Chapter 3: Fundamental Features of the US Chapter 11
2. Corporate restructuring law in the UK INTRODUCTION This chapter looks at the main features of corporate restructuring law in the UK, namely: receiverships, administrations and company voluntary arrangements (CVAs) plus schemes of arrangement under the Companies Act. Attention is principally directed at administration. First however, it is necessary to set the law in context. CONTEXT In the last decade corporate restructuring law in the UK has been radically reshaped – principally by means of the Enterprise Act. The Act must be seen against the backdrop of the stakeholder rhetoric of the ‘New Labour’ government elected in 1997.1 One might argue that the Enterprise Act 2002 aimed at a paradigm shift – to make the UK the best place in the world to do business. The statute can be viewed in the context of the late 1990s economic boom that was fuelled by the technology and Internet sectors.2 At the same time however, the government feared a return of the economic downturn and recession of the 1 For a full theoretical discussion of these issues see Vanessa Finch Corporate Insolvency Law: Perspectives and Principles (Cambridge, Cambridge University Press, 2002) and in particular chapters 8 and 9 and see also Finch ‘Re-Invigorating Corporate Rescue’  JBL 527. The specialist insolvency journals Insolvency Lawyer, Insolvency Intelligence and Insolvency Law and Practice also contain a wealth of literature on the new administration procedure and practical problems thrown up by the same. 2 See generally on the flavour of the times John Cassidy dot.con (New York,...
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