Professor Andrew Keay's Publications
Books
(2011) The Corporate Objective pp. 1 - 346 Edward Elgar Publishing
Analysing in depth the existing theories which seek to explain the corporate objective, this book will appeal to academics in corporate law and corporate ...
(2009) Insolvency Legislation : Annotations and Commentary, pp. 1 - 1756 Jordan Publishing
(2009) McPherson's Law of Company Liquidation pp. v - 1125 Sweet and Maxwell
(2009) Directors' Duties pp. 1 - 476 Jordan Publishing
(2008) Insolvency Law : Corporate and Personal Second pp. 1 - 664 Jordan Publishing
(2007) Company Directors' Responsibilities to Creditors pp. xxviii,393p Routledge-Cavendish
(2006) Insolvency Legislation : Annotations and Commentary 2 Jordans
(2005) Insolvency Legislation : Annotations and Commentary Jordans Publishing
(2003) Insolvency Law : Corporate and Personal 1 pp. 596p Pearson Education
(2002) Insolvency: Personal and Corporate Law and Practice 4 pp. 573p Law Book Company
(2001) McPherson's Law of Company Liquidations pp. cxxix,924p Sweet and Maxwell
(1999) McPherson The Law of Company Liquidation 4th pp. 743p Law Book Co.
(1998) Bankruptcy Proceedings Handbook 3 pp. 244p Law Book Co.
(1998) Insolvency: Personal and Corporate Law and Practice 3 pp. 550p John Libbey & Company
(1997) Avoidance Provisions in Insolvency Law pp. 390p Law Book Co.
(1994) Insolvency: Personal and Corporate Law and Practice 2 pp. 409p Longman Professional
(1993) Insolvency: Personal and Corporate Law & Practice 1 pp. 298p Longman Professional
(1992) Bankruptcy Proceedings Handbook 2 pp. 238p Longman Professional
(1991) Bankruptcy Proceedings Handbook 1 pp. 190p Longman Professional
Chapters
(2008) • “A Comparative Analysis of the Administration Regimes in Australia and the United Kingdom,” In: Omar P (eds.) International Insolvency Law pp. 105 - 133 Ashgate
(2006) “Broadening Corporate Governance in the United Kingdom : How are Directors To Act When Owing Duties to Creditors?” In: Kowalski T; Letza S (eds.) Corporate Governance and Institutions : A Pan-European Perspective pp. 21 - 41 Poznan University of Economics Press
(2000) The Recovery of Voidable Preferences: Aspects of Restoration In: Rose F (eds.) Restitution and Insolvency Mansfield Press
(1997) The Property of the Estate In: Bankruptcy 3 Law Book Company
(1997) Debt Agreements In: Bankruptcy 3 Law Book Company
(1996) Recovery Actions in Relation to Pre-Bankruptcy Dispositions In: Bankruptcy 3 Law Book Company
(1996) Winding Up Incorporated Associations: A Queensland Case Study In: McGregor-Lowndes M; Fletcher K; Sievers S (eds.) Legal Issues in Non-Proft Associations Law Book Company
(1995) Receiverships in Light of Recent Legislative Changes In: Lessing J; Corkery J (eds.) Corporate Insolvency Law Taxation and Corporate Research Centre, Bond University
(1995) The New Avoidance Regime In: Seventh Annual Insolvency Masterclass BLEC Books
(1995) Receiverships in Light of Recent Legislative Changes In: Lessing J; Corkery J (eds.) Corporate Insolvency Law Taxation and Corporate Research Centre, Bond University
(1993) Bankruptcy and Insolvency in the Asia-Pacific Region In: Wilde KCDM (eds.) International Transactions: Trade, Investment, Law & Finance Law Book Co.
(1993) To Go Bankrupt or Not In: Advance Bankruptcy Practice Advance Bankruptcy Practice
Journal Articles
(2012) “The Authorising of Directors’ Conflicts of Interests : Getting a Balance?” In: Journal of Corporate Law Studies 12 (1) pp. 129 - 162 Hart Publishing
(2012) “Shareholder Value and UK Companies : A Positivist Inquiry” In: European Business Organization Law Review 13 (1) pp. 1 - 29 Asser Press
It has generally been maintained that UK companies embrace a shareholder value approach. But some commentators have challenged that view. This article documents an attempt to ascertain the actual position in UK companies by an analysis of the position taken concerning corporate objective by 50 of the largest companies in the UK. The research consists of an examination of the public documents of these companies, namely those that could be accessed from the companies’ websites, and the primary document considered was the company’s most recent Annual Report. The study found that companies could be divided into three groups with one group consisting of 36% of the companies considered, stating that they have shareholder value as their ultimate goal. But, critically, it also found that most of these companies indicated that non-shareholding stakeholders were important to them.
