The UK's Enterprise Act 2002 sought to increase the incidence of corporate rescue and to improve outcomes for creditors of insolvent corporations. This book examines, in the first instance, the idea of UK corporate rescue and whether, as an ideology, its promotion is necessarily the best policy. The book then goes on to examine the various procedures into which insolvent companies may enter, with particular emphasis on those that are, in the orthodox view, non-terminal in the sense that they have the potential to deliver a rescue outcome. The legal structure of these procedures is examined in order to gauge their likely effectiveness in achieving rescue. As well as focusing on UK legal rules, the book draws on an empirical study of 2,063 cases of companies entering administration or administrative receivership between September 2001 and September 2004. It also draws on a series of interviews with practitioners so as to offer a more informed view of insolvency practice.
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