Organization within its environment Essay Example for Free

Organization within its environment Essay Organization exist as part of a wider environment Or part of society and as such their influence by the environment in which their operate. It is usual to consider the environment through form of analysis known as pest analysis which has 4 main categories ; political this looks at the government involvement through legislation that they provide outlining the legal frame work within which every business must exist and taxation policy which are dependent on company success and therefore their profit ECONOMIC Factors affecting the financial functioning of the organization and value of money in the economy which will affect the ability to purchase as well as produce goods n services . It looks at the potential growth in a economy and how the value of money changes as well as trade SOCIAL This refers to factors affecting the population and supply of labour by looking at the influences on individuals whether their are employees or customers . It will look at the taste n preferences of plp in society, culture of plp the profile of the workin population nn the number of plp in the job market which influences expectations and behaviour at work TECHNOLOGICAL Factors affecting the processes of production such as changes in computer technology and communication and new manufacturing processes MANAGEMENT FUNCTIONS Management involves creating and internal environment in a business which makes use of the inputs or factors of production to be transformed tp create outputs of goods and services .it is therefore the responsibility of management to create conditions that allows people to perform to their best ability to be efficient and effective. MANAGEMENT is able to do this through their basic functions of planning organising directing amd controlling the organizations resources in order to achieve the goals of the company MANAGEMENT THEORY Organisations considered to be employee oriented so they are likely to be  more productive and as a result become more profitable. Similarly employees who are mistreated are more likely to reject the policies of the organization. Based on this o.b helps to analyze how and why employees behave in a particular way and the schools of management thought provide different theory used for the of management. Each school of thought IS based on different assumptions about people and the organization for which they work and understanding of the developments of management thinking will help to understand the process of management that offer good employee benefits and have proper working conditions.

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It has been said that pre-numerical counting systems pre-dated the written language. Business accounting is rooted in the organization of monetary claims throughout the history of the Western civilization, developing even before the ancient accountants could note the mathematical entries. Beginning in Mesopotamia around 3500 B.C, and developing throughout the 14th century in Europe, accounting has become one of the largest advancements in the Western world. This long standing form of collaborating financial data has evolutionalized the way we approach business in the 21st century. While today's accountants are involved in the analysis of financial data and the auditing of cash flow through a corporation, this hasn't always held true. The recording of financial transactions dates back to B.C with the use of clay tablets written by scribes, this process developed through the Eastern world gaining popularity through the Industrial Revolution when the accounting foundations were brought to the American land. As the career begins to take the driver's seat in the public sector, we must evaluate the evolution of the financial field while we continue to develop new ways to serve the money centered world we inhabit. Thousands of years before the emergence of organized accounting, the Mesopotamians were beginning to increase agriculture production, and as they did the civilization began to seek structure in the recording of transactions for extended credit terms on gold and silver. Those responsible for this organization and coding of trades and sales in the area were referred to as scribes. These scribes noted the transaction, usually on a clay pad, and ensured the agreement followed all rulings by Sumerian government. During a trade, b... ...e organization of the financial script throughout the history of the Western civilization. Beginning in Mesopotamia around 3500 B.C, and developing throughout the 14th century in Europe, accounting has become one of the largest advancements in the Western world. This long standing form of collaborating financial data has clearly evolutionalized the way we approach business in the 21st century. Computing for monetary record dates back to B.C with the use of clay tablets written by scribes, this process developed through the Eastern world gaining popularity through the Industrial Revolution when the accounting foundations were brought to the American land. We must always remember our roots in the West as we continue to develop new ways to serve the money centered world we inhabit, for as the famous proverb goes, â€Å"the past is simply a window to the future.†

United Kingdom Political System

The United Kingdom is a unitary democracy governed within the framework of a constitutional monarchy, in which the Monarch is the head of state and the Prime Minister of the United Kingdom is the head of government. Executive power is exercised by Her Majesty's Government, on behalf of and by the consent of the Monarch, as well as by the devolved Governments of Scotland and Wales, and the Northern Ireland Executive.Legislative power is vested in the two chambers of the Parliament of the United Kingdom, the House of Commons and the House of Lords, as well as in the Scottish parliament and Welsh and Northern Ireland assemblies. The judiciary is independent of the executive and the legislature. The highest national court is the Supreme Court of the United Kingdom. The UK political system is a multi-party system. Since the 1920s, the two largest political parties have been the Conservative Party and the Labor Party.Before the Labor Party rose in British politics the Liberal Party was the other major political party along with the Conservatives. Though coalition and minority governments have been an occasional feature of parliamentary politics, the first-past-the-post electoral system used for general elections tends to maintain the dominance of these two parties, though each has in the past century relied upon a third party to deliver a working majority in Parliament. The current Conservative-Liberal Democrat coalition government is the first coalition since 1974.With the partition of Ireland, Northern Ireland received home rule in 1920, though civil unrest meant direct rule was restored in 1972. Support for nationalist parties in Scotland and Wales led to proposals for devolution in the 1970s though only in the 1990s did devolution actually happen. Today, Scotland, Wales and Northern Ireland each possess a legislature and executive, with devolution in Northern Ireland being conditional on participation in certain all-Ireland institutions.The United Kingdom remains responsible for non-devolved matters and, in the case of Northern Ireland, co-operates with the Republic of Ireland. It is a matter of dispute as to whether increased autonomy and devolution of executive and legislative powers has contributed to a reduction in support for independence. The principal pro-independence party, the Scottish National Party, won an overall majority of MSPs at the 2011 Scottish parliament elections and now forms the Scottish Government administration, with plans to hold a referendum on negotiating for independence. In Northern Ireland,the largest Pro-Belfast Agreement party, Sinn Fà ©in, not only advocates Northern Ireland's unification with the Republic of Ireland, but also abstains from taking their elected seats in the Westminster government, as this would entail taking a pledge of allegiance to the British monarch. The constitution of the United Kingdom is