(2011) An Analysis of Enlightened Shareholder Value in Light of Ex Post Opportunism and Incomplete Law In: European Company and Financial Law Review pp. 445 - 475 WAlter de gruyter
(2011) • “Risk, Shareholder Pressure and Short-termism in Financial Institutions. Does Enlightened Shareholder Value Offer a Panacea?” In: Law and Financial Markets Review 5 (6) pp. 435 - 448 Hart Publishing
(2011) The Prescribed Part : Sharing Around the Company's funds In: Insolvency Intelligence 24 (6) pp. 81 - 85 Sweet and Maxwell
(2011) “Moving Towards to Stakeholderism? Enlightened Shareholder Value, Constituency Statutes and More : Much Ado About Little?” In: European Business Law Review 22 (1) pp. 1 - 49
(2011) The Office holder's delivery up power and the recovery of debts In: Corporate Rescue and Insolvency 4 (1) pp. 3 - 5
(2011) Good Faith and directors duty to promote the success of the company In: The Company Lawyer 32 (5) pp. 138 - 143
(2010) “Derivative Proceedings in a Brave New World for Company Management and Shareholders” In: Journal of Business Law (3) pp. 151 - 178
(2010) The Ultimate Objective of the Public Company and the Enforcement of the Entity Maximisation and Sustainability Model In: Journal of Corporate Law Studies 10 (1) pp. 35 - 71
(2010) Shareholder Primacy in Corporate Law : Can it Survive? Should it Survive? In: European Company and Financial Law Review 7 (3) pp. 369 - 413 De Gruyter
(2010) Getting to Grips With the Shareholder Value Theory in Corporate Law In: Common Law World Review 39 pp. 358 - 378
(2010) “Stakeholder Theory in Corporate Law : Has It Got What It Takes?” In: Richmond Journal of Global Law & Business 9 (3) pp. 249 - 300 University of Richmond
(2009) “Litigation Expenses in Liquidations” In: Insolvency Intelligence 22 pp. 113 - 116 Sweet and Maxwell
(2009) Analytical Review of Canadian Bankruptcy and Insolvency Law: Bill C-55, Statute c.47 and Beyond, In: Canadian Business Law Journal 48 pp. 154 - 163
(2008) • “Something Old, Something New, Something Borrowed : An Analysis of the New Derivative Action Under the Companies Act 2006” In: The Law Quarterly Review pp. 469 - 500 London: Stevens
(2008) • “Legal Practitioners, Enlightened Shareholder Value and the Shaping of Corporate Governance” In: Journal of Corporate Law Studies 8 pp. 79 - 111 Oxford, UK: Hart Pub.
