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Essay / Research Paper Abstract
This 14 page paper critically evaluates the extent to which English insolvency law currently meets the aim to ensure
due recognition and respect abroad for English insolvency proceedings. The paper looks at the different corporate cultures in England, where there has been a creditor bias, compared with Europe and countries such as Germany and France rather than a debtors bias in bankruptcy laws. The paper includes consideration of the Insolvency Act 1986 and how this reflected the market needs of the time, and then looks to the more recent European Council Regulation 1346/2000. This has had the aim of simplifying insolvency proceedings, the paper examines how the English courts have been flexible and compares this to Germany. The bibliography cites 16 sources.
Page Count:
14 pages (~225 words per page)
File: TS14_TEinsolv.rtf
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Unformatted sample text from the term paper:
EU along with the recent EU directive, this evolution of insolvency law is likely to continue. Those in England like to look at the well developed insolvency seeing at it
as one of the more comprehensive systems. When looking at international developments the use of the English Insolvency Act 1986 being the basis of the British Virgin Islands insolvency act
which received its first reading in January 2004 (Anonymous (b), 2004), it may appear that the system is one that is being duplicated and as such one that is a
model for international adoption. However, the British Virgin Islands are not in line with many other countries, where the patterns are different, There are many instances of insolvency laws in
the UK failing to find acceptance internationally. Not only in remote parts of the world, but in other EU member states, such as Germany (Anonymous (a), 2004).
However, it can also be argued that the UK is also the most flexible and forward looking to creating standard across different countries, with a
proactive approach to EU insolvency regulations. The development of the insolvency law may be seen as being at odds due to the different corporate culture within the UK when
compared to other European countries, such as Germany, where there is a more social model. With the implementations of the recent EU directive, theoretically there should be a meeting of
minds in terms of results (Williams, 2003). There have been many studies regarding the way that different countries have developed different corporate or market cultures that are reflected in
their insolvency laws and explains the creditor bias in the UK and the debtor bas in countries such as Germany. The UK
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