uncodified, being made up of constitutional conventions, statutes and other elements such as EU law. This system of government, known as the Westminster system, has been adopted by other countries, especially those that were formerly parts of the British Empire.The United Kingdom is also responsible for several dependencies, which fall into two categories: the Crown dependencies, in the immediate vicinity of the UK, and British Overseas Territories, which originated as colonies of the British Empire. The British Monarch, currently Queen Elizabeth II, is the Chief of State of the United Kingdom. Though she takes little direct part in government, the Crown remains the fount in which ultimate executive power over Government lies.These powers are known as Royal Prerogative and can be used for a vast amount of things, such as the issue or withdrawal of passports, to the dismissal of the Prime Minister or even the Declaration of War. The powers are delegated from the Monarch personally, in the name of the Crown, and can be handed to various ministers, or other Officers of the Crown, and can purposely bypass the consent of Parliament. The head of Her Majesty's Government; the Prime Minister, also has weekly meetings with the sovereign, where she may express her feelings, warn, or advise the Prime Minister in the Government's work.According to the uncodified constitution of the United Kingdom, the monarch has the following powers: Domestic Powers The monarch appoints a Prime Minister as the head of Her Majesty's Government in the United Kingdom, guided by the strict convention that the Prime Minister should be the member of the House of Commons most likely to be able to form a Government with the support of that House. In practice, this means that the leader of the political party with an absolute majority of seats in the House of Commons is chosen to be the Prime Minister.If no party has an absolute majority, the leader of the largest party is given the first opportunity to form a coalition. The Prime Minister then selects the other Ministers which make up the Government and act as political heads of the various Government Departments. About twenty of the most senior government ministers make up the Cabinet and approximately 100 ministers in total comprise the government. In accordance with constitutional convention, all ministers within the government are either Members of Parliament or peers in the House of Lords.As in some other parliamentary systems of government (especially those based upon the Westminster System), the executive (called â€Å"the government†) is drawn from and is answerable to Parliament – a successful vote of no confidence will force the government either to resign or to seek a parliamentary dissolution and a general election. In practice, members of parliament of all major parties are strictly controlled by whips who try to ensure they vote according to party policy. If the government has a large majority, then they are very unlikely to lose enough votes to be unable to pass legislation.The Prime Mini ster and the Cabinet David Cameron, Prime Minister of the United Kingdom (2010) The Prime Minister is the most senior minister in the Cabinet. She/he is responsible for chairing Cabinet meetings, selecting Cabinet ministers (and all other positions in Her Majesty's government), and formulating government policy. The Prime Minister is the de facto leader of the UK government, since s/he exercises executive functions that are nominally vested in the sovereign (by way of the Royal Prerogatives). Historically, the British monarch was the sole source of executive powers in the government.However, following the rule of the Hanoverian monarchs, an arrangement of a â€Å"Prime Minister† chairing and leading the Cabinet began to emerge. Over time, this arrangement became the effective executive branch of government, as it assumed the day-to-day functioning of the British government away from the sovereign. Theoretically, the Prime Minister is primus inter pares (Latin for â€Å"first among equals†) among his/her Cabinet colleagues. While the Prime Minister is the senior Cabinet Minister, s/he is theoretically bound to make executive decisions in a collective fashion with the other Cabinet ministers.The Cabinet, along with the PM, consists of Secretaries of State from the various government departments, the Lord High Chancellor, the Lord Privy Seal, the President of the Board of Trade, the Chancellor of the Duchy of Lancaster and Ministers without portfolio. Cabinet meetings are typically held weekly, while Parliament is in session Government departments and the Civil Service The Government of the United Kingdom contains a number of ministries known mainly, though not exclusively as departments, Ministry of Defense.These are politically led by a Government Minister who is often a Secretary of State and member of the Cabinet. He or she may also be supported by a number of junior Ministers. In practice, several government departments and Ministers have respo nsibilities that cover England alone, with devolved bodies having responsibility for Scotland, Wales and Northern Ireland, (for example – the Department of Health), or responsibilities that mainly focus on England (such as the Department for Education). Implementation of the Minister's decisions is carried out by a permanent politically neutral organization known as the civil service.Its constitutional role is to support the Government of the day regardless of which political party is in power. Unlike some other democracies, senior civil servants remain in post upon a change of Government. Administrative management of the Department is led by a head civil servant known in most Departments as a Permanent Secretary. The majority of the civil service staff in fact work in executive agencies, which are separate operational organizations reporting to Departments of State. â€Å"Whitehall† is often used as a metonym for the central core of the Civil Service.This is because m ost Government Departments have headquarters in and around the former Royal Palace Whitehall. Legislatures The UK Parliament is the supreme legislative body in the United Kingdom (i. e. , there is parliamentary sovereignty), and Government is drawn from and answerable to it. Parliament is bicameral, consisting of the House of Commons and the House of Lords. There is also a devolved Scottish Parliament and devolved Assemblies in Wales and Northern Ireland, with varying degrees of legislative authority. UK ParliamentHouse of Commons It is a Sand-colored building of Gothic design with large clock-tower. Parliament meets at the Palace of Westminster British House of Commons The Countries of the United Kingdom are divided into parliamentary constituencies of broadly equal population by the four Boundary Commissions. Each constituency elects a Member of Parliament (MP) to the House of Commons at General Elections and, if required, at by-elections. As of 2010 there are 650 constituencies ( there were 646 before that year's general election.Of the 650 MPs, all but one – Lady Sylvia Hermon – belong to a political party. In modern times, all Prime Ministers and Leaders of the Opposition have been drawn from the Commons, not the Lords. Alec Douglas-Home resigned from his peerages days after becoming Prime Minister in 1963, and the last Prime Minister before him from the Lords left in 1902 (the Marquis of Salisbury). One party usually has a majority in Parliament, because of the use of the First Past the Post electoral system, which has been conducive in creating the current two party system.The monarch normally asks a person commissioned to form a government simply whether it can survive in the House of Commons, something which majority governments are expected to be able to do. In exceptional circumstances the monarch asks someone to ‘form a government' with a parliamentary minority which in the event of no party having a majority requires the formati on of a coalition government. This option is only ever taken at a time of national emergency, such as war-time. It was given in 1916 to Andrew Bonar Law, and when he declined, to David Lloyd George and in 1940 to Winston Churchill.A government is not formed by a vote of