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Re Gray's Inn Construction Co Ltd
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Re Gray's Inn Construction Co Ltd [1980] 1 WLR 711 is a leading UK insolvency law case, concerning the cessation of transactions without court approval after a winding up petition.
Re Gray's Inn Construction Co Ltd
Re Gray's Inn Construction Co Ltd
United Kingdom insolvency law
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United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. Insolvency means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is liquidated, meaning that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986, the Company Directors Disqualification Act 1986, the Employment Rights Act 1996 Part XII, the EU Insolvency Regulation, and case law. Numerous other Acts, statutory instruments and cases relating to labour, banking, property and conflicts of laws also shape the subject.
UK insolvency law seeks to share losses fairly among creditors and rescue companies. In 2012, the UK insolvency profession (dominated by Deloitte, Ern
UK insolvency law seeks to share losses fairly among creditors and rescue companies. In 2012, the UK insolvency profession (dominated by Deloitte, Ernst and Young, KPMG, and PwC) handled 2,532 administrations and 4,243 compulsory liquidations of companies.
The Marshalsea debt prison, one of numerous London prisons, where insolvent debtors including Charles Dickens' father, was closed after the Debtors Ac
The Marshalsea debt prison, one of numerous London prisons, where insolvent debtors including Charles Dickens' father, was closed after the Debtors Act 1869. Imprisonment for debt is now contrary to the European Convention on Human Rights, Protocol 4, article 1.
The financial crisis of 2007–2008 led to a bank run on Northern Rock, the first since Overend, Gurney & Co in 1866. Northern Rock, Lloyds TSB and RBS
The financial crisis of 2007–2008 led to a bank run on Northern Rock, the first since Overend, Gurney & Co in 1866. Northern Rock, Lloyds TSB and RBS were nationalised for £650bn. After this, the Banking Act 2009 created a specific insolvency regime for banks, but with reduced lending, and economic activity a large number of businesses failed.
The credit ratings industry is dominated by Fitch, Moody's and S&P, with London headquarters in Canary Wharf. Companies pay the rating agencies to rat
The credit ratings industry is dominated by Fitch, Moody's and S&P, with London headquarters in Canary Wharf. Companies pay the rating agencies to rate them, because this provides access to cheaper loans.