Essay heading: "Reforms made by the Enterprise Act 2002 to the laws regarding administrative receivership, administration and preferential debt-holding created a fairer and more efficient corporate insolvency regime." Discuss.

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October 24, 1999

 

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v. Homan) and he or she does not owe the duty act in the interests of the company's creditors as a whole. This creates the problem that floating charge holders were given unhealthy amount of power to secure their own debts and therefore lack of the incentive to rescue a falling company, which resulting many companies close down too soon...
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Also, they do not take into account the interest of unsecured creditors and therefore unsecured creditors are usually left with nothing. After the reform, since the only option for floating charge holders is to appoint administrator and an administrator has to performe his functions in the interests of creditors of the company as a whole (IA 1986, Sch B1, para 3 (2) ), unsecured creditors are expected to be given more of a stake and better prospect of recovery...
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