Reforming The Governance Of Corporate Rescue: The Enterprise Act 2002

John Armour and Rizwaan Jameel Mokal

Working Papers from Centre for Business Research, University of Cambridge

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.

Keywords: corporate insolvency; corporate rescue; secured credit (search for similar items in EconPapers)
JEL-codes: G33 G38 K22 (search for similar items in EconPapers)
Date: 2004-06
New Economics Papers: this item is included in nep-acc
Note: PRO-2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cbr:cbrwps:wp289

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