Commentary

75.2 First object: rescuing the company as a going concern

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

75.2 First object: rescuing the company as a going concern

| Commentary

75.2 First object: rescuing the company as a going concern

To achieve this object both the company and its undertaking must survive as a going concern1. It is therefore still the case that (as under the original legislation) this purpose does not include a sale of the business and its assets (but excluding its liabilities) or a restructuring by the typical form of hive-down agreement, whereby the assets (but not the liabilities) of the company are transferred to a separate vehicle, which is then disposed of2. Cases of rescue as a going concern will be rare (bearing in mind that

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial