The Challenges of Commercial Reorganizations in Insolvency: Empirical Evidence from England

Harry Rajak

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Corporate Insolvency and Governance Corporate Finance and Governance Financial Distress and Bankruptcy Prediction

Abstract

Abstract On 29 December 1986 the UK Insolvency Act 1986 (IA) came into force, enacting, inter a/ia, an entirely new corporate rescue regime entitled administration.1 This was a revolutionary development at least in one sense, inasmuch as it provides a corporate debtor with statutory protection (an automatic stay) against enforcement of any claims by its creditors in circumstances other than liquidation. This paper describes a research project,2 still in progress, in which data concerning all companies placed in administration in England and Wales in the first four years of its regime has been collected and is being analysed.

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