Corporate Governance and Financial Distress: when structures have to change

Autor:	Michael J. Mumford
Rok vydání:	2003
Předmět:	Finance Insolvency business.industry Creditor Strategy and Management Corporate governance Commercial law Stakeholder Accounting General Business Management and Accounting Bankruptcy Statutory law Management of Technology and Innovation Business Corporate security
Zdroj:	Corporate Governance. 11:52-64
ISSN:	1467-8683 0964-8410
DOI:	10.1111/1467-8683.00301
Popis:	This paper indicates some implications of corporate financial distress for corporate governance. Formal measures, laid down in statute and commercial law, and informal steps established by financial practice, both respond to the threat of insolvency by limiting (and sometimes removing) corporate control of incumbent management. Both need to be considered together in order to appreciate their effects in practice. Shifts in control are associated with UK statutory insolvency procedures, and the paper reviews accounting–based rules intended to protect creditors. It is argued that cash forecasts are the only effective basis for such rules.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::6df2c0dddf8313175dbe25fcb3baf4a8 https://doi.org/10.1111/1467-8683.00301 Zobrazit plný text záznamu