se in corporate insolvencies. Contemporary debate, particularly in the banking sector, has shifted to

The financial crisis of 2007, which resulted from insufficient consumer financial protection in the US, conflicts of interest in the credit rating agency industry, and defective transparency requirements in derivatives markets,[14] triggered a massive rise in corporate insolvencies. Contemporary debate, particularly in the banking sector, has shifted to prevention of insolvencies, by scrutinising excessive pay, conflicts of interest among financial services institutions, capital adequacy, and the causes of excessive risk taking. The Banking Act...

for taxpayers' claims was abolished. Since then, debate for further reform has shifted to whether the floating charge should be abolished altogether and whether a ring-fenced fund should be taken fro

Over the 20th century, reform efforts focused on three main issues. The first concerned setting a fair system of priority among claims of different creditors. This primarily centred upon the ability of powerful contractual creditors, particularly banks, to agree to take a security interest over a company's property, leaving unsecured creditors without any remaining assets to satisfy their claims. Immediately after Salomon's case and the controversy created over the use of floating charges, the Preferential Payments in Bankruptcy Amendment Act 1897...

K company law's leading case, Salomon v A Salomon & Co Ltd.[10] Here a Whitechapel bootmaker had incorporated his business, but because of economic struggles, he had been forced into insolv

The difficulties for individuals to be discharged from debt in bankruptcy proceedings and the awfulness of debtors prison made the introduction of modern companies legislation, and general availability of limited liability, all the more urgent. The first step was the Joint Stock Companies Act 1844, which allowed companies to be created through registration rather than a Royal Charter. It was accompanied by the Joint Stock Companies Winding-Up Act 1844, which envisaged a separate procedure to bring a company to an end and liquidate the assets. Companies...