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Corporate Insolvency Legislation

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Chapter Summary

This chapter introduces insolvency legislation and policy generally, but with an emphasis on liquidation. The choice between liquidation and rehabilitation is complex and dynamic, changing with evolving circumstances as a proceeding continues. Valuation issues are fundamental in insolvency cases. They are especially important in reorganizations because a central point of the proceeding is to avoid selling the property of the business, which means its value must be estimated for various purposes. The chapter discusses the appointment and operating functions of an Administrator. When an administrator tries to collect the debtor's property, conflicts might well arise with other parties asserting rights to those same assets. There are two areas that need to be addressed specially: secured creditors and retention of title creditors.

Keywords: corporate insolvency legislation; debtor; liquidation; pre-proceeding transactions; rehabilitation

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