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Prologue the management of distressed banks in developing economies: an overview
Full text linkThis chapter explores bank insolvencies and associated laws or policies in a selection of developing economies in Africa. It provides a rigorous scrutiny of the efficacy of asset management companies, bridge banks and securitisation in resolving financially distressed banks in the country often caused by non-performing loans. Nevertheless, the state of banking law in these developing economies, particularly those that relate to their fiscal stability and resolution of insolvency events, is also critical and deserving of tailored consideration for several reasons. The authors now briefly turn attention to the legal nature of banks, and how this nature impacts upon current and proposed treatment of bank-stakeholder interests in developing economies in an insolvency scenario. Indeed, custom-built bank insolvency laws of many countries, some of which are presented in this book, attest to this. They briefly introduce typical bank insolvency procedures or systems that will be amplified in the context of developing economies
The Prescribed Part for Unsecured Creditors : A Further Review
Full text linkExamines key developments affecting the role of the prescribed part fund for unsecured creditors in UK insolvency proceedings. Reviews data on the fund's use in proceedings between 2012 and 2016, the problems arising from the narrow application of the concept of a company's net property, and the impact of raising the cap on the fund and restoring HMRC's preferential status. Suggests why the fund should either be extensively reformed or abolished
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Creditor treatment in corporate insolvency law /
No full text"The significant role of credit in obtaining corporate capital means that credit and the treatment of creditors' interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law. Key features include: an exploration of aspects of corporate insolvency law in need of reform an extensive examination of the rights and priorities of secured and unsecured creditors in English corporate insolvency law an analysis of the impacts of key legislative developments, such as the Insolvency (England and Wales) Rules 2016, and recent case law, such as the Supreme Court decision in the Lehman Waterfall case a unique consideration of bank insolvency regimes in the context of creditor treatment. Creditor Treatment in Corporate Insolvency Law is a specialist guide for legal practitioners and members of the judiciary looking for a clear account of current law and practice in this field. It is also a valuable doctrinal treatment of the law for scholars of corporate insolvency law, and will be of interest to policymakers involved in debates about reforms to creditor treatment and secured transactions law"-
Creditor Treatment in Corporate Insolvency Law
No full textThe significant role of credit in obtaining corporate capital means that credit and the treatment of creditors’ interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law
What is left of the floating charge?
Full text linkThe proliferation of the corporate form has resulted in a state of dependency by the economy on the companies operating within it. These companies require the free flow of capital for investment, growth, and avoidance of precipitate insolvency. For over a century, the floating charge has played a cardinal role in the provision of credit to companies in the UK. Over the same period, the charge has undergone several statutory interventions raising doubts as to the ability of financiers to rely on the charge as a basis for extending and securing credit. This thesis explores the impact of some of these changes on lending practices and insolvency outcomes. The changes examined primarily relate to the redistribution of floating charge assets in favour of other creditors in insolvency.\ud
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The thesis uses analytical and empirical research methods. There are six chapters in the thesis. Chapters 1 and 2 provide a commercial background to the study and identify the research question; they explore the impact of companies on the economy, and the importance of credit and security. Chapter 3 contains an empirical account of the impact that the treatment of the floating charge in insolvency has on lending practices and insolvency outcomes. Chapter 4 examines the interest conferred by a floating charge against current inroads into the rights of a floating chargee. Chapter 5 scrutinises the raison d’être for redistributing floating charge assets. Chapter 6 concludes the thesis by providing analytical commentary on proposals regarding the future of the floating charge and factoring. This is followed by a Postscript which summarises the arguments and evidence contained in the thesis, and sets out a number of recommendations. \ud
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The thesis will show that the floating charge is still used in corporate finance transactions. Proposals to unify company security interests would not affect this. However there are noticeable alterations in lending practices, partly devised as a response to the treatment of the floating charge. These alterations sometimes have adverse effects on insolvency outcomes. Overall, it argues that the treatment of the floating charge lacks sound justification, and, in certain respects, fails in its objectives
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