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    This document provides an introduction to a course on corporate insolvency law at the University of the West Indies Faculty of Law. The course aims to give students an understanding of corporate failure and insolvency processes, as well as explore whether legislation in the Caribbean meets the four main objectives of insolvency law: restoring viable companies, maximizing returns to creditors, establishing a fair claims system, and holding mismanagers accountable. The course will cover the history, philosophy, and causes of insolvency; creditor remedies like receivership and winding up; and recent concepts of corporate rescue in various jurisdictions. Key reading materials listed include insolvency statutes from Barbados, Jamaica, and Trinidad along with textbooks and committee reports from

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    This document provides an introduction to a course on corporate insolvency law at the University of the West Indies Faculty of Law. The course aims to give students an understanding of corporate failure and insolvency processes, as well as explore whether legislation in the Caribbean meets the four main objectives of insolvency law: restoring viable companies, maximizing returns to creditors, establishing a fair claims system, and holding mismanagers accountable. The course will cover the history, philosophy, and causes of insolvency; creditor remedies like receivership and winding up; and recent concepts of corporate rescue in various jurisdictions. Key reading materials listed include insolvency statutes from Barbados, Jamaica, and Trinidad along with textbooks and committee reports from

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    23 views2 pages

    Insolvency Introduction 2022

    Uploaded by

    Roberto Guiseppi
    This document provides an introduction to a course on corporate insolvency law at the University of the West Indies Faculty of Law. The course aims to give students an understanding of corporate failure and insolvency processes, as well as explore whether legislation in the Caribbean meets the four main objectives of insolvency law: restoring viable companies, maximizing returns to creditors, establishing a fair claims system, and holding mismanagers accountable. The course will cover the history, philosophy, and causes of insolvency; creditor remedies like receivership and winding up; and recent concepts of corporate rescue in various jurisdictions. Key reading materials listed include insolvency statutes from Barbados, Jamaica, and Trinidad along with textbooks and committee reports from

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    © All Rights Reserved
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    of 2

    UNIVERSITY OF THE WEST INDIES

    FACULTY OF LAW

    CORPORATE INSOLVENCY LAW


    CIL/JARC/2022-23

    INTRODUCTION

    1. COURSE OBJECTIVE

    According to Professor R. M Goode, corporate insolvency law has four


    overriding objectives:
     To restore the debtor company to profitable trading where
    this is practicable
     To maximize the return to creditors as a whole where the
    company itself cannot be saved
     To establish a fair and equitable system for the ranking of
    claims and the distribution of assets among creditors,
    involving a redistribution of rights
     To provide a mechanism by which the causes of failure can
    be identified and those guilty of mismanagement be brought
    to book, and where appropriate deprived of the right to be
    involved in other companies.

    In the Caribbean, the law has generally kept abreast of the procedures to
    achieve these objectives, which have become common in many other
    parts of the world. Many countries have undergone reform of their
    insolvency laws, as societies have recognized the dramatic social and
    economic repercussions on the breakdown of companies.

    As companies grow and become more influential in the life of the


    Caribbean, lawyers must be aware of the reasons for and effect of
    corporate failure, the management of corporate insolvency and the
    remedies available to creditors. The Course aims to give an
    understanding of these processes but also to explore whether our
    legislation meets those objectives and need for reform.

    We will look first at the history and philosophy of insolvency law. All law
    reform must be rooted in a clear understanding of the policy which the
    law maker (and the society) wishes to follow. Secondly we will examine
    the basis of insolvency problems: the creation of debt, and explore how
    trust and contract law influences the availability of assets for
    distribution to the creditor. We will then look at the management of
    corporate insolvency through the creditor remedies of receivership and
    winding up. This will include an examination of the role of directors, and
    the avoidance of transactions which entered into by the company which
    may be improper, the recovery of misapplied assets.

    Finally we will look at the concept of corporate rescue. The idea that a
    failing company should not be destroyed (liquidation) but instead be
    allowed to recover is not new. In the United Kingdom the administration
    process has been available from 1986. Chapter 11 bankruptcy in the
    United Kingdom has an even longer history. In the last ten years
    Barbados, Trinidad and Jamaica have enacted new insolvency
    legislation based on the Canadian model.

    2. READING and SOURCES:

    Statutes:

    Barbados Companies Act, Cap. 308


    Jamaica Companies Act, 2004
    Trinidad Companies Act, 1995
    Barbados Bankruptcy and Insolvency Act 2001-34
    Trinidad Bankruptcy and Insolvency Act 9:70
    Jamaica Insolvency Act 2014 (no. 14/2014)

    Books:
    *Goode, Principles of Corporate Insolvency Law, (Sweet and Maxwell)
    2005
    Fletcher: The Law of Insolvency (Sweet and Maxwell)
    Lightman and Moss: The Law of Receivers and Administrators of
    Companies, Sweet and Maxwell, 3rd Ed.
    Lingard: Corporate Rescues and Receiverships (Butterworths)
    *Finch V.: Corporate Insolvency Law, Perspectives and Principles,
    Cambridge University Press 2002
    Goode R, Legal Problems of Credit and Security, Sweet and Maxwell, 2003
    Burgess, The Law of Corporate Receivers and Receiver Managers

    Committee reports:
    United Kingdom: Report of the Insolvency Law Review Committee (The
    Cork Report) (Cmnd. 8558, 1982)
    Canada: Report on the Canadian Advisory Committee on Bankruptcy
    and Insolvency (the Colter Report) 1986
    Other readings:
    USA: Jackson: Logic and Limits of Bankruptcy (Harvard University Press)
    1986

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