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 legislation have considerably furthered the mixing of eu company rules. particularly, the case-law of the ecu courtroom of Justice and the advent of the european Insolvency law have supplied the stimulus for present reforms in quite a few jurisdictions within the fields of insolvency and monetary legislation. 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 ruin and company rescue. In the same vein, contemporary reform in France has modernized French insolvency legislation and has even brought a device just like the winning English 'company voluntary association' (CVA). This booklet presents a set of reports by means of many of the best English and French specialists this present day, interpreting present views of insolvency and fiscal legislations in Europe, either at the nationwide point in addition to at the eu point.

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Extra info for Current Issues in European Financial and Insolvency Law: Perspectives from France and the UK (Studies of the Oxford Institute of European and Comparative Law)

Example text

However, although liquidation and administrative receivership have often been separate, sometimes they overlap. In a situation like Re Barleycorn where no administrative receiver is appointed, there is much to be said for the floating charge contributing to or paying the liquidator’s costs. It is true that where the liquidator performs functions which benefit the floating chargee (as was done in Re Barleycorn) the House of Lords was happy for the costs to be paid by the floating chargee. The only question, then, is whether the floating chargee should pay for costs from which it has no obvious immediate benefit.

The creditors can also demand a meeting at any time, or one can be ordered by the court. The meeting can establish a creditors’ committee to which the administrator has to report. 61 Insolvency Act 1986 sch B1 para 52. However, creditors to whom is owed more than 10 per cent of the total debts owed by the company can call for a meeting (para 56). The provisions relating to the calling of meetings and voting are designed to ensure that those who have most to lose have a voice in the insolvency proceedings; see J Armour and R Mokal, ‘Reforming the Governance of Corporate Rescue: The Enterprise Act 2002’ [2004] Lloyd’s Maritime & Commercial Law Quarterly 28.

First, the new regime only applies to charges created after 15 September 2003: chargees whose charges were created before that date can still appoint an administrative receiver. It was thought that such chargees would want to use the old procedure, which was perceived to have advantages. 65 There would be little advantage in such an appointment by the holder of a floating charge over part of the assets, since they would be unable to block the appointment of an administrator, and the administrator could dispose of the floating charge assets without the leave of the court.

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