Friday, 25 March 2011

Landmark moments in Insolvency History - The Powdrill and 1994 rescue issue as a landmark

Professor Charlotte Villiers once referred to the employment contract adoption issue in insolvency law as  having a history which was best described as "chaotic.” (see: Villiers, C. Employees as creditors: a challenge for justice in insolvency law [1999] Comp. Law, 20(7), 222-232). The decisions in Nicoll v. Cutts (1985) 1 B.C.C. 99, Re Specialised Mouldings Ltd (unreported) February 13th, 1987, and Powdrill v. Watson [1994] 2 BCLC 118   certainly caused some issues for the rescue culture, insolvency practitioners and employees, which the Insolvency Act 1994 went some way to remedy. This group of decisions and the statute could be accounted one of the landmark moments for the rescue culture just as the 2005 Re Spectrum judgment was a landmark moment for the extension of security and classification of fixed and floating charges. On historical landmarks in insolvency law see Graham, D. A dark and neglected subject: landmarks in the reform of English insolvency law (2002) I.I.R, 11(2), 97-119.




Picture Credit: http://www.tiruchiairport.com/images/Paramount-Airways-Trichy-Flights---paramount-Trichy---Paramount-Flights.jpg

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