Corporate Insolvency Law - LAW 469

The course begins with an overview of the functions of insolvency procedures. It then examines, in the context of winding-up, the relationship between Insolvency Law and the general law of property, contract, obligation, and the extent to which Insolvency Law interferes with rights accrued under the general law, and examines the rationality of the legal principles underlying the rules relating to the treatment of claims and the distribution of assists in winding up. The course then turns to consider procedures that are capable of securing the continuation of viable businesses, often referred to as corporate rescue. The most significant of these is the administration procedure, but administrative receivership, which it is gradually replacing, is also still of some practical importance. They raise interesting and complex questions about the allocation of decision-making power, and the mechanisms for ensuring the accountability of decision-makers. More informal procedures, in particular schemes of arrangement, are also considered. Company Law also has a role to play in relation to insolvent companies, raising in particular such questions as the liability of a parent for the debts of its subsidiary and the responsibilities of directors under general law and under insolvency legislation.
Prerequisites: LAW 305, LAW 404.
Language of Instruction: English (legal terms, however, are also given in Arabic and French).