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英国的公司破产拯救制度分析
Title:AnalysisoftheCorporateInsolvencyRegimeintheUnitedKingdom
Introduction:
Thecorporateinsolvencyregimeplaysacrucialroleinfacilitatingtheresolutionoffinancialdistressandtherestructuringofcompaniestomaximizestakeholdervalue.ThispaperaimstoanalyzethecorporateinsolvencysystemintheUnitedKingdom(UK)anditseffectivenessinpromotingeconomicstabilityandpreservingbusinessvalue.
1.OverviewofCorporateInsolvencyintheUK:
TheUKgovernmentprovidesacomprehensivelegalframeworkfordealingwithcorporateinsolvencies.TheprimarylegislationgoverningcorporateinsolvencyistheInsolvencyAct1986,whichsetsoutvariousinsolvencyproceduresandmechanisms.Theseproceduresincludeadministration,liquidation,companyvoluntaryarrangements(CVAs),andreceivership.
2.ObjectivesofCorporateInsolvency:
TheprimaryobjectivesoftheUKcorporateinsolvencyregimearetomaximizecreditorrecovery,preservebusinessvalueandemployment,andpromotebusinessrescueandrehabilitationoverliquidation.Theregimeaimstostrikeabalancebetweentheinterestsofcreditors,shareholders,andotherstakeholderswhileencouragingtherestructuringandturnaroundofviablebusinesses.
3.Administration:
OneofthekeyprovisionsoftheUKcorporateinsolvencyregimeisadministration,whichaimstorescuestrugglingcompaniesandprotecttheinterestsofcreditors.Administrationallowsacompanytoundergoamoratoriumperiodunderthesupervisionofalicensedinsolvencypractitioner.Duringthisperiod,theadministratortakescontrolofthecompany'soperationsandimplementsarestructuringplantoimprovefinancialviability.
Theadministrationprocessprovidesbreathingspaceforcompaniestonegotiatewithcreditors,sellassets,andrestructuredebts.Itenablesthecompanytocontinuetradingandpreservesemployment,therebymaximizingthechancesofbusinesssurvival.Ifarescueisnotpossible,theadministratormayrecommendliquidation.
4.Liquidation:
Liquidationinvolveswindinguptheaffairsofaninsolventcompanyanddistributingitsassetstocreditors.TherearetwotypesofliquidationintheUK:compulsoryliquidation(initiatedbycreditors)andvoluntaryliquidation(init