15 September 2003

This information is provided courtesy of Law-Now, CMS Cameron McKenna's free on-line information service.

www.law-now.com

Insolvency

The corporate insolvency provisions of the Enterprise Act
2002 come into force today. They rewrite the rule book on
exiting from administrations.

* The Insolvency Act 1986 is virtually silent on exit
routes, even though administration has always been seen
as a transitional regime, given the inability of administrators
to make distributions to creditors.

* The Enterprise Act prescribes no less than 9 exit routes,
but still leaves many unanswered questions.

* It introduces the concept of a new streamlined creditors'
voluntary liquidation process but does not make it clear
when the administrator should use this process, rather than
the new powers given to him to make distributions to
unsecured creditors.

To help you understand the different aspects of the
reforms and how they will affect you in practice we will
be issuing a mini-series of articles throughout September
and October. To access our previous article and this week's
article - Exiting administration and the role of liquidation
after the Enterprise Act, please click on the link below.
www.law-now.com/insolvencyreforms

For further information please contact Ashley Smith at
ashley.smith@cmck.com or on + 44 (0) 20 7367 2154


=======================================
Feedback and to unsubscribe
If you no longer wish to receive emails via Law-Now or if
you have any views on how we can improve this service,
please contact:

Bronwen McLaughlin
Head of On-line Marketing Services
London
bronwen.mclaughlin@cmck.com

Tel: +44 (0)20 7367 2446
Fax: +44 (0)20 7367 2000

CMS Cameron McKenna
Mitre House
160 Aldersgate Street,
London EC1A 4DD
www.law-now.com

Copyright (C) 2003 CMS Cameron McKenna. All rights reserved.
Information may be shared; however, reproduction in any
medium requires our permission.
==========================================
Disclaimer

CMS Cameron McKenna's principal office is Mitre House,
160 Aldersgate Street London EC1A 4DD. A list of the
partners' names and their qualifications is open for
inspection at that address. The partners are either
solicitors or registered foreign lawyers. We are regulated
by the Law Society.

This information has been prepared for subscribers to
Law-Now - CMS Cameron McKenna's free on-line information
service. The information and opinions expressed in all
Law-Now emails and our website www.law-now.com are not
necessarily comprehensive and do not purport to give
professional advice.

Further information about CMS Cameron McKenna can be found
on our website www.law-now.com
======================================