the House of Commons; it is a commission from the monarch. The House of Commons gets its first chance to indicate confidence in the new government when it votes on the Speech from the Throne (the legislative program proposed by the new government). House of Lords The House of Lords was previously a largely hereditary aristocratic chamber, although including life peers, and Lords Spiritual. It is currently mid-way through extensive reforms, the most recent of these being enacted in the House of Lords Act 1999.The house consists of two very different types of member, the Lords Temporal and Lords Spiritual. Lords Temporal include appointed members (life peers with no hereditary right for their descendants to sit in the house) and ninety-two remaining hereditary peers, elected from among, and by, the holders of titles which previously gave a seat in the House of Lords. The Lords Spiritual represent the established Church of England and number twenty-six: the Five Ancient Sees (Canterbury, York, London, Winchester and Durham), and the 21 next-most senior bishops.The House of Lords currently acts to review legislation initiated by the House of Commons, with the power to propose amendments, and can exercise a suspensive veto. This allows it to delay legislation if it does not approve it for twelve months. However, the use of vetoes is limited by convention and by the operation of the Parliament Acts 1911 and 1949: the Lords may not veto the â€Å"money bills† or major manifesto promises (see Salisbury convention). Persistent use of the veto can also be overturned by the Commons, under a provision of the Parliament Act 1911.Often governments will accept changes in legislation in order to avoid b oth the time delay, and the negative publicity of being seen to clash with the Lords. However the Lords still retain a full veto in acts which would extend the life of Parliament beyond the 5 year term limit introduced by the Parliament Act 1911. The Constitutional Reform Act 2005 outlined plans for a Supreme Court of the United Kingdom to replace the role of the Law Lords. The House of Lords was replaced as the final court of appeal on civil cases within the United Kingdom on 1 October 2009, by the Supreme Court of the United Kingdom.Devolved national legislatures Though the UK parliament remains the sovereign parliament, Scotland has a parliament and Wales and Northern Ireland have assemblies. De jure, each could have its powers broadened, narrowed or changed by an Act of the UK Parliament. However, Scotland has a tradition of popular sovereignty as opposed to parliamentary sovereignty and the fact that the Scottish parliament was established following a referendum would make it p olitically difficult to significantly alter its powers without popular consent.The UK is therefore a unitary state with a devolved system of government. This contrasts with a federal system, in which sub-parliaments or state parliaments and assemblies have a clearly defined constitutional right to exist and a right to exercise certain constitutionally guaranteed and defined functions and cannot be unilaterally abolished by Acts of the central parliament. All three devolved institutions are elected by proportional representation: the Additional Member System is used in Scotland and Wales, and Single Transferable Vote is used in Northern Ireland.England, therefore, is the only country in the UK not to have a devolved English parliament. However, senior politicians of all main parties have voiced concerns in regard to the West Lothian Question, which is raised where certain policies for England are set by MPs from all four constituent nations whereas similar policies for Scotland or Wa les might be decided in the devolved assemblies by legislators from those countries alone.Alternative proposals for English regional government have stalled, following a poorly received referendum on devolved government for the North East of England, which had hitherto been considered the region most in favor of the idea, with the exception of Cornwall, where there is widespread support for a Cornish Assembly, including all five Cornish MPs. England is therefore governed according to the balance of parties across the whole of the United Kingdom. The government has no plans to establish an English parliament or assembly although several pressure groups are calling for one.One of their main arguments is that MPs (and thus voters) from different parts of the UK have inconsistent powers. Currently an MP from Scotland can vote on legislation which affects only England but MPs from England (or indeed Scotland) cannot vote on matters devolved to the Scottish parliament. Indeed, the former Prime Minister Gordon Brown, who is an MP for a Scottish constituency, introduced some laws that only affect England and not his own constituency. This anomaly is known as the West Lothian question.The policy of the UK Government in England was to establish elected regional assemblies with no legislative powers. The London Assembly was the first of these, established in 2000, following a referendum in 1998, but further plans were abandoned following rejection of a proposal for an elected assembly in North East England in a referendum in 2004. Unelected regional assemblies remain in place in eight regions of England. There are two main parties in the United Kingdom: the Conservative Party, and the Labor Party.There is also a significant third party, the Liberal Democrats. The modern Conservative Party was founded in 1834 and is an outgrowth of the Tory movement or party, which began in 1678. Today it is still colloquially referred to as the Tory Party and its members as Tories. The L iberal Democrats were formed in 1988 by a merger of the Liberal Party and the Social Democratic Party (SDP), a Labor breakaway formed in 1981. The Liberals and SDP had contested elections together as the SDP–Liberal Alliance for seven years before.The modern Liberal Party had been founded in 1859 as an outgrowth of the Whig movement or party (which began at the same time as the Tory party and was its historical rival) as well as the Radical and Peelite tendencies. The Liberal Party was one of the two dominant parties (along with the Conservatives) from its founding until the 1920s, when it rapidly declined and was supplanted on the left by the Labor Party, which was founded in 1900 and formed its first government in 1924.Since that time, the Labor and Conservatives parties have been dominant, with the Liberal Democrats also holding a significant number of seats and increasing their share of the vote in parliamentary general elections in the four elections 1992. Conservatives; The Conservative Party won the largest number of seats at the 2010 general election, returning 307 MPs, though not enough to make an overall majority. As a result of negotiations following the election, they entered a formal coalition with the Liberal Democrats to form a majority government.The Conservative party can trace its origin back to 1662, with the Court Party and the Country Party being formed in the aftermath of the English Civil War. The Court Party soon became known as the Tories, a name that has stuck despite the official name being ‘Conservative'. The term â€Å"Tory † originates from the Exclusion Bill crisis of 1678-1681 – the Whigs were those who supported the exclusion of the Roman Catholic Duke of York from the thrones of England, Ireland and Scotland, and the Tories were those who opposed it.Both names were originally insults: a â€Å"whiggamore† was a horse drover (See Whiggamore Raid), and a â€Å"tory† (Tà ³raidhe) was an Ir ish term for an outlaw, later applied to Irish Confederates and Irish Royalists, during the Wars of the Three Kingdoms. Generally, the Tories were associated with lesser gentry and the Church of England, while Whigs were more associated with trade, money, larger land holders (or â€Å"land magnates†), expansion and tolerance of Catholicism.The Rochdale Radicals were a group of more extreme reformists who were also heavily involved in the cooperative movement. They sought to bring about a more equal society, and are considered by modern standards to be left-wing. After becoming associated with repression of popular