Pre-requisite: 51123/51322
Pre-requisite: 51124
Market economies provide the opportunity for risk-taking enterprises to profit from their successes. Concomitantly it is fundamental to such a system that firms risk failure. Insolvency law regulates formal insolvency administrations which result in the liquidation or bankruptcy of debtors. Restructuring law and practice is aimed at maximising the chances of a business, or so much of it as is possible, continuing in existence or at least at providing a better return to creditors than a liquidation or bankruptcy. This unit reviews the range of administrations available and examines current trends and issues in insolvency and restructuring law.