Undergraduate Course: Insolvency Law (LAWS10280)
Course Outline
| School | School of Law |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 10 (Year 3 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | Against the background caused by regular crises and the economic globalisation of trade, businesses increasingly face economic and financial difficulties. This course examines principles and causes underpinning business failure, as well as the procedures available to assist struggling businesses. This is particularly relevant at a time when insolvencies are at their highest since 2008/2009. |
| Course description |
This course examines the causes behind business failure, the policy objectives behind insolvency law, as well as the concrete insolvency and rescue procedures available to businesses experiencing financial difficulties in the UK.
This course does not require any pre-existing knowledge of corporate insolvency law. Basic knowledge of company law (business entities) and commercial law (ordinary) will prove useful but not essential.
This course espouses the evolution of the corporate insolvency law landscape in the UK over the last 40 years. It starts with an examination of the evolution of insolvency law in early years, from punitive sanctions to the second chance policy in place today.
The course focuses on core concepts and principles of corporate insolvency, such as the evolution and rationales of the concept of insolvency and the law; the sources, definitions and objectives of insolvency law; the causes of corporate failure; the creditor/debtor relationship; and the liquidation/rescue dichotomy. It also engages with selected issues of European, international, and cross-border insolvency law and the position of the United Kingdom on the international insolvency scene.
These topics are of particular relevance:
(i) at a time when insolvencies are at their highest since 2008/2009; (ii) at a time where the position of the United Kingdom, until recently heralded as the 'Delaware of Europe' for insolvency, is challenged.
In addition to exploring the theoretical foundations of insolvency law, the course helps students acquire the skills and tools to assess and address insolvency law issues in an applied context. This will be done mostly by adopting a law in book versus law in action narrative throughout the course. Current and topical insolvency cases will be discussed, alongside statistics and policy briefs from the Insolvency Service and Companies House. This will provide students with a critical perspective on the challenges and limitations of insolvency laws and policies, including issues related to the success of rescue procedures.
The module builds on knowledge acquired through previous courses such as Business Entities, Contract Law, and Commercial Law (Ord) (although having studied these courses is not a prerequisite for learning corporate insolvency law) and will help students to develop commercial awareness by enabling them to apply both practice informed, as well as reform-oriented problem-solving techniques to concrete legal issues arising in insolvency cases. Students will thus develop a critical appreciation of the regulation and practice of corporate insolvency law and insight into how to assist struggling companies to recover from their financial difficulties, through the use of formal and informal insolvency mechanisms.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Information for Visiting Students
| Pre-requisites | None |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2024/25, Available to all students (SV1)
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Quota: 0 |
| Course Start |
Semester 2 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
200
(
Seminar/Tutorial Hours 20,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
176 )
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| Assessment (Further Info) |
Written Exam
0 %,
Coursework
100 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
4,000 Essay/Problem Question (85%)
Class Participation (15%) |
| Feedback |
For the seminars the students will be asked to do some reading and prepare 2-3 questions/comments based on the reading. In class, we will discuss these questions.
Feedback on oral participation will guide students in their learning and highlight areas for improvement on a regular basis.
Students will also have the opportunity to do a formative assessment where they can make an essay plan with a bullet pointed answer.
Students will receive feedback on this assessment, and this will help prepare them for the summative assessment. Students will receive individual feedback on the essay.
The VLE will contain several quizzes where students can measure factual knowledge. |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Demonstrate knowledge and understanding of the current domestic and international legal framework on corporate insolvency law.
- Analyse complex cases and theoretical questions on corporate insolvency law.
- Critically evaluate the current provisions of the law and proposals for reform in the areas explored.
- Critically appraise the law in books / law in action dichotomy which exists in corporate insolvency law, i.e. contrast policy and legal objectives with corporate reality.
- Independently research relevant policies, laws, and scholarship in the wider area of corporate insolvency and apply this research to in-class discussions, debates, and questions.
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Reading List
Core Resources:
- R. Goode, Principles of Corporate Insolvency Law (Sweet & Maxwell, 2018)
- V. Finch and D. Milman, Corporate Insolvency Law: Perspectives and Principles (CUP, 2017)
- E. Vaccari and E. Ghio, English Corporate Insolvency Law. A Primer (Edward Elgar, 2022).
Because of the limited number of books on the topic, core textbooks will be heavily supplemented by journal articles and policy documents. Most sources will be available online or via the University's electronic databases. Any source which is unavailable will be made accessible via Learn on a Resource List for students. |
Additional Information
| Graduate Attributes and Skills |
Critical and reflective thinking
Students will engage with different sources, different perspectives, and legal fields to understand further how corporate insolvency laws and policies have evolved and are currently shaping the corporate insolvency landscape.
Passion to engage locally and globally
This course will encourage students to engage with the law in books versus law in action reality of insolvency law. The course seeks to identify differences, the causes for them, and encourages reflection and engagement on whether the law can serve businesses more |
| Keywords | law,Business,Corporate,Insolvency,Business failure |
Contacts
| Course organiser | Dr Emilie Ghio
Tel:
Email: Emilie.Ghio@ed.ac.uk |
Course secretary | Miss Susie Morgan
Tel: (0131 6)50 2339
Email: susie.morgan@ed.ac.uk |
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