ABSTRACT

There is an increasing tendency to create an accelerated judicial approach to business sales by plaiting the informal approach and the state-supplied statutory approach when dealing with corporate distress. This article investigates the extent to which formal insolvency procedures in the UK and the USA can be customised through pre-planning to achieve business sales and critically evaluates the challenges brought about by the plaiting. It is argued that the accelerated approach to business sales in insolvency tends to shift the key properties of the statutory procedure from creditor coordination and plan formulation towards verification of pre-arranged transactions. In this way it creates a vacuum of control over the quality of business decision-making and eliminates the inclusiveness of the statutory procedure leaving ample room for rent-seeking by insiders. To mitigate these deficiencies the article suggests a more responsive approach with increased accountability and better-equipped evaluation to control abuse.

摘要

在处理公司困境时，通过采用非正式方法和国家提供的法定方法，越来越倾向于创建一种针对商业销售的加速司法方法。本文研究了可以通过预先计划定制英国和美国正式破产程序以实现业务销售的程度，并严格评估了编结带来的挑战。有人认为，破产中商业销售的加速方法趋向于将法定程序的关键性质从债权人的协调和计划制定转向核实预先安排的交易。这样，它就形成了对业务决策质量的控制真空，并消除了法定程序的包容性，从而给内部人员提供了充足的寻租空间。为了减轻这些缺陷，本文提出了一种更具响应性的方法，即增加问责制并配备更好的评估以控制滥用。