(2008) “Corporate Governance and the Corporate Objective in the European Community: Proposing a Re–Definition in Light of EC Law” In: European Business Law Review pp. 405 - 445 London : Graham & Trotman
(2008) • “Can Derivative Proceedings be Commenced When a Company is in Liquidation?” In: Insolvency Intelligence 21 pp. 49 - 55 Longman
(2008) Incomplete Contracts, Contingent Fiduciaries and a Director’s Duty to Creditors In: Melbourne University Law Review 32 (1) pp. 141 - 170
(2008) The Duty of Directors to Exercise Independent Judgment In: Company Lawyer 29 (10) pp. 290 - 296 Sweet and Maxwell
(2008) Ascertaining the Corporate Objective : An Entity Maximisation and Sustainability Model In: Modern Law Review 71 pp. 663 - 698 Blackwell
(2007) • “Tackling the Issue of the Corporate Objective : An Analysis of the United Kingdom’s ‘Enlightened Shareholder Value Approach” In: Sydney Law Review 29 pp. 577 - 612 Sydney: Lawbook Co. and Sydney Law School
(2007) • Company Directors Behaving Poorly : Disciplinary Options for Shareholders In: Journal of Business Law 2007 pp. 656 - 682 Sweet & Maxwell
(2007) Section 172(1) of the Companies Act 2006 : an interpretation and assessment In: Company Lawyer 28 (4) pp. 106 - 110 F T Law & Tax
(2006) Wrongful Trading and the Point of Liability In: Insolvency Intelligence pp. 132 - 134 Longman
(2006) • "Enlightened shareholder value, the reform of the duties of company directors and the corporate objective" In: Lloyd's Maritime and Commercial Law Quarterly 2006 pp. 335 - 361 London : Lloyd's of London Press
(2006) Fraudulent Trading : The Intent to Defraud Element In: Common Law World Review 35 pp. 121 - 134 Vathek Publishing
(2005) "Wrongful Trading and the Liability of Company Directors : A Theoretical Perspective" In: Legal Studies 25 (3) pp. 431 - 461 Butterworth & Co. (Publishers) Ltd., Part of the
When a company enters insolvent liquidation, the liquidator might take proceedings, under s.214 of the Insolvency Act 1986, against one or more of the company’s directors on the basis that the director(s) engaged in wrongful trading. If found liable, a director might be ordered by a court to contribute to the assets of the company. This article examines whether subjecting directors to liability for wrongful trading is theoretically justifiable. After briefly explaining the origin, aims, rationale and operation of s.214, the article then rehearses and evaluates the arguments propounded by several scholars against any justification for a provision in the mould of s.214. Next the article investigates some of the reasons given for supporting the provision. Following this some consideration is given to whether it is possible to opt out of s.214, and, if not, whether this should be permitted. It is concluded, inter alia, that while s.214 is not representative of good regulation, some form of prohibition against wrongful trading can be justified on theoretical grounds.
(2005) Formulating a Framework for Directors’ Duties to Creditors : An Entity Maximisation Approach In: Cambridge Law Journal 64 (3) pp. 614 - 646 Cambridge University Press
(2005) "What Future for Liquidation in Light of the Enterprise Act Reforms?" In: Journal of Business Law pp. 143 - 158 Sweet & Maxwell
(2005) Making Company Directors Liable : A Comparative Analysis of Wrongful Trading in the United Kingdom and Insolvent Trading in Australia In: International Insolvency Review 14 pp. 27 - 55 John Wiley & Sons Ltd., Journals
(2005) “Do Recent Canadian Developments Require a Re-Think in the United Kingdom on the Issue of Directors’ Duties to Consider Creditor Interests?” In: Insolvency Intelligence 18 pp. 65 - 68
(2005) The New Era for Administrations : Pointers from Down Under?” In: Insolvency Intelligence 18 (1) pp. 1 - 5 Longman
(2004) A Theoretical Analysis of the Director’s Duty to Consider Creditor Interests : The Progressive School’s Approach” In: Journal of Corporate Law Studies 4 (2) pp. 307 - 344 Oxford, UK: Hart Pub.
(2004) Another Way of Skinning the Cat : Enforcing Directors' Duties to Creditors In: Insolvency Intelligence 17 (1) pp. 1 - 9 Longman
(2004) • “W[h]ither American Cyanamid?: Interim Injunctions in the Twenty-First Century” In: Civil Justice Quarterly 23 (4) pp. 132 - 150 Sweet & Maxwell
(2003) Directors Taking Into Account Creditor Interests In: Company Lawyer 24 (10) pp. 300 - 306 F T Law & Tax
Company law
(2003) Directors' Duties to Creditors: Contractarian Concerns Relating to Efficiency and Over-Protection of Creditors In: The Modern Law Review 66 (5) pp. 665 - 699 Blackwell Publishers Ltd.
