Principles of Corporate Insolvency Law
Principles of Corporate Insolvency Law (3rd edn Thomson, London 2005) by Roy Goode of the University of Oxford is a leading textbook on UK insolvency law. The forthcoming edition in 2010 will be taken over by Professor Robert Stevens, of University College London.
Outline of principles[edit]
Professor Goode's suggested ten principles of corporate insolvency law are as follows.[1]
- corporate insolvency law recognises rights accrued under the general law prior to liquidation
- only the assets of the debtor company are available for its creditors
- security interests and other real rights created prior to the insolvency proceeding are unaffected by the winding up
- the liquidator takes the assets subject to all limitations and defences
- the pursuit of personal rights against the company is converted into a right to prove for a dividend in the liquidation
- on liquidation the company ceases to be the beneficial owner of its assets
- no creditor has any interest in specie in the company's assets or realisations
- liquidations accelerates creditors' rights to payment
- unsecured creditors rank pari passu
- members of a company are not as such liable for its debts
See also[edit]
Notes[edit]
- ^ see ch 3, 69-81
References[edit]
- R Goode, Principles of Corporate Insolvency Law (3rd edn Thomson, London 2005)
- V Finch, Corporate Insolvency Law: Perspectives and Principles (2009)
- A Keay and P Walton, Insolvency Law: Corporate and Personal (2nd edn Jordans, London 2008)