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Corporate governance in transition: An examination of governance in financially distressed and insolvent UK companies

Parkinson, Marjan Marandi (2013) Corporate governance in transition: An examination of governance in financially distressed and insolvent UK companies. PhD thesis, University of Leeds.

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Abstract

The thesis focuses on the influence of financial distress on corporate governance in large public companies. It approaches the research from both legal and business perspectives, analysing the decisions that directors typically make in attempts to rescue the company. It explores the influence of creditors and shareholders, within existing governance codes and legal frameworks. It also examines governance as the company enters insolvency and is placed into a formal rescue regime. The thesis addresses the topic from theoretical, doctrinal and empirical perspectives. The theoretical analysis compares two parallel literatures on corporate governance and solvency/ insolvency. The doctrinal analysis examines existing statutes, case law, and regulations on corporate governance in financial distress/ rescue. The empirical study involves interpretive and comparative use of case studies of five large UK public companies that have experienced financial distress and insolvency between 2008 and 2012. It adopts an innovative approach to data collection, based on an extensive analysis of archival data. The thesis concludes that current UK governance structures have not yet evolved sufficiently to cover situations of financial distress. Equally, the law does not appear to have provided clear guidelines for director-creditor relationships and director-shareholder relationships in large public companies as they enter financial distress, becoming involved only when a company enters a formal rescue regime. A need is also identified for greater transparency on the influence and role of lenders and insolvency practitioners in financial distress and insolvency.

Item Type: Thesis (PhD)
ISBN: 978-0-85731-798-8
Academic Units: The University of Leeds > Faculty of Education, Social Sciences and Law (Leeds) > School of Law (Leeds)
Depositing User: Leeds CMS
Date Deposited: 08 Oct 2014 13:21
Last Modified: 10 Feb 2017 12:18
URI: http://etheses.whiterose.ac.uk/id/eprint/7052

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