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Sealy and Hooley's Commercial LawText, Cases, and Materials

Sealy and Hooley's Commercial Law: Text, Cases, and Materials (6th edn)

David Fox, Roderick Munday, Baris Soyer, Andrew Tettenborn, and Peter Turner
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date: 13 April 2024

p. 101328. Insolvencylocked

p. 101328. Insolvencylocked

  • D Fox, D FoxProfessor of Common Law, University of Edinburgh
  • RJC Munday, RJC MundayReader Emeritus in Law, University of Cambridge
  • B Soyer, B SoyerProfessor of Commercial and Maritime Law, Institute of International Shipping and Trade Law, Swansea University
  • AM TettenbornAM TettenbornChair in Law, Swansea University
  •  and PG TurnerPG TurnerVisiting Senior Fellow of the Melbourne Law School

Abstract

This chapter deals with insolvency and the principles of insolvency law. It begins with a brief historical background. It then considers the basic objectives of insolvency law as it relates to the bankruptcy of individuals and to corporate insolvency. In particular, it highlights the importance of the pari passu principle to ensure that all creditors participate on an equal footing in the estate in question. The chapter goes on to discuss the various definitions of insolvency before concluding with an overview of insolvency procedures for both individual insolvency and corporate insolvency.

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