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McPherson & Keay's Law of Company Liquidation

McPherson & Keay's Law of Company Liquidation
4th Edition
Practice Area:  Insolvency
ISBN:  9780414061514
Published by:  Sweet & Maxwell
Publication Date:  13 Dec 2017
Subscription Information:  Non-Subscribable Product
Format:  Hardback
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This title discusses the legal considerations involved in company liquidation and addresses the various methods of winding-up. It covers the legal considerations to be taken into account in relation to creditors' petitions and miscellaneous other petitions. It explains provisional liquidation, analyzes the role and duties of the liquidator as well as the role of creditors, and addresses the distribution of surplus assets in solvent liquidations. It also provides guidance on investigations and examinations and discusses misconduct and prosecutions.

New to this edition

  • Reference to and examination of the new rules – Insolvency Rules 2016 – in all aspects of liquidation and associated elements of insolvency law
  • The chapter on international liquidations is expanded significantly to take account of many developments in the case law in cross-border insolvency, including the decision in Singularis, and the advent of the recast version of the EU Insolvency Regulation
  • Extensive analysis of the Akers v Samba Financial Group (Supreme Court) and Express Electrical Distributors Ltd v Beavis (Court of Appeal) cases in relation to s.127 (avoidance of post-petition dispositions)
  • Consideration of the relevant aspects of the Waterfall litigation in Lehman Bros and especially the Supreme Court decision in The Joint Administrators of LB Holdings Intermediate 2 Ltd v the Joint Administrators of Lehman Brothers International (Europe)(2017)
  • Updating to take account of amendments to the Insolvency Act 1986 brought about by the Small Business, Enterprise and Employment Act 2015.
  • Examination of the Court of Appeal decisions in County Leasing Asset Management Ltd v Hawkes and Pickering v Davy as far as the restoration of dissolved companies is concerned
  • Consideration of the Supreme Court decision in Nortel GmbH as far as it affects the disposition of the insolvent estate
  • Discussion and explanation of the decision-making process provided for by the Insolvency Act and Rules
  • Developments in the case law as is affects transactional avoidance and wrongful trading
  • Discussion of changes brought about by the Commercial Rent Arrears Recovery (CRAR) in relation to liquidations


Chapter 1: Introduction
Chapter 2: Modes of winding up
Chapter 3: Creditor’s petition for a winding-up order
Chapter 4: Contributory’s petition
Chapter 5: Miscellaneous other petitions
Chapter 6. Provisional liquidation
Chapter 7: Commencement and effect of winding up
Chapter 8: Administrative organs of winding up
Chapter 9: Functions of the liquidator
Chapter 10: Contributories
Chapter 11: Assets available for division and distribution
Chapter 12: Creditors
Chapter 13: Division of assets among creditors
Chapter 14: Distribution of surplus assets
Chapter 15: Investigations and examinations
Chapter 16: Misconduct and prosecutions
Chapter 17: The conclusion of the winding-up proceedings
Chapter 18: International aspects of liquidations


“…an utterly indispensable volume, meticulously presented – author and
publisher co-operation on a huge scale – and more than bang up to date.” 
- Harry Rajak, Emeritus Professor at Sussex Law School, writing in Eurofenix issue 71

“While the fourth edition does well to not only highlight some of the more substantive changes, such as the Insolvency (England and Wales) Rules 2016, Small, Business, Enterprise and Employment Act 2015, and the (recast) EU Regulation on Insolvency Proceedings 2015, what makes the work particularly impressive is the coverage given to judicial activity…[t]his text has been designed to lead and address disputes in liquidation, with many of the arguments ready to be used as legal authority on given issues.”
- Dr. John Wood, forthcoming review in 2019 for the Journal of Business Law
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