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Vol 21 No 9 Sept/Oct 2016

Book of the Month

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Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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The Liability of the Holding Company for the Debts of Its Insolvent Subsidiaries

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ISBN13: 9781855218444
ISBN: 1855218445
Published: February 1996
Publisher: Ashgate Publishing Ltd
Country of Publication: UK
Format: Hardback
Price: £110.00

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This study deals with the liability of the holding company for the debts of its insolvent subsidiaries. It identifies four types of behaviour practised by corporate groups which may prejudice the interests of external creditors: the subservient subsidiary; the inadequately financed subsidiary; the fragmented economic enterprise; and the use of misleading group persona techniques. The author proposes that in certain well-defined circumstances ""equity law"" should give way to an ""enterprise"" analysis and holding company or group liability be imposed in respect of the debts of insolvent subsidiaries. Crucial to the text's discussion are two related principles of English company law: that a company is a juridical entity separate from its shareholders, and that the shareholders are not liable for the debts of their company.

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The corporate group - risks of abuse and unfairness in certain behavioural practices
the relevance of ordinary principles to the question of inter-corporate liability
policy objectives and the corporate group
the subservient subsidiary situation
the undercapitalised subsidiary situation
the integrated economic enterprise situation
the group persona situation
common issues.