Commentary

2 Legislation amending the Insolvency Act 1986

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

2 Legislation amending the Insolvency Act 1986

| Commentary

2 Legislation amending the Insolvency Act 1986

The present system is derived from the Insolvency Act 1986 which was broadly based upon the report of the Cork Committee1, which reported in 1982. Subsequently, there was discussion about the desirability of introducing procedures to facilitate further a ‘rescue culture’ in corporate insolvency2, including, but not limited to, a reassessment of the relative rights and remedies of secured and unsecured creditors in insolvency, including the rights of the Crown as a preferential creditor, and the introduction of a moratorium when the directors of a small company3 present proposals for a company voluntary

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