discontent in the years after 1815, the Tories underwent a fundamental transformation under the influence of Robert Peel, himself an industrialist rather than a landowner, who in his 1834 â€Å"Tamworth Manifesto† outlined a new â€Å"Conservative† philosophy of reforming ills while conserving the good.Though Peel's supporters subsequently split from t heir colleagues over the issue of free trade in 1846, ultimately joining the Whigs and the Radicals to form what would become the Liberal Party, Peel's version of the party's underlying outlook was retained by the remaining Tories, who adopted his label of Conservative as the official name of their party. The crushing defeat of the 1997 election saw the Conservative Party lose over half their seats from 1992 and saw the party re-align with public perceptions of them.In 2008, the Conservative Party formed a pact with the Ulster Unionist Party to select joint candidates for European and House of Commons elections; this angered the DUP as by splitting the Unionist vote, republican parties will be elected in some areas. After thirteen years as the official opposition, the Party returned to power as part of a coalition with the Liberal Democrats in 2010. Historically, the party has been the mainland party most pre-occupied by British Unionism, as attested to by the party's full name, the Conservative & Unionist Party.This resulted in the merger between the Conservatives and Joseph Chamberlain's Liberal Unionist Party, composed of former Liberals who opposed Irish home rule. The unionist tendency is still in evidence today, manifesting sometimes as a skepticism or opposition to devolution, firm support for the continued existence of the United Kingdom in the face of separatist nationalism, and a historic link with the cultural unionism of Northern Ireland. Labor; The Labor Party won the second largest number of seats in the House of Commons at the 2010 general election, with 258 MPs.The history of the Labor party goes back to 1900 when a Labor Representation Committee was established which changed its name to â€Å" ­Ã‚ ­The Labor Party† in 1906. After the First World War, this led to the demise of the Liberal Party as the main reformist force in British politics. The existence of the Labor Party on the left of British politics led to a slow waning of energ y from the Liberal Party, which has consequently assumed third place in national politics.After performing poorly in the elections of 1922, 1923 and 1924, the Liberal Party was superseded by the Labor Party as the party of the left. Following two brief spells in minority governments in 1924 and 1929–1931, the Labor Party had its first true victory after World War II in the 1945 â€Å"khaki election†. Throughout the rest of the twentieth century, Labor governments alternated with Conservative governments. The Labor Party suffered the â€Å"wilderness years† of 1951-1964 (three straight General Election defeats) and 1979-1997 (four straight General Election defeats).During this second period, Margaret Thatcher, who became leader of the Conservative party in 1975, made a fundamental change to Conservative policies, turning the Conservative Party into an economic neoliberal party. In the General Election of 1979 she defeated James Callaghan's troubled Labor governme nt after the winter of discontent. For most of the 1980s and the 1990s, Conservative governments under Thatcher and her successor John Major pursued policies of privatization, anti-trade-unionism, and, for a time, monetarism, now known collectively as Thatcherism.The Labor Party elected left-winger Michael Foot as their leader after their 1979 election defeat, and he responded to dissatisfaction with the Labor Party by pursuing a number of radical policies developed by its grass-roots members. In 1981 several right-wing Labor MPs formed a breakaway group called the Social Democratic Party (SDP), a move which split Labor and is widely believed to have made Labor unelectable for a decade. The SDP formed an alliance with the Liberal Party which contested the 1983and 1987 general elections as a centrist alternative to Labor and the Conservatives. After some initial success, the SDP did not prosper (partly due to its unfavorable distribution of votes in the FPTP electoral system), and wa s accused by some of splitting the anti-Conservative vote. The SDP eventually merged with the Liberal Party to form the Liberal Democrats in 1988. Support for the new party has increased since then, and the Liberal Democrats (often referred to as LibDems) in 1997 and 2001 gained an increased number of seats in the House of Commons.The Labor Party was badly defeated in the Conservative landslide of the 1983 general election, and Michael Foot was replaced shortly thereafter by Neil Kinnock as leader. Kinnock expelled the far left Militant tendency group (now called the Socialist Party of England and Wales) and moderated many of the party's policies. Yet he was in turn replaced by John Smith after Labor defeats in the 1987 and 1992 general elections. Tony Blair became leader of the Labor party after John Smith's sudden death from a heart attack in 1994.He continued to move the Labor Party towards the ‘center' by loosening links with the unions and embracing many of Margaret Thatc her's liberal economic policies. This, coupled with the professionalizing of the party machine's approach to the media, helped Labor win a historic landslide in the 1997 General Election, after 18 years of Conservative government. Some observers say the Labor Party had by then morphed from a democratic socialist party to a social democratic party, a process which delivered three general election victories but alienated some of its core base – leading to the formation of the Socialist Labor Party (UK).Liberal Democrats; The Liberal Democrats won the third largest number of seats at the 2010 general election, returning 57 MPs. The Conservative Party failed to win an overall majority, and the Liberal Democrats entered government for the first time as part of a coalition. The Liberal Democrats were formed in 1988 by a merger of the Liberal Party with the Social Democratic Party, but can trace their origin back to the Whigs and the Rochdale Radicals who evolved into the Liberal Pa rty. The term ‘Liberal Party' was first used officially in 1868, though it had been in use colloquially for decades beforehand.The Liberal Party formed a government in 1868 and then alternated with the Conservative Party as the party of government throughout the late 19th century and early 20th century. The Liberal Democrats are heavily a party on Constitutional and Political Reforms, including changing the voting system for General Elections (UK Alternative Vote referendum, 2011), abolishing the House of Lords and replacing it with a 300 member elected Senate, introducing Fixed Five Year Parliaments, and introducing a National Register of Lobbyists.They also claim to champion of fairness and social mobility, notably in government where they have introduced legislation introducing a pupil premium – funding for schools directed at the poorest students to give them an equal chance in life – equal marriage for homosexual couples and increasing the income tax thresho ld so that no one will pay anything on the first  £10,000 they earn. Other parliamentary parties The Green Party of England and Wales gained its second MP, Caroline Lucas, in the 2010 General Election (the first MP was Cynog Dafis, Ceredigion 1992 who was elected on a joint Plaid Cyru/Green Party ticket).It also has seats in the European Parliament, two seats on the London Assembly and around 120 local councilors. The Respect party, a left-wing group that came out of the anti-war movement has one MP, George Galloway. It also has a small number of seats on local councils across the country. There are usually a small number of Independent politicians in parliament with no party allegiance. In modern times, this has usually occurred when a sitting member leaves their party, and some such MPs have been re-elected as independents.The only current Independent MP is Lady Hermon, previously of the Ulster Unionist Party. However, since 1950 only two new members have been elected as indepen dents without