Corporate Law
(2003) The Enterpise Act 2002 : Pioneering a Brave New World in Insolvency Law in the United Kingdom In: Insolvency Law Journal 11 pp. 163 - 181 Law Book Co
(2003) Transactions Defrauding Creditors : The Problem of Purpose under Section 423 of the Insolvency Act In: Conveyancer and Property Lawyer pp. 272 - 288 Sweet & Maxwell
Defrauding creditors
(2003) “The Service of Statutory Demands on Companies” In: Insolvency Lawyer pp. 148 - 152
(2002) The Duty of Directors to Take Into Account Creditors' Interests; Has it Any Role To Play? In: Journal of Business Law (July) pp. 379 - 410 Sweet & Maxwell
(2002) Pursuing the Resolution of the Funding Problem in Insolvency Litigation In: Insolvency Lawyer pp. 90 - 98 John Wiley & Sons Ltd., Journals
(2002) The Distribution of Assets of Companies in Insolvent Liquidation: An Australian-South African Comparative Study In: International and Comparative Corporate Law Journal 4 (1) pp. 1 - 36 London: Cambridge, MA : Kluwer Law International
(2001) The Director's Duty to Take Into Account the Interests of Company Creditors: When is it triggered? In: Melbourne University Law Review 25 (2) pp. 315 - 339
(2001) Disputing Debts Relied On By Petitioning Creditors Seeking Winding Up Orders In: Company Lawyer 22 (2) pp. 40 - 46 F T Law & Tax
(2001) Claims for Malicious Presentation: The Peril Lurking on the Sidelines for Petitioning Creditors In: Insolvency Lawyer pp. 136 - 144 John Wiley & Sons Ltd., Journals
(2001) Should Insolvent Companies Pay? The Search for Environmental Principle In: Environmental Liability 9 (1) pp. 11 - 17 Sweet & Maxwell
(2001) Dispositions of Company Property Post-Presentation of Winding-up Petitions and the Plight of Banks In: The Restitution Law Review pp. 86 - 93 [S.l.] : Mansfield Press,
(2001) Balancing Interests in Bankruptcy Law In: Anglo-American Law Review 30 pp. 206 - 236 Tolley Publishing Co. Ltd.
(2001) Insolvency and Environmental Principles: A Case Study in a Conflict Public Interests In: Environmental Law Review 3 (2) pp. 90 - 112 Kent : Blackstone Press Ltd.,
(2001) Preferential Debts in Corporate Insolvency: A Comparative Study In: International Insolvency Review 10 (3) pp. 167 - 194 John Wiley & Sons Ltd., Journals
(2000) Insolvency Law : A Matter of Public Interest? In: Northern Ireland Legal Quarterly 51 pp. 509 - 534
(2000) “Transactional Avoidance : Critical Aspects of English and Australian Law” 1-36 In: International Insolvency Review 8 (1)
(2000) “The Supervision and Control of Liquidators” In: The Conveyancer and Property Lawyer pp. 295 - 306
(2000) “The Recovery of Voidable Preferences : Aspects of Restoration,” In: Company Financial and Insolvency Law Review pp. 1 - 25
(2000) “The Pursuit of Legal Proceedings Against Dissolved Companies” In: Journal of Business Law pp. 406 - 421
(1999) “Jurisdictional Chaos : The Fall-Out From the Australian High Court’s Decision in Re Wakim” In: International Company and Commercial Law Review 10 (9) pp. 269 - 275
(1999) “Deregistration : The New End of the Road for Companies in Liquidation” In: Insolvency Law Journal 7 pp. 87 - 100
(1999) “Public Interest Petitions” In: Company Lawyer 20 pp. 296 - 301
(1999) •“The Unity of Insolvency Legislation : Time for a Re-think?” In: Insolvency Law Journal 7 pp. 4 - 15
(1999) “Preferential Debts : An Empirical Study” In: Insolvency Lawyer pp. 112 - 118
(1999) “Criminal Proceedings Against a Company in Liquidation : Is Leave of the Court Required?” In: Company and Securities Law Journal 17 pp. 4 - 10
(1999) “The Preferential Debts’ Regime in Liquidation Law : In the Public Interest?” In: Company Financial and Insolvency Law Review 3 pp. 84 - 105
(1999) “Jurisdictional Problems, Australian Style” (1999) Insolvency Lawyer 245-253 In: Insolvency Lawyer pp. 245 - 253
