The classic text on corporate insolvency law, providing a clear and comprehensive treatment of the fundamental principles underpinning insolvency law, and long relied upon by practitioners and the courts. In this work particular attention is paid to what assets are available for distribution on insolvency, transactions vulnerable to being set aside, and the liability of directors. The core features of liquidation, administration (and administrative receivership), schemes of arrangement and company voluntary arrangements, are identified and explained with reference to practice and underlying policy. This new edition has been thoroughly updated throughout.