| Commentary

70 Relationship to a ‘rescue culture’

| Commentary

70 Relationship to a ‘rescue culture’

In a limited sense, the changes in the law by the Enterprise Act 2002 introduced procedures to facilitate a ‘rescue culture’ in corporate insolvency1 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 creditor2. It still remains the case, however, that an administration does not alter the rights, in particular the priority, conferred by any security, though for its duration, it does, by imposing a moratorium, suspend the remedies of creditors

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