An Economic Evaluation of Insolvency Procedures in the United Kingdom: Does the 1986 Insolvency Act Satisfy the Creditor's Bargain?

The creditors' bargain view of insolvency law argues that solvency state rights should be preserved in insolvency states. It argues that insolvency law should be an extension of commercial law. This paper askes to what extent the Insolvency Act (1986) in the United Kingdom is consistent with the creditors' bargain view. It argues that the receivership system supplemented with the new administration procedure is consistent with the creditor's bargain. It casts doubt on whether we need a formal reorganisation procedure like Chapter 11 of the United States Bankruptcy Code (1978). 

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