James Ayliffe
- Published in print:
- 2018
- Published Online:
- March 2021
- ISBN:
- 9780198793403
- eISBN:
- 9780191927836
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198793403.003.0009
- Subject:
- Law, Company and Commercial Law
The powers of liquidators and trustees in bankruptcy to disclaim onerous property may be categorized as avoidance powers, in that they enable a transaction that a debtor has entered into to be set ...
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The powers of liquidators and trustees in bankruptcy to disclaim onerous property may be categorized as avoidance powers, in that they enable a transaction that a debtor has entered into to be set aside. They are, however, unconventional avoidance powers in that they do not enable the augmentation of the assets available for creditors: rather they are aimed at the disposal of assets. Moreover, it is perhaps stretching the definition of the term ‘avoidance provision’ to include the right of disclaimer, which is an administrative provision in nature, aimed at enabling the office holder to complete the administration of the liquidation or bankruptcy without being burdened by onerous property, such as unprofitable contracts or assets that are of no value to the estate. However, it may be argued that a further aim of the powers is in accordance with the general aims of many of the avoidance provisions: namely, to prevent needless depletion of the debtor’s assets by the continuance of contracts that are unprofitable or that give rise to liabilities.
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The powers of liquidators and trustees in bankruptcy to disclaim onerous property may be categorized as avoidance powers, in that they enable a transaction that a debtor has entered into to be set aside. They are, however, unconventional avoidance powers in that they do not enable the augmentation of the assets available for creditors: rather they are aimed at the disposal of assets. Moreover, it is perhaps stretching the definition of the term ‘avoidance provision’ to include the right of disclaimer, which is an administrative provision in nature, aimed at enabling the office holder to complete the administration of the liquidation or bankruptcy without being burdened by onerous property, such as unprofitable contracts or assets that are of no value to the estate. However, it may be argued that a further aim of the powers is in accordance with the general aims of many of the avoidance provisions: namely, to prevent needless depletion of the debtor’s assets by the continuance of contracts that are unprofitable or that give rise to liabilities.
Hamish Anderson
- Published in print:
- 2017
- Published Online:
- March 2021
- ISBN:
- 9780198805311
- eISBN:
- 9780191927942
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198805311.003.0012
- Subject:
- Law, Company and Commercial Law
The ‘court’, for the purposes of the Act and Rules, means the court with jurisdiction to wind up a company. The High Court has jurisdiction to wind up any company registered in England and Wales. ...
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The ‘court’, for the purposes of the Act and Rules, means the court with jurisdiction to wind up a company. The High Court has jurisdiction to wind up any company registered in England and Wales. The county court has concurrent jurisdiction in respect of any company whose paid up share capital does not exceed £120,000, unless the place which has longest been the registered office of the company during the previous six months is in the London insolvency district.
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The ‘court’, for the purposes of the Act and Rules, means the court with jurisdiction to wind up a company. The High Court has jurisdiction to wind up any company registered in England and Wales. The county court has concurrent jurisdiction in respect of any company whose paid up share capital does not exceed £120,000, unless the place which has longest been the registered office of the company during the previous six months is in the London insolvency district.
