The ﬁrst edition of Corporate Insolvency Law proposed a fundamentally revised concept of insolvency law – one intended to serve to 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, such as the consolidation of the rescue culture in the UK, the arrival of the ‘pre-packaged’ administration and the broad 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’ towards the preformal insolvency stage of corporate affairs and the explosion, 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.

vanessa ﬁnch is a Professor of Law at the London School of Economics and Political Science, where she teaches Corporate Insolvency Law and Corporate Accountability at undergraduate and master’s levels.

CORPORATE

INSOLVENCY LAW

Perspectives and Principles

SECOND EDITION

VANESSA FINCH

CAMBRIDGE UNIVERSITY PRESS

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo

Cambridge University Press

The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org

Information on this title: www.cambridge.org/9780521878104

This publication is in copyright. Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

First published in print format 2009

ISBN-13	978-0-511-53991-6	eBook (EBL)
ISBN-13	978-0-521-87810-4	hardback
ISBN-13	978-0-521-70182-2	paperback

Cambridge University Press has no responsibility for the persistence or accuracy of urls for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

To Rob

and in memory of D.F.G. and M.A.G.

Acknowledgements			page	xi
Table of cases	xii
Table of statutes and other instruments						xxx
List of abbreviations			xlviii
Introduction to the second edition					1
P A R T I Agendas and objectives					7
1 The roots of corporate insolvency law						9
Development and structure			10
Corporate insolvency procedures				19
The players	25
The tasks of corporate insolvency law					27
Conclusions	28
2 Aims, objectives and benchmarks					29
Cork on principles		29
Visions of corporate insolvency law					32
The nature of measuring			48
An ‘explicit values’ approach to insolvency law						52
Conclusions	63

P A R T I I The context of corporate insolvency law: ﬁnancial

and institutional		67
3 Insolvency and corporate borrowing			69
Creditors, borrowing and debtors		70
Equity and security	84

vii

viii				contents
	The ‘new capitalism’ and the credit crisis						133
	Conclusions		140
4	Corporate failure			144
	What is failure?		145
	Who deﬁnes insolvency?				149
	Why companies fail			151
	Conclusions: failures and corporate insolvency law							171
5 Insolvency practitioners and turnaround professionals									178
	Insolvency practitioners				179
	The evolution of the administrative structure						182
	Evaluating the structure				186
	Reforming IP regulation				202
	Conclusions on insolvency practitioners						220
	Turnaround professionals				221
	Conclusions		237
	P A R T I I I	The quest for turnaround					241
6	Rescue	243
	What is rescue?		243
	Why rescue?		245
	Informal and formal routes to rescue					251
	The new focus on rescue				253
	Comparing approaches to rescue					276
	Conclusions		292
7	Informal rescue			294
	Who rescues?		295
	The stages of informal rescue				299
	Implementing the rescue				317
	Conclusions		324

8 Receivers and their role		327
The development of receivership			328
Processes, powers and duties: the Insolvency Act 1986 onwards				331
Efﬁciency and creditor considerations			340
Expertise	353
Accountability and fairness		354

			contents				ix
	Revising receivership		358
	Conclusions	361
9	Administration		363
	The rise of administration			363
	From the Insolvency Act 1986 to the Enterprise Act 2002						365
	The Enterprise Act reforms and the new administration						380
	Evaluating administration			392
	Conclusions	451
10	Pre-packaged administrations				453
	The rise of the pre-pack			454
	Advantages and concerns			456
	Controlling the pre-pack			465
	Conclusions	477
11	Company arrangements			479
	Schemes of arrangement under the Companies Act 2006
	sections 895–901		479
	Company Voluntary Arrangements				488
	Conclusions	514
12	Rethinking rescue		517
	P A R T I V Gathering and distributing the assets						527
13	Gathering the assets: the role of liquidation						529
	The voluntary liquidation process				529
	Compulsory liquidation			536
	Public interest liquidation			541
	The concept of liquidation			548
	Conclusions	596
14	The pari passu principle			599
	Exceptions to pari passu			602
	Conclusions: rethinking exceptions to pari passu					625
15	Bypassing pari passu			628
	Security	631
	Retention of title and quasi-security				641
	Trusts	648

x		contents
Alternatives to pari passu		666
Conclusions	673
P A R T V The impact of corporate insolvency				675
16 Directors in troubled times			677
Accountability	677
Expertise	716
Efﬁciency	740
Fairness	750
Conclusions	753
17 Employees in distress		754
Protections under the law		756
Efﬁciency	767
Expertise	772
Accountability	772
Fairness	775
Conclusions	778

18 Conclusion 780

Bibliography 788

Index 837

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CONTENTS