Abstracts

Business

Search abstracts:

Distributing an Insolvent's Assets - Is Parri Passu Dead Language?

Article Abstract:

The government has produced its White Paper based on Sir Kenneth Cork's recommendations on insolvency reform. A bankrupt is required to surrender his personal and financial assets which are to be distributed among his creditors in proportion to the amounts that they are owed. The principle of 'parri passu' has been eroded to such an extent that an insolvency assignment which provides any return to the ordinary unsecured creditor is the exception rather than the rule. Generally, the assets are burdened with fixed charges in favor of creditors. A trade creditor, who gives credit without any security, is expected to get a share of the book debts should his customer fail. The claim of preferential creditors is increasing monstrously. The Cork Report included some proposals for severe curtailment of preferential claims. The government will have to pursue the recommendations of the Cork Report more vigorously if parri passu is to live again.

---

The Government on Cork

Article Abstract:

The government has produced its White Paper based on Sir Kenneth Cork's recommendations on insolvency reform. After an initial favorable response, the government's proposals have come under attack. According to some commentators, the new Insolvency Bill will owe more to the government's short term policy of administrative cutbacks than to improve the lot of the unsecured creditors. The Cork report is concerned with the protection of unsecured creditors. But the government has opted for voluntary regulation that liability to creditors will lie with the managers of the companies. The Report strongly recommended the reduction of preferential creditors. But the review committee recognized that loss of preference for taxes could effectively mean that the collection of taxes would, in insolvencies, insure to the benefit of the private creditor. One point welcomed by consumers and businessman is the introduction of the administrator.

---

Is fundamental tax reform dead? An economic assessment of key proposals

Article Abstract:

The US system of taxation can be improved with reform according to surveyed tax professors. Reform should address distortion, cost-effectiveness, equity, and stimulation of savings issues. The Taxpayer Relief Act of 1997 only momentarily silenced debate on more radical reforms advocated particularly by conservative-minded congressional Republicans. Flat tax, national sales tax, and value-added tax proposals were also considered by the surveyed professors.

United States, Political aspects, Tax reform

Similar abstracts:

• Abstracts: Voting and institutional investors. A question of balance. Institutional investment: a question of understanding
• Abstracts: Setting Accounting Standards for Nationalised Industries. Asset strip may break an accounting principle. Diversification and entrepreneurship in BAT Industries
• Abstracts: Actual Tax Earnings - A Re-Assessment. Unrecorded intangible assets: abnormal earnings and valuation. Earnings management to avoid earnings decreases and losses
• Abstracts: Doing a Number on AT&T. The 'Eleventh Rule' vs. 'Breakthrough Stuff'. Utilizing the '800' Number
• Abstracts: Running the vacation-home rental tax maze. Brick buys 82 United stores in Canada. 10 Terrific Vacation Buys

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.