The winding up of insolvent companies in England and France

Abstract

This thesis has two main objectives. The first is to set out the law in force in England and Prance regarding the winding up of insolvent companies and the second to point out the similarities and differences in the way in which the various questions of law which arise in relation to insolvency are treated by the legal systems of these countries, as well as their respective advantages and disadvantages. However, the law is set out only in so far as is necessary to attain this second objective — that is to say, to the extent that it serves comparative purposes. The nature of this work is therefore principally comparative, since the contribution to the knowledge of the subject selected is intended to be a comparison of the English and the French legal systems in relation to the insolvency of companies.The scope of the thesis is defined so as to include those procedures relating to insolvent companies which lead to the realisation of a company's assets to the exclusion of those aimed at a scheme of arrangement or similar measure. Since it is the author's opinion that both legal systems leave much to be desired, certain proposals are made where, in his view, a change would be beneficial. Within the framework of the subject treated, special emphasis is placed on the question of the protection of the company's creditors — especially those who are unsecured— and its employees, as well as to the questions of the position of secured and preferential creditors and the liability of directors. As both England and Prance are members of the EEC, the latter's efforts to bring about an approximation of the insolvency laws of its Member States are examined in the appropriate places.