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Transaction Avoidance in Insolvencies$
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Rebecca Parry, James Ayliffe, Sharif Shivji, Hamish Anderson, and William Trower

Print publication date: 2018

Print ISBN-13: 9780198793403

Published to Oxford Scholarship Online: March 2021

DOI: 10.1093/oso/9780198793403.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 16 May 2022

The Anti-Deprivation Rule and the Pari Passu Principle

The Anti-Deprivation Rule and the Pari Passu Principle

(p.306) 11 The Anti-Deprivation Rule and the Pari Passu Principle
Transaction Avoidance in Insolvencies

Rebecca Parry

Sharif Shivji

Guy Olliff-Cooper

Oxford University Press

The underlying principle governing the application of assets in liquidation and bankruptcy is distribution in accordance with a system of priorities in which a creditor’s place is determined according to his status prior to the commencement of insolvency proceedings and the debtor’s assets are shared among creditors rateably according to the size of their admitted claims. This scheme is commonly referred to as pari passu distribution, based on equality; however, in view of the scheme of priorities that is in operation, the term pari passu is to a large extent misleading and its continued usage has been controversial. Arguably the term ‘pari passu distribution’ is best regarded as a convenient, although not wholly accurate, shorthand term to describe the collective scheme of distribution of the debtor’s estate in insolvencies

Keywords:   anti-deprivation rule, clearing-house arrangement, contractual debt subordination, foreign insolvency proceedings, other people’s property, possible special cases, preferential creditors, public policy

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