| Description | When a person (an individual or a corporation) is unable to pay their debts, the law provides a regime for determining the competing interests of stakeholders such as creditors. The unit examines the law relating to the bankruptcy of individuals and corporate insolvency. In relation to bankruptcy, it looks at the procedures for formal bankruptcy (creditors' and debtors' petitions) and the role of the trustee and creditors. Also explored are the arrangements with creditors outside bankruptcy (debt agreements and personal insolvency agreements). The unit then deals with the main regimes of corporate insolvency: receivers and other controllers, schemes of arrangement, voluntary administration and deeds of company arrangement and winding up. Further issues discussed include cross border insolvency and corporate group collapse. |
