. Corporate Insolvency Laws in Abandoned Housing Projects : Issues and Prospects. UUM Press, 2014. http://dx.doi.org/10.32890/9789670474755.
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This book discusses the provisions and legal principles under the Insolvency Law in Malaysia in face of the issue of abandoned housing projects and its rehabilitation. Apart from the Malaysian Insolvency Law, this book also analyses comparatively between the insolvency legal provisions and legal principles under the United Kingdom and Singapore Insolvency Laws. The approach of this book is by way of legal analyses over the relevant insolvency legal provisions in Malaysia, the United Kingdom and the Republic of Singapore. The discussion is further enriched and collaborated by the case studies conducted over several abandoned housing projects in Malaysia that have been subject to the insolvency administration. In addition, the author also provides relevant official statistics and reports of abandoned housing projects and numerous examples of abandoned housing project cases illustrating the diverse problems, complications, issues and grievances. The outcome and proposals of this book will be beneficial to the legal practitioners, judicial and legal services, insolvency practitioners, housing developers, financial institutions, contractors, housing consultants, technical agencies, land and state authorities, purchasers of units in abandoned housing projects, consumers associations, relevant private and government agencies and Federal and States Ministries, students and policy makers in the insolvency legal administration in Malaysia, particularly for those who are directly involved in abandoned housing projects and its rehabilitation in Malaysia .
35
Hamish, Anderson, Cooke Charlotte, and Gullifer Louise. 8 National Report for England. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0008.
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This chapter discusses the law on creditor claims in England. The English courts have recently considered the ranking and priority of creditors on a number of occasions. The differing classes of claims found in the judgment of Lord Neuberger PSC in Re Nortel GmbH best explain how the distinction between ‘insolvency claims’, ‘administration claims’, and ‘non-enforceable claims’ is reflected in the applicable English rules. With the exception of expenses and shareholders’ claims, all the claims listed by Lord Neuberger are ‘insolvency claims’ because they are all creditors’ claims which are referable to pre-proceeding obligations. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section describes: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
36
Ignacio, Tirado. 17 National Report for Spain. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0017.
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This chapter discusses the law on creditor claims in Spain. Spain’s current insolvency regulatory regime resulted from the reorganization and modernization that took place with the passing of the 2003 Insolvency Law (Ley Concursal). The ranking of claims under the Insolvency Law coexists with a ranking of claims for execution in individual proceedings, regulated in the Civil Code. The Spanish system has been generally respectful of the pre-insolvency entitlements of secured creditors; provides priority for post-commencement financing; and includes different tiers of priorities for certain categories of creditors. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
37
Hugh, Beale, Bridge Michael, Gullifer Louise, and Lomnicka Eva. Part V Enforcement, 20 Enforcement of Security in Insolvency. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198795568.003.0020.
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This chapter discusses the enforcement of security once formal insolvency proceedings have supervened. It deals primarily with liquidation, administration, and receivership but takes in also other procedures, such as schemes of arrangement, to the extent that they affect the rights of secured creditors. A key feature of English law, in contrast with numerous other legal systems, is that the onset of bankruptcy or company liquidation does not remove the power of a secured creditor to exercise proprietary remedies for the recovery of the secured debt. In addition to consensual security, namely, mortgage, charge, and pledge, liens arising by operation of law may be exercised against a liquidator or trustee in bankruptcy, who may not therefore obtain possession of the assets without discharging the underlying obligation.
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Christopher, Symes. 1 National Report for Australia. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0001.
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This chapter discusses the law on creditor claims in Australia. For corporate insolvency and corporate rescue, creditor claims are dealt with by the Corporations Act 2001 (Cth), predominantly in ss 553 to 554J and 555 to 564. For personal bankruptcy, creditor claims are covered by the Bankruptcy Act 1966 (Cth), sections 82 to 104. Australian law traditionally does not distinguish between foreign claims and local claims, nor does it treat the rights of foreign creditors any differently from those of local creditors. The remainder of the chapter presents sections that deal with insolvency claims, administration claims, and non-enforceable claims, arising from bankruptcy, liquidation, and voluntary administration. Each section covers: the definition and scope of the claim; rules for submission, verification, and admission or satisfaction of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Henriette, Duursma-Kepplinger, and Englmair Christof. 2 National Report for Austria. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0002.
