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McPherson's Law of Company Liquidation
McPherson's Law of Company Liquidation
3rd Edition
Practice Area:  Insolvency
ISBN:  9780414027572
Published by:  Sweet & Maxwell
Publication Date:  20 Sep 2013
Format:  Hardback
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  • Provides a thorough introduction to the history of company liquidation in the context of English and Australian law
  • Takes the reader through the stages of company liquidation and official requirements, from notification to closure of company accounts
  • Offers illustrated support materials to help guide you through the process of company liquidation
  • Offers comparative models of company liquidations legal systems
  • Examines the various means and modes by which a company can be wound-up, including in depth analysis at a general level of: creditors, court and members’ winding up procedures
  • Dedicated chapters to each form of winding – up, detailing their intrinsic qualities, principles, statutory procedures (including demands), principles of restraint, refusals of orders
  • Provides chapters on the dramatis personae involved in any liquidation process, including ‘what to expect’ and when/where to involve certain professionals
  • Goes through the highly nuanced, old and new, case law against the backdrop of rapid developments since 2009
  • Discusses the full implementation of the Companies Act 2006 where it relates to liquidations and related areas,
  • References important precedent material available through Insolvency Service/Company House/BIS
  • Detailed chapter on corporate misconduct, dealing with the highly relevant area of corporate criminal liability against the backdrop of the fiduciary and legal obligations of the company towards individuals, individuals who represent the company, employees and shareholders
  • Provides an extremely detailed analysis of remedies and effects of liquidation on the company, its various organs
  • Addresses the changed scenery post 2009
  • Analyses the essential case law of the UK and Commonwealth jurisdictions, and Australia in particular

New to this edition:

  • Includes references to updated UK and Commonwealth case law, and Australia in particular
  • Analysis and synthesis of existing areas in light of new case law, such as the decision in The Commissioners for HMRC v Rochdale Drinks Distributors Ltd in relation to provisional liquidation and the decision in Re JT Frith Ltd in relation to the “prescribed part” in section 176A
  • Much expanded treatment of the insolvency aspects of liquidations, with greater analysis of elements of the EC Regulation on Insolvency Proceedings 2000 and the Cross-Border Regulations 2006 and relevant case law, including decisions of the Court of Justice of the European Union
  • Reference to and consideration of the changes to the Insolvency Rules and in particular the Insolvency (Amendment) Rules 2010 (SI 2010/686), which have led to critical changes in the practice of liquidation law
    Consideration of the anti-deprivation principle and the Supreme Court decision in Belmont Park Investments PTY Ltd v BNY Corporate Trustee Services Ltd
  • Expanded consideration of the tests of insolvency and discussion of the Supreme Court decision in BNY Corporate Trustee Services Ltd v Eurosail – UK 2007-3BL plc and how it affects the practice of liquidation law

  • 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


Andrew Keay is Professor of Corporate and Commercial Law in the School of Law’s Centre for Business Law and Practice at the University of Leeds, where he teaches company law, corporate governance and insolvency law to both undergraduate and postgraduate students.  He is also a practising barrister, working in the Chancery field from chambers in London (13 Otd Square, Lincoln’s Inn) and in Manchester, Leeds and Birmingham (Kings Chambers). He is the author of numerous articles in the areas of company law, corporate governance and insolvency law and which have been published in many jurisdictions including the UK, Germany, the Netherlands, the United States, Australia, Canada and South Africa.  In addition he has authored several books in the fields in which he works. He has been a partner of an Australian law firm, a Deputy Registrar in Bankruptcy in Australia, adviser to both the Hong Kong Institute of Certified Practising Accountants and the Australian Society of Certified Practising Accountants, and he is an honorary member of the Insolvency Practitioners’ Association of Australia.
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