| CODE | CML5034 | ||||||||||||
| TITLE | Legal Aspects of Winding Up and Corporate Recovery | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 5 | ||||||||||||
| DEPARTMENT | Commercial Law | ||||||||||||
| DESCRIPTION | The first part of this study-unit examines the legal framework and rules affecting the winding up of companies generally, both solvent and insolvent. In its second part, the study-unit concentrates on the complex issues of law and policy underlying the corporate insolvency regime and the features and effectiveness and the company recovery procedure. Is it lawful for the company to continue trading while insolvent? If the company does go into insolvent liquidation, what are the rights of the different classes of creditors, and in what circumstances may pre-liquidation transactions be set aside? To what extent does the law interfere with the rights accrued prior to winding up? What are the liabilities of directors for the debts of insolvent companies? Can the holding company be held liable for the debts of its insolvent subsidiaries? The study-unit aims to cover the following aspects of winding up and insolvency: (i) the framework of the winding up of companies; winding up by the court and MP voluntary winding up. (ii) the concept of corporate insolvency. (iii) the assets available for distribution in a winding up. (iv) the treatment of claims and liabilities, including the avoidance of transactions in winding up and the ranking of claims, (v) the liabilities of directors for fraudulent trading and wrongful trading. (vi) group trading and insolvency. (vii) company recovery procedures. (viii) cross-border insolvency. Learning Outcomes This unit has been designed as a course which seeks to achieve two broad inter-linked objectives. First it covers the regulatory implications of the winding up and insolvency regimes relating to limited liability companies with special emphasis on the relevant provisions in the Maltese Companies Act and the rationale behind such provisions. Secondly, the course aims to explore the practical application of the winding up and insolvency rules to give the students an introduction to the type of practical difficulties that are faced by professionals in this field. In this context, the course draws up the practical experience of persons conducting and/or invited to the seminars. Reading List: 1. Goode Roy Principles of Corporate Insolvency Sweet & Maxwell 2. Pennington Corporate Insolvency Law Butterworth 3. Milman & Durant Corporate Insolvency: Law and Practice Sweet & Maxwell. |
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| STUDY-UNIT TYPE | Lecture | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Tiziana Filletti (Co-ord.) Andrew Muscat Ilona Schembri |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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