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Reforming The Governance Of Corporate Rescue: The Enterprise Act 2002

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  • John Armour
  • Rizwaan Jameel Mokal
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    Abstract

    English corporate insolvency law has been reshaped by the Enterprise Act 2002. The Act was intended to ‘to facilitate company rescue and to produce better returns for creditors as a whole’. Administrative receivership, which placed control of insolvency proceedings in the hands of banks, is for most purposes being abolished. It is being replaced by a ‘streamlined’ administration procedure. Whilst it will still be possible for banks to control the appointment process, the administrator once in office owes duties to all creditors and must act in accordance with a statutory hierarchy of objectives. In this article, we seek to describe, and to evaluate, this new world of corporate rescue.

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    File URL: http://www.cbr.cam.ac.uk/pdf/WP289.pdf
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    Bibliographic Info

    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp289.

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    Date of creation: Jun 2004
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    Handle: RePEc:cbr:cbrwps:wp289

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    Web page: http://www.cbr.cam.ac.uk/

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    Keywords: corporate insolvency; corporate rescue; secured credit;

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    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
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