This course examines corporate insolvency law in the UK, investigating the major corporate insolvency procedures and contemporary challenges of corporate insolvency law development. Apart from traditional liquidation options, corporate rescues will also be highlighted in this course. Given the globalised business world, cross-border insolvency collaboration framework is to be evaluated so as to prepare students to deal with international insolvency cooperation issues.

10 x 2 hour seminars in semester 2.

No

No

The course is assessed by an essay of 1500 words (25%) and a 2-hour final online and open-book examination (75%). The latter is subject to the University and School of Law supporting online examinations for the LLM. If not, the examination will be in-person.

This course aims to:

1. Understand how insolvency law fits in legal systems and commercial markets

2. Consider the legal meaning of corporate insolvency and its possible consequences

3. Investigate the principles and purposes that underpin corporate insolvency law

4. Evaluate the roles played by insolvency practitioners in administrating major corporate insolvency proceedings

5. Explore the options to insolvent companies

6. Identify the rights and difficulties of creditors in the event of a company's insolvency

7. Understand how pre-insolvency transactions can be challenged by insolvency practitioners in the best interests of creditors

8. Consider how insolvency practitioners are empowered to investigate wrongdoings by directors so as to maintain business morality

9. Explain how cross-border insolvency collaboration can be carried out.

By the end of this course students will be able to: 

1. Understand the economic rationales of having a corporate insolvency law system

2. Use the bankruptcy tests to assess whether a company should be placed into a formal insolvency procedure

3. Identify a specific insolvency procedure for a company in bankruptcy

4. Understand the waterfall and pari passu principles in regulating the relationships between creditor and shareholder and between creditors themselves

5. Appreciate how insolvent companies are managed by insolvency practitioners

6. Assess where a corporate rescue procedure can be considered

7. Apply the cross-border insolvency law framework when seeking international corporate insolvency cooperation.  

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment