Research output: Contribution to Journal/Magazine › Journal article
Research output: Contribution to Journal/Magazine › Journal article
}
TY - JOUR
T1 - Managing Distressed Companies : Adapting to a New Legal Culture.
AU - Milman, David
AU - Cook, Gary
N1 - Issue entitled: "Current Issues in U.K. Insolvency", edited by Keith Pond
PY - 2002
Y1 - 2002
N2 - Outlines UK law and practice relating to the responsibilities of directors of insolvent companies with particular reference to small firms: and explains the changes introduced by the 1985 and 1986 Insolvency Acts and the Company Directors Disqualification Act 1986. Considers the practical effects of the new law, referring to relevant cases; and stresses the psychological barriers which directors erect against facing the risk of failure and taking action to avoid it. Notes that the Insolvency Act 2000 allows directors to be disqualified without the need for costly court proceedings and makes practical suggestions on how they can protect themselves. Describes four stages of organizational crisis from denial to collapse, pointing out how managerial decision making becomes impaired in this situation and referring to relevant research. Calls for further research to “inform future legislation”.
AB - Outlines UK law and practice relating to the responsibilities of directors of insolvent companies with particular reference to small firms: and explains the changes introduced by the 1985 and 1986 Insolvency Acts and the Company Directors Disqualification Act 1986. Considers the practical effects of the new law, referring to relevant cases; and stresses the psychological barriers which directors erect against facing the risk of failure and taking action to avoid it. Notes that the Insolvency Act 2000 allows directors to be disqualified without the need for costly court proceedings and makes practical suggestions on how they can protect themselves. Describes four stages of organizational crisis from denial to collapse, pointing out how managerial decision making becomes impaired in this situation and referring to relevant research. Calls for further research to “inform future legislation”.
KW - Directors
KW - Insolvency
KW - Legal matters
KW - Psychology
KW - United Kingdom
U2 - 10.1108/03074350210767906
DO - 10.1108/03074350210767906
M3 - Journal article
VL - 28
SP - 34
EP - 45
JO - Managerial Finance
JF - Managerial Finance
SN - 0307-4358
IS - 6
ER -