This chapter will consider the respective visions of corporate insolvency, both from a UK and US perspective and these will be accurately applied to rescue to establish what vision(s) occurs in practice. The main visions that are examined include: creditor bargain theory; contractarian approach; communitarian vison; ethical vision; team production theory; and the multiple values approaches. The final part will consider insolvency theory from an alternative value extraction approach. These visions are applied to rescue in practice in chapter eight.