(1999) "To unify or not to unify insolvency legislation: International Experience and the latest South African Proposals" In: De Jure (1) pp. 62 - 79
(1998) “Insolvent Companies Which are Able to Dispute Debts Owed to Petitioning Creditors : Should they be Wound Up?” In: Company Lawyer 19 pp. 230 - 235
(1998) “Challenging Pre-Bankruptcy Dispositions : An Australian - South African Comparison” In: South African Mercantile Law Journal 10 pp. 267 - 292
(1998) “An Exposition of the Principles of Provisional Liquidation” In: Insolvency Law Journal 6 pp. 19 - 35
(1998) “The Avoidance of Antecedent Transactions in Bankruptcy : Some New Directions” In: Corporate and Business Law Journal 10 pp. 113 - 140
(1998) “The Avoidance of Pre-Liquidation Transactions: An Anglo-Australian Comparison” In: Journal of Business Law pp. 515 - 549
(1998) “Preferences in Liquidation Law : A Time for a Change” In: Company Financial and Insolvency Law Review 2 pp. 198 - 216
(1998) “Finding a Way Through the Maze that is the Law of Statutory Demands” In: Company and Securities Law Journal 16 pp. 122 - 138
(1997) “Debt Agreements : The New Alternative to Bankruptcy” In: Australian Business Law Review 25 pp. 203 - 211
(1997) “Corporate Governance During Administration and Reconstruction Under Part 5.3A of the Corporations Law” In: Company and Securities Law Journal 15 pp. 145 - 161
(1997) “Bankruptcy Law in Australia - the Latest Changes’’ In: Insolvency Law and Practice 13 (5) pp. 149 - 154
(1997) “The ‘In the Ordinary Course of Business’ Element in Preference Law : Has it Passed Its Use By Date?” In: Insolvency Law Journal 5 pp. 41 - 51
(1997) “Personal Insolvency : A New Option for Debtors in Australia’’ In: Insolvency Lawyer pp. 10 - 14
(1997) “The Ever Changing Field of Bankruptcy Law” In: Current Commercial Law 5 pp. 40 - 51
(1997) • “Part X Arrangements: The Fate of a Creditors’ Meeting Following the Rejection of a Debtor’s Proposal” In: Australian Business Law Review 25 pp. 42 - 47
(1996) “Voluntary Administrations: The Convening and Conducting of Meetings” In: Insolvency Law Journal 4 pp. 9 - 22
(1996) “In Pursuit of the Rationale Behind the Avoidance of Pre-Liquidation Transactions” In: Sydney Law Review 18 pp. 56 - 86
(1996) “Creditors’ Meetings Under Part X: The Entitlement to Vote” In: Insolvency Law Journal pp. 85 - 92
(1996) “Liquidators’ Avoidance of Uncommercial Transactions” In: Australian Law Journal 70 pp. 390 - 402
(1996) “Liquidators’ Avoidance of Preferences : Issues of Concern and a Proposal for Radical Reform” In: Adelaide Law Review 18 pp. 159 - 190
(1996) “Preference Recoveries : Who is Entitled to Them?” In: Company and Securities Law Journal 14 pp. 442 - 449
(1996) “An Analysis of Unfair Preferences Under the New Avoidance Regime” In: Australian Business Law Review 24 pp. 39 - 53
(1996) “The Effects of a Successful Action of a Liquidator to Avoid a Pre-Liquidation Transaction” 236-266 In: University of Tasmania Law Review 15 pp. 236 - 266
(1996) “An Examination of the Procedural Issues Relating to the Commencement of a Liquidator’s Avoidance Action” In: Company and Securities Law Journal 14 pp. 78 - 89
(1996) “The Power to Extend Time to Lodge Notice of Corporate Charges” In: Company and Securities Law Journal pp. 136 - 150
(1996) “The Australian Voluntary Administration Regime’’ In: Insolvency Intelligence pp. 41 - 44
(1995) “Court Involvement in Voluntary Administrations and Deeds of Company Arrangement : Powers, Problems and Prognoses” In: Company and Securities Law Journal 13 pp. 157 - 177
(1995) “The Insolvency Factor in the Avoidance of Antecedent Transactions in Corporate Liquidations” In: Monash University Law Review 21 pp. 305 - 333
(1995) “Challenging Fraudulent Transactions and Unfair Loans as Voidable Pre-Liquidation Transactions” In: Deakin Law Review 2 pp. 53 - 64