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This chapter discusses the law on creditor claims in Austria. ‘Modern’ bankruptcy laws—the Compensation Law (Ausgleichsordnung, AO) and the Bankruptcy Act (Konkursordnung, KO)—were first introduced by the imperial decree of 10 December 1914, 337 RGBl. Since then, these have undergone numerous amendments. Austrian insolvency law was subjected to the most comprehensive review and reform with insolvency amendment 2010, Federal Law Gazette 2010/29, which merged bankruptcy law and compensation law into a single procedural structure. The Compensation Law was repealed, while the Bankruptcy Act was renamed the Insolvency Law. The rest of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; classification and ranking of claims; and voting and participation rights in insolvency proceedings.
40
Kathleen, van der Linde, and Calitz Juanitta. 15 National Report for South Africa. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0015.
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This chapter discusses the law on creditor claims in South Africa, where bankruptcy proceedings in are governed by the Insolvency Act and the 1973 Companies Act, while reorganization in business rescue proceedings is regulated under the 2008 Companies Act. Liquidation and business rescue each has its own approach to the submission, verification, and admission of claims; the scope of creditor participation; the calculation of voting rights; the realization of secured assets; and the range of preferential creditors. So it is unsurprising that creditors may prefer one procedure over the other irrespective of the debtor’s financial prospects. South African law does not provide for super-priority claims. In both bankruptcy and reorganization proceedings, administration expenses always rank first. The chapter examines insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
41
Gilles, Cuniberti, and Rueda Isabelle. 9 National Report for France. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0009.
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This chapter discusses the law on creditor claims in France. French insolvency law has traditionally been unfriendly to creditors benefitting from contractual security interests. Unlike most other legal systems, insolvency claims secured by contractual security interests over certain assets of the debtor do not enjoy the right to be satisfied from the secured assets in priority to all other claims. The treatment of creditor claims is also similar among various insolvency proceedings. In reorganization proceedings (sauvegarde or redressement judiciaire), post-commencement claims are more common and substantial, whereas in liquidation proceedings (liquidation judiciaire), such claims are often non-existent. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
42
Service, Insolvency, ed. The Insolvency Act 1986: Company voluntary arrangements and administration orders : a consultative document. London: HMSO, 1993.
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43
Heinrich, Christian, ed. Krisen im Aufschwung. Nomos Verlagsgesellschaft mbH & Co. KG, 2019. http://dx.doi.org/10.5771/9783748900337.
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The figures for company insolvencies continue to decline: 9,900 cases in the first half of 2018 compared to 10,250 cases in the same period the previous year. However, the relative significance of insolvencies is increasing. The number of employees affected by them is around 20 per cent, while the commercial losses of 17 million euros caused by them in 2015 rose to 30 million in 2017. This is because middle-sized and large firms are increasingly among the companies going bankrupt, which is resulting in growing legal complexities. At a symposium entitled ‘Krisen im Aufschwung’ (An Upswing in Crises), speakers and participants discussed company insolvency law, insolvency employment law, mass generation and compliance especially, along with industrial constitution law and the right of appeal. This anthology offers in-depth access to these and other important issues relating to insolvency law and employment law in practice, and will not only appeal to academics but also to lawyers, business consultants, insolvency administrators and judges in particular.
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Dennis, Faber, Vermunt Niels, Kilborn Jason, Richter Tomáš, and Tirado Ignacio, eds. Ranking and Priority of Creditors. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.001.0001.
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This book addresses one of the critical issues of any insolvency by providing analysis of the law and practice in relation to creditor claims. As with the two previous volumes in the series, the book provides a comparative view by setting out the relevant law and practice in nineteen jurisdictions, drawing out the divergences and common features of domestic insolvency laws from a broad spectrum of countries. Areas covered include submission of claims, verification and admission of claims, ranking of insolvency and administration claims, treatment of non-enforceable claims, and voting and participation rights. Quality, uniformity, and the high level of detail of National Reports are the key benefits of this book.
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Marek, Porzycki, and Rachwał Anna. 13 National Report for Poland. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0013.
