Overview

"The process of reform of the structure of insolvency law in England and Wales has been completed by the consolidation of the Insolvency Act 1985 with the relevant parts of the Companies Act 1985 and the repeal of the Bankruptcy Act 1914. Thus, for the first time, all the prinicple provisions relating to the insolvency of companies and individuals are contained with one Act, the Insolvency Act 1986, other than those relating to company directors now found in the Company Directors Disqualification Act 1986. The basic structure of corporate insolvency law set out in the Companies Act 1985 was unchanged, but two new procedures were added - a new company administration procedure designed to reorganize and revive companies that might otherwise go into liquidation (although experiments of this kind in America, Australia and South Africa have not been conspicuously successful) and voluntary arrangements (to which the Government was firmly committed in the White Paper). The number of administration orders that have been granted by the courts has so far exceeded the expectations of those conversant with insolvency procedures, although it is too early to judge the benefits that will be achieved. There have also been amendments to liquidation procedures, and an attempt has been made to tighten control over delinquent directors and to tackle ""phoenix"" companies. The bankruptcy enactments represent a complete new code of law replacing the Bankruptcy Act 1914. The procedures leading to adjudication have been shortened and simplified; in particular, the acts of bankruptcy have been abolished, the doctrine of relation back has disappeared and the reputed ownership clause has been removed. The law of fraudulent preferences for both liquidations and bankruptcy has been remodelled. A number of new expressions and concepts have been introduced and which are included in brief form in the glossary together with other terms in general use in connection with insolvencies."

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9781854311788

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