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Ranking and Priority of Creditors edited by Faber, Dennis; Vermunt, Niels; Kilborn, Jason; Richter, Tomáš; Tirado, Ignacio (11th February 2016)

8 National Report for England

Hamish Anderson, Charlotte Cooke, Louise Gullifer

From: Ranking and Priority of Creditors

Edited By: Dennis Faber, Niels Vermunt, Jason Kilborn, Tomáš Richter, Ignacio Tirado

This chapter discusses the law on creditor claims in England. The English courts have recently considered the ranking and priority of creditors on a number of occasions. The differing classes of claims found in the judgment of Lord Neuberger PSC in Re Nortel GmbH best explain how the distinction between ‘insolvency claims’, ‘administration claims’, and ‘non-enforceable claims’ is reflected in the applicable English rules. With the exception of expenses and shareholders’ claims, all the claims listed by Lord Neuberger are ‘insolvency claims’ because they are all creditors’ claims which are referable to pre-proceeding obligations. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section describes: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.

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