Details
- Addresses ways in which creditors can take priority in the event of insolvency of the debtor
- Answers a need for guidance on an important area of insolvency law (especially in times of economic crisis) where case law is not settled
- Analyses a topic which has changed substantially in recent years due to a wealth of case law
- Includes reference to Commonwealth authorities where relevant, including Australia, New Zealand and Canada
- Structured analysis of the problems which arise in practice
This topical title explains the circumstances in which a creditor of an insolvent debtor can take priority over other creditors by claiming a proprietary interest in assets held by the debtor. It focuses on the situation where the proprietary interests are created by operation of law or implied from the arrangements between the parties, rather than by express transfer or taking of security.
The book clarifies the current state of the law in an important area of insolvency law (especially in times of economic crisis) where the law is not settled, taking into account the latest developments in case law, and suggesting how it might be simplified by going back to first principles, such as the way proprietary interests are transferred at common law and in equity.
The book concerns both insolvency law and property law, being essentially concerned with the limits of the law of property, marking out its boundary with the law of obligations. It is of particular importance in common law systems because of the nature of equitable proprietary interests, and includes reference to Commonwealth authorities where relevant, including Australia, New Zealand and Canada.
This work provides a structured and principled analysis of the topical and important area of creditors' proprietary rights in the event of insolvency of a debtor.
Readership: Practitioners, academics and students of insolvency law, property law, restitution and commercial law generally; reference libraries in the UK and worldwide.
Part I: Introduction
1: Pari Passu Sharing
2: The Nature of Proprietary Interests
Part II: Retaining or recovering a proprietary interest
3: Retaining a Proprietary Interest by Agreement
4: Retaining or Recovering a Proprietary Interest by Operation of Law
Part III: Obtaining a Proprietary Interest by Agreement
5: Obtaining a Proprietary Interest by Express Agreement
6: Obtaining a Proprietary Interest by Implied/Presumed Agreement
Part IV: Obtaining a Proprietary Interest in a Substitute Asset by Operation of Law
7: Tracing at Law
8: Tracing at Equity
Part V: Obtaining a Proprietary Interest in an Unconnected Asset by Operation of Law
9: Obtaining a Proprietary Interest in an Unconnected Asset by Operation of Law
Part VI: Conclusion
10: Conclusion
Richard Calnan, Partner at Norton Rose LLP and Visiting Professor at University College London and the University of Nottingham
"Most stimulating for all who have grown up with English property law...the ideal companion through the maze of the English case law" - Stefan Enchelmaier, Legal Studies
"This is a major work of scholarship and it makes a singularly important contribution to our understanding of the interface between property and insolvency law. The book will be indispensable reading for anyone interested in the law of restitution, property law, the principles of equity, remedies or the law of bankruptcy and insolvency" - Anthony Duggan, Review Essays and Book Reviews
"Calnan develops nothing less that a panorama of English property law sub specie insolventiae, covering land, goods, and intangibles, both at law and in equity. This is a Herculean task. The author manages it - and manages it admirably - through concentration and through organisation. He omits everything that is not strictly necessary to understand the creation and the implication of property rights from the perspective of the creditors' competition for their insolvent debtor's assets. As a consequence, the book will be of most use to readers who already have some understanding of both property law and insolvency law." - Stefan Enchelmaier, Legal Studies
"...will be a vade mecum for comparatists worldwide: it is the ideal companion through the maze of the English case law on proprietary rights, and it ultimately guides the reader to the rational principles underlying it all..." - Stefan Enchelmaier, Legal Studies
"...nothing less than a panorama of English property law sub specie insolventiae, covering land, goods, and intangibles, both at law and in equity. This is a Herculean task. The author manages it - and manages it admirably...most stimulating for all who have grown up with English property law...the ideal companion through the maze of the English case law."