having ever stood for a major party: Martin Bell represented the Tatton constituency in Cheshire between 1997 and 2001. He was elected following a â€Å"sleaze† scandal involving the sitting Conservative MP, Neil Hamilton—Bell, a BBC journalist, stood as an anticorruption independent candidate, and the Labor and Liberal Democrat parties withdrew their candidates from the election.Dr. Richard Taylor MP was elected for the Wyre Forest constituency in the 2001 on a platform opposing the closure of Kidderminster hospital. He later established Health Concern, the party under which he ran in 2005. Current political landscape Since winning the largest number of seats and votes in the 2010 general election, the Conservatives under David Cameron are now behind the Labor Party now led by Ed Miliband. Their coalition partners have also experienced a decline in support in opinion polls.At the same time, support for the UK Independence Party has shown a considerable a dvance, with some polls now placing them in third place ahead of the Lib Dems. UKIP's growing strength was illustrated by the result of the Eastleigh by-election in which the party advanced by 24% to take second place from the Conservatives, less than 5% behind the Lib Dems who retained the seat. Local government The UK is divided into a variety of different types of Local Authorities, with different functions and responsibilities.England has a mix of two-tier and single-tier councils in different parts of the country. In Greater London, a unique two-tier system exists, with power shared between the London borough councils, and the Greater London Authority which is headed by an elected mayor. Unitary Authorities are used throughout Scotland, Wales and Northern Ireland. European Union Further information: European Movement UK, Euroskepticism in the United Kingdom, and Members of the European Parliament from the United Kingdom.The United Kingdom first joined the European Economic Comm unity in January 1973, and has remained a member of the European Union (EU) that it evolved into; UK citizens, and other EU citizens resident in the UK, elect 78 members to represent them in the European Parliament in Brussels and Strasbourg. The UK's membership in the Union has been objected to over questions of sovereignty,[27] and in recent years there have been divisions in both major parties over whether the UK should form greater ties within the EU, or reduce the EU's supranational powers.Opponents of greater European integration are known as â€Å"Euroskeptics†, while supporters are known as â€Å"Europhiles†. Division over Europe is prevalent in both major parties, although the Conservative Party is seen as most divided over the issue, both whilst in Government up to 1997 and after 2010, and between those dates as the opposition. However, the Labor Party is also divided, with conflicting views over UK adoption of the euro whilst in Government (1997–2010) , although the party is largely in favor of further integration where in the country's interest.UK nationalists have long campaigned against European integration. The strong showing of the euroskeptic United Kingdom Independence Party (UKIP) in the 2004 European Parliament elections has shifted the debate over UK relations with the EU. In March 2008, Parliament decided to not hold a referendum on the ratification of the Treaty of Lisbon, signed in December 2007. [28] This was despite the Labor government promising in 2004 to hold a referendum on the previously proposed Constitution for Europe.

Liquidating a business - Free Essay Example

Sample details Pages: 16 Words: 4698 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Narrative essay Did you like this example? 123528 Structure: Issues, Legal rules and application Title 1) Business Angels Issues The Business Angels (à ¢Ã¢â€š ¬Ã…“the Companyà ¢Ã¢â€š ¬Ã‚ ) is a new business and therefore the shares of the company would not be easily marketable. This limits the ways the funds for the venture can be raised. The Debt could be secured by a Debenture by giving either fixed or floating charge or both on the Companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Don’t waste time! Our writers will create an original "Liquidating a business" essay for you Create order The debt secured on directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s home. This could be a problem if the property is a matrimonial home and is in joint name. Any new business which is trying to raise funds by borrowing money has to consider giving personal guarantee by its director and its implications. Analysis Business Angels is a new company in the niche market of beauty treatment for celebrities with a top quality product. This suggests that the company has more than 50% chance of success in the business and marketability of its shares is low. The success of the company also depends, to a certain extent, on the management team on board. Keeping all these factors in mind, the investment options which your client could consider are limited. As a starting point, your clients could invest their own money, however this means your clients are exposed to higher personal risk of losing their own money if thing went wrong and business has to fold. This also means that they have to use their investme nts and life time savings. On the other hand it might be difficult to raise the required amount of capital personally. Another option is to use Venture Capital to raise required funds. The Venture Capital companies specialise in providing finance for a new company and are willing and able to take higher level of risk. In order to secure the finance it would be necessary to persuade the Venture Capital providers that this business is viable and have every chance of success in the market. The venture capital involves provision of either equity finance or in the form of loan capital for a medium to long term. This option is more attractive because the funding provided is unsecured and so has fewer risks. However, the business will be diluted as the Venture Capitalist would take a percentage of voting rights with the shares in the business which would decrease the amount of control your clients have over the business. It is common for the venture capital companies to insist on a comp anyà ¢Ã¢â€š ¬Ã¢â€ž ¢s Board of Directors in order to control the way the company is run and have up to date information as to what is happening with their investment.. This method does offer the potential for above average return. 3i is the largest venture capital operation in the U K. The Enterprise Investment Scheme (à ¢Ã¢â€š ¬Ã…“EISà ¢Ã¢â€š ¬Ã‚ ) allows individuals to invest directly in a business. This scheme allows individuals to offset 20% of their investment against income and Capital Gains Tax. From 6th April, the maximum annual investment will be  £400,000. The E I S are usually very high risk and therefore may or may not be suitable for your client as it depends on whether or not your client is risk averse. There is always a possibility of a business loan from a bank and this is good for long term finance needs. The bank would need security and personal guarantees to be in place before any loan is released. The security is usually taken over the Director à ¢Ã¢â€š ¬Ã¢â€ž ¢s home which means a charge would be registered at the Land Registry against his property reducing the amount of equity further. This clearly puts his house at risk. Although borrowing money from the Bank does not dilute your clients share holding in the company as the Bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s do not insist on a seat on the Board but it is an expensive option and you need to have security. If on the other hand, the Company has enough assets including book debts over which the bank is willing to take the charge in return for the funds for the Company then the charge taken by the Bank would be an à ¢Ã¢â€š ¬Ã…“All Moniesà ¢Ã¢â€š ¬Ã‚  charge. This means that the funds are invested by taking a fixed charge and floating charge which covers all monies coming into the business. A fixed charge is a form of security where a specific item of property or an asset of a company is used as security for the investment. If the money invested does not get