(1995) “Extending the Time in Which To Apply to Set Aside Statutory Demands : The Plot Thickens” In: Insolvency Law Journal 3 pp. 60 - 66
(1995) “Voluntary Administrations in Australia : What Do The Courts Do?’’ In: Insolvency Lawyer 14 pp. 12 - 15
(1995) “The Avoidance of Antecedent Transactions in Corporate Liquidations : The Australian Regime” In: International Insolvency Review 4 pp. 139 - 170
(1995) “Court Orders Made in Relation to Voidable Pre-Liquidation Transactions” In: Corporate and Business Law Journal 8 pp. 181 - 202
(1995) “Defending a Liquidator’s Avoidance Action Commenced Under Part 5.7B of the Corporations Law” In: Australian Journal of Corporate Law 5 pp. 17 - 44
(1994) “Which Creditors Are Bound By Deeds of Company Arrangement? The Full Victorian Supreme Court Provides the Lead" In: Insolvency Law Journal 2 pp. 147 - 151
(1994) "The Parameters of Bankruptcy Examinations." In: Australian Business Law Review 22 pp. 75 - 98
(1994) "Statutory Demands in Light of the Corporate Law Reform Act 1992" In: Company & Securities Law Journal 12 pp. 407 - 417
(1994) "Winding Up Incorporated Associations in Queensland: Process and Problems" In: Queensland Lawyer 15 pp. 91 - 108
(1994) "Relation-Back Day' and 'Related Entity' : New Key Terms in Liquidation Law" In: Insolvency Law Journal 2 pp. 126 - 135
(1994) “The Avoidance of Pre-Liquidation Transactions” In: Current Commercial Law 2 pp. 98 - 105
(1994) "Overstatements in Bankruptcy Notices : Resolving the Uncertainty" In: Queensland Law Society Journal 24 pp. 11 - 21
(1994) "To Bankrupt or Not to Bankrupt? The Question Faced By All Insolvency Advisers" (Part 2) In: Insolvency Law Journal 2 pp. 13 - 24
(1994) The New Preference in Liquidation Law" In: Queensland Law Society Journal 24 pp. 297 - 306
(1994) "An Exposition and Assessment of Unfair Preferences" In: Melbourne University Law Review 19 pp. 545 - 580
(1993) "Can the Chairman's Decision Concerning the Right To Vote at a Part X Meeting Be Reviewed?" 35-47 In: Insolvency Law Journal 1 pp. 35 - 47
(1993) "Related Party Transactions in Public Companies" In: Current Commercial Law 1 pp. 85 - 90
(1993) "To Bankrupt or Not to Bankrupt? The Question Faced By All Insolvency Advisers" (Part 1) In: Insolvency Law Journal 1 pp. 187 - 198
(1993) "Awarding Legal Costs in Bankruptcy Examinations" In: Australian Bar Review 10 pp. 116 - 122
(1993) "The Corporate Law Reform Act 1992 : The Effects on Receiverships" In: Company & Securities Law Journal 11 pp. 438 - 449
(1992) "International Elements in Bankruptcy Law : Problems and Solutions" In: Adelaide Law Review 14 pp. 245 - 283
(1992) Bankruptcy Examinations and the Involvement of Creditors In: University of Tasmania Law Review 11 pp. 121 - 128
(1992) Bankruptcy Examinations Under Section 81 of the Bankruptcy Act In: University of Queensland Law Journal 17 pp. 35 - 56 University of Queensland Press
(1991) Gone Fishing: Is it legitimate in an examination under section 597 of the Corporations Law In: Companies and Securities Law Journal 9 pp. 70 - 79 L B C Information Services
(1991) Resisting Bankruptcy Notices In: Australian Business Law Review 19 pp. 429 - 449 L B C Information Services
(1990) The Effect of the Dismissal of a Creditor's Petition on an Interim Receivership In: Australian Business Law Review 18 pp. 389 - 394 L B C Information Services
(1990) "The Moratorium Provisions of the Bankruptcy Act" In: Queensland Law Society Journal 20 pp. 233 - 237
(1989) Avoiding the Pitfalls of Bankruptcy Notices In: Queensland Law Society Journal 19 pp. 397 - 403
(1989) “The Appointment of Interim Receivers Pursuant to the Bankruptcy Act" In: Law Institute Journal 63 pp. 364 - 366
Contact Details
- Tel: 0113 343 6389
- Email: a.r.keay@leeds.ac.uk