Rights statement: This is a pre-copyedited, author-produced version of an article accepted for publication in Insolvency Intelligence following peer review. The definitive published version Insolv. Int. 2021, 34(1), 6-9 is available online on Westlaw UK. https://www.sweetandmaxwell.co.uk/terms/journals-access-policy.htm
Accepted author manuscript, 172 KB, PDF document
Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - Pro-Commerce Outlooks
T2 - The Bane of English Corporate Insolvency Law
AU - Akintola, Kayode
N1 - This is a pre-copyedited, author-produced version of an article accepted for publication in Insolvency Intelligence following peer review. The definitive published version Insolv. Int. 2021, 34(1), 6-9 is available online on Westlaw UK. https://www.sweetandmaxwell.co.uk/terms/journals-access-policy.htm
PY - 2021/3/31
Y1 - 2021/3/31
N2 - This article cursorily examines strands of English corporate insolvency law that highlight an overarching pro-commerce approach in marshalling competing rights of stakeholders in the insolvency matrix as well as in resolving insolvencyproceedings. In particular, it uses case law ( Belmont Park Investment Pty Ltd v BNY Corporate Trustee Services Ltd ) and legislation ( Corporate Insolvency and Governance Act 2020 ) as selected—and decidedly limited—paradigms of thisapproach. In so doing, this article suggests that while there is typically a wide benefit to this approach in commercial life, it also has the propensity to disrupt the insolvency polity by introducing elements of subjectivity and, pro tanto, uncertainty. Of more concern, however, is that the approach could also inhibit the "creative-destruction" role that insolvency proceedings ought to play in a well-functioning economy.
AB - This article cursorily examines strands of English corporate insolvency law that highlight an overarching pro-commerce approach in marshalling competing rights of stakeholders in the insolvency matrix as well as in resolving insolvencyproceedings. In particular, it uses case law ( Belmont Park Investment Pty Ltd v BNY Corporate Trustee Services Ltd ) and legislation ( Corporate Insolvency and Governance Act 2020 ) as selected—and decidedly limited—paradigms of thisapproach. In so doing, this article suggests that while there is typically a wide benefit to this approach in commercial life, it also has the propensity to disrupt the insolvency polity by introducing elements of subjectivity and, pro tanto, uncertainty. Of more concern, however, is that the approach could also inhibit the "creative-destruction" role that insolvency proceedings ought to play in a well-functioning economy.
KW - Anti-deprivation principle
KW - Commercial policy
KW - Corporate insolvency
KW - Winding-up petitions
M3 - Journal article
VL - 34
SP - 6
EP - 9
JO - Insolvency Intelligence
JF - Insolvency Intelligence
SN - 0950-2645
IS - 1
ER -