The third edition of this highly regarded publication provides, clearly and concisely, the general philosophical principles underpinning insolvency law. The text has been rewritten to address the vast amount of legislative change over recent years and provides an authoritative focus on issues which are of great importance to the work of insolvency practitioners and those they advise. This has become a favourite text of students, academics and practitioners alike. The new edition includes: major changes in insolvency legislation, including the partial abolition of administrative receivership and its replacement by administration; the EC Insolvency Regulation and the separate EC financial collateral directive, with important provisions on insolvency; a considerable volume of literature, both UK and worldwide (particularly the US) on the role of insolvency law and the basic concepts; international conventions containing some important insolvency provisions; and developments in cross-border insolvency, and the adoption by the UK of the UNCITRAL Model Law. It presents the text of key legislation in appendices - including the UNCITRAL Model Law and EC Regulations.