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This chapter discusses the law on creditor claims in Poland, where a comprehensive insolvency law reform is ongoing. In May 2015, Parliament adopted the final text of the Restructuring Law (RL). Due to enter into force on 1 January 2016, it will cover four restructuring proceedings: arrangement approval; fast arrangement; arrangement; and reorganization. Their common aim will be rescuing the debtor’s enterprise via an arrangement adopted by a majority of creditors. They will apply in case of both threatened and actual insolvency, and replace the current reorganization bankruptcy and rarely used rehabilitation proceedings. The existing Bankruptcy and Rehabilitation Law will have its provisions on reorganization bankruptcy and rehabilitation proceedings repealed, and be renamed ‘Bankruptcy Law’. The chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Roel, Fransis. 3 National Report for Belgium. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0003.
Full textAbstract:
This chapter discusses the law on creditor claims in Belgium. Legislators have limited the power of secured creditors to take individual enforcement actions with regard to their collateral, notwithstanding the opening of insolvency proceedings. For bankruptcy proceedings, the Bankruptcy Act of 8 August 1997 (BA) introduced a ‘cooling-off period’, imposing a temporary stay on individual enforcement actions by secured creditors. For judicial reorganization proceedings, the 31 January 2009 Act on the Continuity of Enterprises (BCA) imposes a general stay on enforcement actions, which also affects secured and preferential creditors. The remainder of the chapter looks into insolvency claims, administration claims, and non-enforceable claims in turn. Each part covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Rodrigo, Olivares-Caminal, Douglas John, Guynn Randall, Kornberg Alan, Paterson Sarah, and Singh Dalvinder. Part I Corporate Debt Restructuring, 2 The EC Regulation on Insolvency Proceedings. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198725244.003.0002.
Full textAbstract:
The chapter discusses instances where the restructuring plan demands that the debtor be made subject to a formal insolvency system. The applicable laws are determined in accordance with the EC Regulation on Insolvency Proceedings if the debtor has its centre of main interests (COMI) in one EU Member State and assets in another Member State. If the COMIs of individual group companies are situated in the same Member State, the EC Regulation can be used to group together the administration of group insolvencies, or once the recast EC Regulation comes into force, to implement voluntary group coordinator proceedings. Any restructuring plan may include moving a debtor’s COMI to take advantage of a more flexible insolvency regime. This chapter describes the framework and key features of the EC Regulation including the concept of COMI, its application to group insolvencies, ‘COMI shifting’, and the provisions of the recast EC Regulation.
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E, Patrick Shea. 5 National Report for Canada. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0005.
Full textAbstract:
This chapter discusses the law on creditor claims in Canada. The general approach is that all claims to which the debtor is subject when the reorganization or liquidation commences should be ‘brought into’ the proceeding, and creditors should receive a distribution based on their relative entitlement vis-à-vis the debtor. While the treatment of claims is generally consistent among the various insolvency proceedings, the proceedings are not identical, particularly regarding the priority of claims and procedures for establishing them. For example, the Bankruptcy and Insolvency Act provides a statutory claims procedure for both liquidations (bankruptcies) and reorganizations (proposals), but that procedure is not applicable in reorganization proceedings under the Companies’ Creditors Arrangement Act (CCAA) or in the distribution of the proceeds realized by a receiver. In reorganization proceedings under the CCAA, and where a receiver is appointed, the court determines the procedure to establish claims. The chapter then deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Carlos, Sánchez-Mejorada y. Velasco. 11 National Report for Mexico. Oxford University Press, 2016. http://dx.doi.org/10.1093/law/9780198727293.003.0011.
Full textAbstract:
This chapter discusses the law on creditor claims in Mexico. Insolvency proceedings in Mexico aim for an orderly liquidation procedure of all of the bankrupt’s assets to allow an equally orderly distribution of proceeds among creditors under the principle of par conditio creditorum (equal treatment for all creditors). Ideally, the body of law regulating this procedure should match the insolvency law of each country, so that the process can be effected congruently and logically. However, social policies and other commercial considerations have created systems of priorities in asset distribution that vary from country to country as a function of the policies of each. In many cases, the only commonality in all systems is that ordinary unsecured creditors collect last, if at all. Mexico is no exception, specifically in the treatment of claims arising out of a labour relationship, which in turn is derived from the overly protective and outdated regime established by the federal constitution for workers. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section examines: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.
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Bruce, Leonard E., and Besant Christopher W, eds. Current issues in cross-border insolvency and reorganisations. London: Graham & Trotman, 1994.
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