An analysis of insolvency law from the perspective of economic theory

Farrell, Hettie. (2005). An analysis of insolvency law from the perspective of economic theory Honours Thesis, School of Economics, The University of Queensland.

       
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Author Farrell, Hettie.
Thesis Title An analysis of insolvency law from the perspective of economic theory
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 2005
Thesis type Honours Thesis
Total pages 95
Language eng
Subjects 14 Economics
Formatted abstract When an insolvent firm is liquidated, what is the fair way of distributing its assets amongst creditors? The Corporations Act 2001 (Cth) provides a detailed method by which creditors of Australian companies are required to be paid in the event of insolvency. This method involves both a pre-determined priority ordering and a distribution rule for adjudicating conflicting claims within that priority ordering. The theoretical literature has developed a number of key axiomatic and game-theoretic solutions to allocation problems, which can be applied in the insolvency context. The purpose of this thesis is to compare these solutions and their underlying 'rules' with the Australian method. A comprehensive analysis of both the claims theory and the Australian law will be presented, with the objective of critiquing the relative fairness of the current legislative standard.

 
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