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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, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 January 2022



(p.3) 1 Introduction
Transaction Avoidance in Insolvencies

Rebecca Parry

Oxford University Press

Since at least the Middle Ages, credit has played a significant role in the functioning of the commercial economy in England and Wales, and it continues to be a central feature of the modern economy. Credit enables goods and services to be traded on a much wider scale than would otherwise be the case. However, for almost as long as there have been credit dealings, there have been debtors who have been unable to meet their obligations, either through circumstances beyond their control or through deviousness. The collective insolvency procedures of liquidation and bankruptcy have traditionally been employed in such circumstances, with the debtor’s available assets (subject to certain exemptions) being used to make payments to creditors. The aim of these collective procedures is to distribute the debtor’s assets among creditors in a manner that is, as far as possible, fair.

Keywords:   Terminology, bankruptcy, creditors, debtor’s

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