paid back then the a sset over which there is security becomes forfeit. The company is not allowed to deal with the particular asset in question without being allowed to do so by the holder of the fixed charge. Currently the law today allows a company to be able to grant security over all of its assets. A floating charge is a form of security which can be granted by companies to lenders. It enables a company to offer security to a lender using assets which can change on a daily basis. An example of this is stock. Individual items move into and out of the floating charge as they are sold and bought. The floating charge comes into effect and gets converted into a fixed charge if there is a default in terms of the security. A floating charge is more flexible than a fixed charge but not as effective. Also the lender can appoint a receiver to run the business. If there are two or more floating charges in existence then the charge that was created first takes priority unless there is an express authority s et in the first charge giving it a priority or it is on part of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets and the Court construes that it should have a priority ranking. Generally a fixed charge is created over the land and other immovable property while the stock and book debts are included in a floating charge.[1] The Enterprise Act 2002 has attempted to restore the balance between the secured and unsecured creditors by heavily restricting the administrative receivership as an enforcement option and abolishing its use completely in most cases where secured lending after the Act becomes effective. The effective date when the Act becomes fully operational is 15 September 2003. Although the Act restricts or prohibits the floating charge holder from appointing an administrative receiver it does not prevent the appointment of fixed charge receiver. However, there is condition attached to such an appointment that they must vacate the office in case where an administrator is appointed. If a creditor holds a security which was in existence before the effective date then such a creditor could still retain their priority status and can appoint administrative receiver if he needs to enforce its security. Not only that, but the Act also gives right to secured creditors with a qualifying floating charge a new right whereby they are able to appoint an administrator without having to go to court. Some commentators have said that this could be perceived by the banks as loss of control and may consider levying extra charges on companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s borrowing making it more expensive and difficult to obtain. Current practice is to consider rescuing the company rather than enforcing security. The receiver tries to obtain best price on a sale and takes reasonable care while he is running the business and considers the fundamental issues which affect all creditors. The priority between fixed and floating charges is regulated in the same way as legal and equitable charges. Since fixed charges rank ahead of preferential creditors on a winding up, a creditor taking security will wish to have as much of his debt secured by a fixed charge as possible. This is illustrated in Re CCG International Enterprises Ltd[2] a bank had a charge over insurance monies due to the company in its favour. According to the terms of the charge the bank had a first fixed charge on all sums due under the insurance policy. The terms allowed that these sums could be used by the company, at the option of the bank, in setting off any loss or damage arising under the risk covered by the policy. Until then the monies were to be held in an account directed by the bank. It was held that the charge was a valid fixed charge. In the New Bullas Trading Ltd[3] case, it was held that it was possible to treat book debts and proceeds differently. This created a debenture hybrid as a fixed charge whilst the book debts were uncollected. It was up to both parties to agree when the fixed and floating charge came into play. This gives banks the best of both worlds as therefore an uncollected book debt can be subject to a fixed charge but proceeds become a floating charge. The question here was when the receivers were appointed, were the uncollected book debts subject to a fixed or floating charge. The judge concluded that there was no need to deal with book debts before collection and this can be subject to fixed charge. Once it is collected, the proceeds required by the business then become a floating charge. On the other hand, in Re Bank of Credit and Commerce International[4] it was held that a lender could take a charge on a debt in respect of which it is a debtor, however in Re Double S Printers[5] it was held that the charge in question can only be treated as a fixed charge unless a debenture holder can show that they have control over the debt in their capacity as a chargee. Likewise, in Re Westmaze Limited[6] it was stated that à ¢Ã¢â€š ¬Ã…“even when the pa rties called the security a fixed charge, it did not preclude the court from finding it merely to be a floating chargeà ¢Ã¢â€š ¬Ã‚ . In 2001, a Privy Council decision in Re Brumark[7] it was stated that the Court of Appeal decision in Re New Bullas Trading Limited[8] was wrong. In both cases the charge was placed over book debts. Lord Millett stated that it is possible to have a fixed charge over specified book debts. If that is correct then these would be removed from those assets that might otherwise be claimed by the preferential creditors and the crunch lies in the control held over the secured asset by the chargee. In Re Brightlife Limited[9] Hoffman J held that the security in question was a floating charge notwithstanding its description by the parties as a fixed charge. The reason for this decision was the Company, although was not allowed to deal with the debts while these were uncollected, it was free to do so i.e. pay into its ordinary bank account when these are collected and deal with them without any restriction. In the case of Spectrum Plus Limited Ors v National West Minster Bank Plc[10] the court initially decided that a Siebe Gorman[11] type charge over book debts was a floating charge. Nonetheless, after appeal it was decided that this type of charge over book debts was a fixed charge. This was because in order to categories a charge as a fixed charge instead of a floating charge, the borrower needs to pay the amount of the book debts into a blocked account. In Siebe Gorman the provisions of the debenture made it a fixed charge over the book debts and required the company to pay the proceeds in the bank account which in turn gave right to the bank to prevent the company to withdraw the proceeds. And this is what made the charge a fixed charge. In Spectrum and Siebe Gorman, the account was not blocked. In this case a debenture provided a specific charge over book debts which made the charge a fixed charge. It was necessary for the company to pay the book debts collected into the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s account they held at the bank and were not free to deal with the debts. This created a fixed charge over the book debts as per the earlier decision in Siebe Gorman v Barclays bank Ltd[12] Lord Millet in Agnew anr v Commissioner of Inland Revenue anr[13] : Lord Millet rejected the points made in New Bullas. He said that à ¢Ã¢â€š ¬Ã‹Å"the question is not merely one of construction but one of categorisation. The only relevant intention is the intention of the company who should be free to deal with the charged assets to remove them from security without the consent of the holder of the charge. If it is so, then there is no fixed charge. According to Lord Millet, so long as the bank cannot prevent the company from collecting the debts and having the free use of the proceeds, it was a floating charge. The question is not whether the company is free to collect the uncollected debts, but whether it is free to do so for its own benefit. Implications and Conclusion If the book debts are subject to a fixed charge, the proceeds become payable to the bank. If they are floating charge, they become payable to the employees and tax authorities. They get the preference. Fixed charge is not good for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s business. They will not have any access to funds which will affect their cash flow. Therefore, if your client wishes to take a debenture over companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets including book debts then he has to ensure it does not become a floating charge by ensuring he is free to deal with the proceeds of the book debts for the day to day running of the business. The Enterprise act 2002 allows for secured creditors who have a qualifying floating charge the right to appoint an administrator without having to go to court. This can be done by giving two business days notice at the court without having to prove that the company is insolvent, however it must be p roved that the security it valid and enforceable When a company goes into liquidation the claims from various types of creditors commence with an incantation of the pari passu principle. There is an inherent tension between the fundamental principle of contract that is freedom to enter in to a contract and expect to get a priority on the one hand and the mandatory pari passu principle on the other.