The aim of this thesis is to analyse the voluntary administration procedure under Part 5.3A. This analysis has not been undertaken in prior studies which have consisted largely of broad statements about how the voluntary administration procedure operates or narrow technical descriptions of a particular provision or set of provisions. The aim here is to provide the analysis by the following method:
· Tracing the background of the legislation;
· Providing a theoretical model within which to evaluate the procedure;
· Analysing specific aspects of the procedure in the light of the foregoing; and
· Making suggestions for reform of the legislation and its interpretation.
The basic questions developed in this thesis are: "How is the legislation dealing with voluntary administration structured and how does it comply with an analysis of law grounded in economics?" In developing these questions it is recognised that the legislation sets out its objectives for Part 5.3A in s 435A. These objectives are economic in nature and provide a means of analysis of the procedure. Whilst other paradigms might be used to evaluate the voluntary administration procedure, a perspective using economic analysis provides a useful and relevant tool to evaluate the legislation, given the stated aims of the legislation. After providing a background to the procedure, the thesis examines theories, largely developed in the United States, to analyse corporate rescue legislation. It then proceeds to examine the legislation and then place it in a framework that utilises concepts developed in economic reasoning. This thesis broadly argues that it is possible to utilise economic reasoning to justify the presence of a corporate rescue regime in the legislation. The question is examined initially in an abstract sense. It then makes an analysis, not in broad terms, but as part of a detailed consideration of the provisions that make up the voluntary administration regime in Part 5.3A.ln so doing the thesis provides a number of suggestions for alteration to the current provisions and their interpretation.