Current Issues in European Financial and Insolvency Law: by Wolf-Georg Ringe, Louise Gullifer, Philippe Théry

By Wolf-Georg Ringe, Louise Gullifer, Philippe Théry

Contemporary case-law and laws in eu corporation and insolvency legislations have considerably furthered the combination of ecu enterprise law. specifically, the case-law of the ecu court docket of Justice and the creation of the european Insolvency law have supplied the stimulus for present reforms in quite a few jurisdictions within the fields of insolvency and monetary legislations. the united kingdom, for example, has followed the company Act in 2002, designed, inter alia, to augment firm and to reinforce the UK's method of financial disaster and company rescue. In an analogous vein, contemporary reform in France has modernized French insolvency legislation and has even brought a device just like the profitable English 'company voluntary association' (CVA). This ebook offers a set of experiences through a few of the best English and French specialists this day, examining present views of insolvency and monetary legislation in Europe, either at the nationwide point in addition to at the eu point.

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They said that the effect of the 1897 Act was that the costs of the liquidation had priority 94 Preferential Payments in Bankruptcy Amendment Act 1897 s 2 provided that: ‘In the winding up of any company . . ’ The same Act made provision for the payment of such debts out of the assets coming into the hands of a receiver appointed by a floating chargee in priority to the floating chargee (s 3). 95 The changes might be best seen as a table: 19th century legislation Companies Act 1948 Insolvency Act 1986 s 110 Cos Act 1862 s 267 s 156 s 144 Cos Act 1862 s 309 s 115 s 1(2) and (3) 1888 Act s 2 1897 Act s 319 s 175 96 97 Re Barleycorn, above n 10.

53 Australia: Corporations Act 2001 ss 180–84, 420A; New Zealand Receiverships Act 1993 ss 18 and 19; Canadian Bankruptcy and Insolvency Act s 247. 54 Stevens, above n 38. 55 Re Charnley Davies Ltd (No 2), above n 19. The company can therefore sue the administrator for breach of duty. In relation to an administrator appointed under the 1986 Insolvency Act, no duty of care is owed by the administrator to the unsecured creditors (as opposed to the company itself), Kyrris v Oldham [2004] 1 BCLC 305 (Ch) 331.

110 This was the position in re M C Bacon Ltd (No 2) [1991] Ch 127 (Ch). Millett J avoided the result which would otherwise have been inevitable after Re Barleycorn by holding that the costs of the litigation were not ‘expenses of the liquidation’ within the relevant rule. 111 Re Yagerphone Ltd [1935] Ch 395 (Ch). 112 Where there are enough funds available to the general creditors to meet the liquidation costs, then the floating chargee does not pay. This is the position in relation to preferential creditors, and was the position in relation to liquidation expenses during the Barleycorn era.

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