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Publicēts: 08.09.2012.
Valoda: Angļu
Līmenis: Augstskolas
Literatūras saraksts: 47 vienības
Atsauces: Nav
Laikposms: 2011.g. - 2011.g.
Nr. Sadaļas nosaukums  Lpp.
  List of Abbreviations    5
  Introduction    6
Insolvency Law in the UK    8
1.1  The history of the UK bankruptcy Law    8
1.2  Overview of Corporate Insolvency Law in UK    8
1.2.1  Liquidation    8
1.2.2  Administration    9
1.2.3  Receivership    9
1.2.4  Corporate Voluntary Agreement    9
Characteristics of an efficient Insolvency law    10
2.1  Characteristics of an efficient insolvency law denoted by scholars    10
2.1.1  The ex-ante efficiency    10
2.1.2  The interim efficiency    11
2.1.3  The ex-post efficiency    13
2.1.4  The Trade-off    14
2.2  Characteristics of an efficient insolvency code denoted by the insolvency practitioners    15
2.2.1  Minimizes costs and reduces duration of the process    15
2.2.2  Empowers the IP with flexibility and wide range of options to choose    15
2.2.3  Enables the IP to take action against irresponsible / criminal managers    16
2.2.4  Facilitates communication and a balanced agreement with major stakeholders without an expensive interference of minorities    16
Methodology    17
Analysis of the UK insolvency system    19
4.1  Eliminating inefficient companies while rescuing the efficient ones    19
4.1.1  Scholars‟ perspective    19
4.1.2  Insolvency Practitioners` perspective    20
4.1.3  Authors‟ critical evaluation    21
4.2  Allowing flexible problem solving to reach time and cost efficiency    21
4.2.1  Scholars‟ perspective    21
4.2.2  Perspective of insolvency practitioners    23
4.2.3  Authors‟ critical evaluation    25
4.3  Limiting value destroying incentives    27
4.3.1  Scholars‟ point of view    27
4.3.2  Insolvency practitioners` perspective    29
4.3.3  Authors‟ critical evaluation    29
4.4  Summary of the analysis    30
Powwow Water Company: The Case Study    31
5.1  Background    31
5.2  Preserving promising enterprises    32
5.3  Analysis of Insolvency Costs    33
5.4  Preventing possible frauds    35
Conclusions    38
The Bankruptcy Law in Lithuania    38
7.1  Liquidation    39
7.2  Administration    39
7.3  Insolvent firms during the credit crisis in Lithuania    39
7.3.1  Eliminating inefficient companies    39
7.3.2  Time and cost efficiency    40
7.3.3  Limits value-destroying incentives    40
7.4  Main findings    41
  References    43
  Appendix 1    47
Darba fragmentsAizvērt

The poor economic situation during the last few years (2008-2010) significantly affected development of the economy of the United Kingdom forcing more firms to default on their debt and leave the market (The Insolvency Service, 2011). The growth in the number of insolvent companies made the efficiency of the UK insolvency system an important object of debates.
However, since the efficiency of the insolvency law is hard measure, there haven‟t been many attempts from the scholars‟ side to evaluate it. Actually, the last thorough analysis of the efficiency of insolvency code in UK was made in 1996 by Julian Franks et al. Because a long time has passed without any updated review the authors chose to fill this blank area. In particular, the authors decided to answer such research question - How efficient is the UK Insolvency code?
As efficiency itself is not definable straightforwardly, authors made a qualitative research looking for benchmarks for evaluation of the efficiency of the law. At first, authors‟ covered the materials explaining the insolvency law in the UK, then turned to studies of scholars expressing their analysis about the efficiency of the law and its enforcement. In order to grasp implications of the latest changes in the law, authors acquainted themselves with opinions of practitioners expressed in magazines specializing in insolvency issues. Finally, in order to get practical valuation of the system, authors distributed a qualitative survey among insolvency practitioners in the UK. More than 350 e-mails were sent to IPs (Insolvency practitioners) asking 6 open-ended questions (Appendix 1). Even though the response rate was low, the authors managed to receive 15 essay-type answers.
In answering the main research question authors analysed the Insolvency code in UK based on three denoted benchmarks of efficient system. In the authors opinion, efficient Insolvency law must: (i) eliminate inefficient companies in the ex-ante and ex-post phases, (ii) allow flexible problem solving to reach time and cost efficiency and (iii) limit value destroying incentives in the ex-ante, interim and ex-post phases.…

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