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Corporate Rehabilitation Proceedings

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Chapter Summary

In almost all developed countries, as well as in a number of developing countries, insolvency systems have two distinct formal pathways for handling the problem of debtors unable to pay their debts as they fall due. Insolvency "rehabilitation," or "reorganization" or "rescue" is devoted to maintaining all or a major part of a business as a going concern. Many of the conditions considered to be indispensable to a commercially and economically effective rehabilitation procedure raise issues of cultural and economic significance. A strong structure for ensuring maximum disclosure of useful and relevant information can be found in the rehabilitation processes of the United Kingdom and other countries where an independent administrator is appointed with authority over the rehabilitation process. The chapter discusses the limitations that might be imposed on the process of formulating a plan and on the contents of a plan, the process of stakeholder consideration, and voting procedures.

Keywords: debtors; insolvency systems; rehabilitation process; United Kingdom

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