[14] Under the new insolvency regime, the priority of preferential creditors such as the Crown has been abolished but there still seems to be a question of secured creditors. The law as it stands today allows a company to be able to grant security over all of its assets. However if the company imposes restriction on these secured creditors then it is likely that the credit facilities will become more expensive regardless of rescue procedure in place. It may become more difficult to obtain finance, which is less flexible. This may lead to more personal guarantees and securities from d irectors of the company being demanded by the secured lenders to reduce their exposure. On the other hand when the company runs into financial difficulties then secured creditors would want to protect their position, which could be detrimental to the unsecured creditors. Title 2) Condor Plc Issues and Analysis Condor Plc (à ¢Ã¢â€š ¬Ã…“The Companyà ¢Ã¢â€š ¬Ã‚ ) has debts of  £3.2 million. Out of this  £1.2 million is owed to Statutory Preferential creditors and  £500,000 to floating charge holders. In order to establish a personal liability of the directors it is essential to understand the regulations relating to company liquidations. It is assumed that the Liquidators expenses are going to be paid before any other creditors. BUCHLER ANOR (as joint liquidators of Leyland Daf Ltd) (Respondents) v TALBOT ANOR (as joint administrative receivers of Leyland Daf Ltd) ORS (Appellants) ORS[15] The Insolvency Act 1986 (as amended by Enterprise Act 20 02) has great effect on the day to day responsibilities of directors involved in running of a company. Under these provisions the directors may be held personally liable for the debts of the company if they incompetently manage the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s affairs whilst knowing the company is insolvent. The Directors of the Company are aware of the financial crisis it is experiencing as the company has suffered a slump in their profits in 2004. There is no information with regards to the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance to establish whether or not company is Balance Sheet insolvent or has liquidity problems. Section 124 of the Insolvency Act 1986 provides that an application to the court for the winding up of to company shall be by petition presented either by the company, or the directors, or by any creditor The Company has petitioned for its own winding up that has gone into voluntary liquidation. The directors must have made a statutory declaration that t he company is solvent and will be able to pay all its debts in full plus interest within a specified period not exceeding 12 months[16] making it a membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary winding up. The company has a relatively short trading period as it has only traded for four years. The floating charge is held by three directors and presumably it is a qualifying floating charge (à ¢Ã¢â€š ¬Ã…“QFCà ¢Ã¢â€š ¬Ã‚ ). This would effectively give them a right to appoint an administrator to realise their security and get their debt paid by giving only two business daysà ¢Ã¢â€š ¬Ã¢â€ž ¢ notice at the court provided they can prove the security is valid and enforceable. However, as the company has already gone into liquidation this option is no longer open to them. It is not clear which assets are covered by the floating charge. Vanessa Finch[17] evaluates in her article the potential contribution of recent reforms which have been implemented in an effort to further a rescue culture. Under the new insolvency regime the holder of qualifying floating charge would be prohibited from appointing an administrative receiver however, they would be able to appoint an administrator without recourse to the court. This new provision applies to any floating charge which is created on or after the date these new provision came into force. If this is the case then it obviously leaves open for the holders of the floating charges, the directors, created before the new legislation came into force, to appoint an administrative receiver. According to Marion Simmons, Q C[18], if a lender holds a floating charge which came into force before 15 September 2003 then that charge holder retains its right to appoint an administrative receiver. The charge holder also gains the right to appoint an administrator and is not weighed down by the fact that the new provisions do ring-fence assets to certain extent in favour of unsecured creditors. The question states that the Company suffer ed a slump in their profits in 2004 which is 2 years ago. It is therefore essential to establish the level of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance over the last 18 months. This would be necessary to establish whether or not the directors of the company were or ought to have been aware of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s ailing financial position and impending insolvency. If a particular point in time can be identified in the last 18 months when company became insolvent having struggled to pay its debts as they fell due, then it would be necessary to see if the directors have taken any corrective actions for example have they sought any professional advice etc if not from that point onwards it would be held that the directors Traded to the detriment of the creditors or general body of creditors. This can also be construed as Trading with the Knowledge of Insolvency and that makes the directors liable personally to the debts incurred after that date. If the directors fail to take any action then they may be responsible for Wrongful Trading under the provisions of Insolvency Law. Your client, the liquidator of the company would realise the assets of the company and after paying preferential creditors and fixed and floating charge holders, if any, he would distribute the remaining funds amongst the creditors. In 2005 the Company offered significant discount to their prospective clients. It should be established whether this was the reason for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial difficulties. Swelling the Assets: Clawing back The liquidator may be able to increase the value of the assets available to the creditors at the start of the insolvency by relying on claims arising from general law unrelated to the insolvency such as debts and other obligations owing to the insolvent and proprietary claims. The liquidator may bring such claims which are only available in a formal insolvency such as an insurer of ,say, Accountants, whose advise led to formal insolvency of the Company as in Caparo Industries Plc v Dickman[19]. It is also possible for the liquidator to establish personal liability of a constructive trustee for assisting in the breach of trust with knowledge where the principal wrongdoers has become insolvent and the trust property has been dissipated. It is possible to challenge transactions prior to the insolvency and those transactions which are intended to defeat creditors.