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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

20 JUL 2011

Balance Sheet Insolvency after Eurosail

Simon Passfield – Guildhall Chambers


1. Traditionally, English law has employed two primary tests for determining whether a company or an individual is unable to pay their debts: the ‘cash flow’ insolvency and the ‘balance sheet’ insolvency tests. The limitations of adopting a purely commercial analysis of insolvency by simply applying a unitary cash flow approach are succinctly and ably summarised by Professor Goode in The Principles of Corporate Insolvency Law:


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