[20] If there are transactions which took place after the petition for winding up was presented then those transactions can be challenged[21]. If the Company has paid off any creditors in a relevant period leading up to the Companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidation then these payments can be clawed back[22]. Similarly, any extortionate credit bargains the Company may have entered into[23] are also challenged. Furthermore, if the directors have paid excessive pension contributions which can be claimed back for the benefit of the creditors[24]. In RE M C Bacon Limited[25] dominant intention to prefer one creditor over the other need not be necessary to establish however a desire to prefer must be shown clearly. The Company in this case gave a charge over its assets to the bank in order to secure existing borrowings. It was held that this transaction cannot be treated as a preference because the bank had threatened to withdraw its support if the security was not forthcoming. However, in Katz v McNally[26] it was held that payments to directors who were husband and wife, of a company shortly before it went into administration which effectively discharged their loan accounts with the company, were preferences. In Phillips v Brewin Dolphin Bell Lawrie[27] the House of Lords stated that it is important to look at the consideration as a whole in an undervalue transaction instead of on its own. It should be noted that all these provisions under the Act can be backdated and in accordance with the pari passu principle. This is to prevent some creditors getting paid in front of other creditors or stop directors from transferring assets to associates or shelter assets by making excessive contributions to a pension scheme before the insolvency. In addition to this, the provisions of the Act prevail over any property dispositions which may take place during the matrimonial proceedings. Third Party Liability The liquidator may also impose liability to contribute to the assets of the Company on third parties whose action may have contributed to the loss of creditors. For example, the shareholders of the company will only have limited liability up to the amount of unpaid shares which they have already agreed to pay, to contribute towards the assets for the repayment of creditors. The liquidator may use his inquisitorial powers bestowed up on him by the Act to seek disclosure of any insurance policy a director may have to protect against the breach of duty. In addition to this, the liquidator may bring a claim against the directors who are responsible for the management of the company[28] or for slowing the company to continue to trade whilst insolvent when the directors knew or ought to have known that they were trading without any reasonable prospects of paying the creditors. The question states that the directors have valuable real estate property near Chelsea FC and therefore it would be worth pursuing the claim under section 212 against the directors and go after the properties they hold to increase the pool of assets for the creditors. Conclusion The liquidator should collect all the business assets and get them valued and auctioned to ensure maximum price is collected. In addition to this if any of the share capital is not fully paid up then the liquidator can collect the unpaid amount towards the debt of the company. If the directors have financially benefited at the expense of the creditors of the company then it may be possible to make the directors personally liabl e to make up the losses. Furthermore, if there are insufficient assets to pay off the creditors then the Court would look at the benefit that has been derived by the directors at the time when the Company was struggling to pay its debts, and make the directors personally liable for the debts incurred. The process is commonly known as à ¢Ã¢â€š ¬Ã‹Å"Lifting the corporate Veilà ¢Ã¢â€š ¬Ã¢â€ž ¢ to make the directors personally liable. If that happens then the liquidator would be able to get their hands on the directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ properties with a view to realise them and collect the proceeds for the benefit of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s creditors or alternatively register a second charge on their property in order to stop them from dealing in the property without notifying the liquidator. In any case it is necessary to see how the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s affairs have been managed over the past 18 months before it went into liquidation. It may be useful to find out ho w the decision to allow the prospective clients a significant discount for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s services was made. If it was unanimous decision at a board meeting and as a direct result companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s finances have suffered then all three of them would be responsible for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s insolvency. In order to increase the pool of assets for the Companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s creditors, the liquidator should be looking at any unpaid capital, any assets of the company over which there is no fixed or floating charge registered. The liquidator should check if the floating charge is valid and enforceable. In addition to this he should also check whether any of the creditors have any charge over companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s property. An application to the court to seek an order to make the directorà ¢Ã¢â€š ¬Ã¢â€ž ¢s personally liable for the debt should also be considered. Any attempt to swell the assets invariably runs the risk of failure of a claim in wh ich case assets available in the liquidations would have been diminished even further and therefore it is vitally important that the liquidator seeks the consent from the creditors and keeps them informed of any such actions and developments. Bibliography Boyle and Bird, Company Law (Jordans, 2004) Annotated Guide to Insolvency Act , published by Thomson Sweet Maxwell, 7th Edition The Company Law Legislation, CCH New Law, 1999 Lawtel web site for case law www.insolvency.gov.uk/consultation Department of Trade and Industry web site, www.dti.gov.org The Association of Business Recovery Professionals, R3 www.bixhelp24.com/insolvency www.nabarro.com/legal article by Patricia Godfrey Head of Insolvency and Corporate Recovery www.pkf.co.uk Corporate Personal Insolvency Law, by Fiona Tolmie second edition published by Cavendish. 1 Footnotes [1] Illingworth v Houldsworth [1904] AC 355 (HL); Re GK TunbridgeLtd [1995] 1 BCLC 34, page 270 Boyle Bird [2] [1993] BCC 580 Lawtel case law web site [3] 1993 BCC 251 Lawtel case law Web site [4] [1997] 4 All ER 568 CLT notes [5] [1999] BCC 303 CLT notes [6] [1999] BCC 441 CLT law notes, Professional training [7] BCC 303 [8] [1994] BCC 36 [9] (1986) 2 BCC 99,359 [10] 20045 UKHL 41 [11] Siebe Gorman Co Ltd v Barclays Bank Ltd 2 Llyodà ¢Ã¢â€š ¬Ã¢â€ž ¢s 142, [1979] 2 [12] Page 333 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 336, Corporate Personal Insolvency Law,by Fiona Tolmie second edition published by Cavendish. [13] 2001 UKPC28, 2002 1 AC 710 lawtel web site [14] University College London; Centre for Business Research, Cambridge University, Cambridge Law Journal, Volume 60, Part 3, November 2001, RIZ MOKAL, the Author [15] (2004) Lawtel case law web site [16] Insolvency Act 1986, section 89. [17] Re-Invigorating Corporate Rescue published in Business l aw Journal by Sweet Maxwell, September 2003 issue page 527 557 [18] Business Law Journal, July 2004 page 423 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 236 published by Sweet Maxwell and Contributories [19] [1990] 1 ALL ER 568 (HL) page 341, Corporate Personal Insolvency Law,by Fiona Tolmie second edition published by Cavendish. [20] Section 238 and 423 of the Insolvency Act 1986 (à ¢Ã¢â€š ¬Ã…“the Actà ¢Ã¢â€š ¬Ã‚ ) [21] section 127 of the Act [22] Section 239 of the Act [23] section 244 of the Act [24] sections 342Ato 342F of the Act [25] [1990] BCC 78 lawtel web site [26] [1998] BCC 784 the Lawtel web site [27] [2001] 1 ALL ER 673 the Lawtel web site [28] section 212 of the Act