Rescue: the saving from danger or evil. Share photos and videos, send messages and get updates. Yet pre-pack rescue also face challenges in capturing the going concern surplus in an uncertain state of corporate distress. As we have seen, corporate rescue includes formal activities provided by legislation and informal activities. means proceedings to facilitate the rehabilitation of a company that is financially distressed by providing for- The popularity of pre-pack restructuring in the UK and the US has been recognised by other jurisdictions in Europe and these are countries starting to introduce their own versions of pre-pack procedures, such as the Accelerated Financial Safeguard procedure (Procédure de Sauvegarde Financière Accélérée) in France124 and the new Protective Shield Proceedings (Schutzschirmverfahren) in Germany.125 Despite the gradual recognition of the efficacy and efficiency of pre-pack practice in maximising the going-concern value of distressed businesses, the rescue-oriented rules offered in different jurisdictions differ as to how far they can go in seeking to promote a more cooperative and risk-taking attitude among different parties from their respective standpoints. Professor Belcher defined the term ‘corporate rescue’ as ‘a major intervention necessary to avert eventual failure of the company’.1 Such a broad definition encompasses any drastic remedial action to a company at a time of corporate crisis, including both the informal and formal strategic rescue responses.2 In contrast, a narrow definition of the term uses it to cover only the operation of legal proceedings, which offer facilitating mechanisms for rescuing financially distressed companies. 173 accessed 30 July 2015, 38–9. As mentioned earlier, the liquidation procedure is oriented to the winding-up of the company by ceasing its operations, realising its assets and paying off its debts and liabilities.5 In the process of realising its assets, a result that amounts to a rescue may be achieved where the company’s assets are sold in the form of a complete takeover or a bulk sale of the assets, which involves the sale of the entire business, including goodwill and other intangibles.6 Nevertheless, despite the rescue outcomes, the liquidation procedure is not recognised as part of corporate rescue proceedings in the sense used here since its goal is different. It lowers the capital cost. Korobkin pointed out that ‘the problem of collecting debt is a complex one, implicating moral, political, personal, social, as well as economic values’. Rescue definition, to free or deliver from confinement, danger, or difficulty: The police were able to rescue the hostages in time.She rescued me from an awkward conversation. Section 5 considers different approaches to retaining the going-concern value in businesses that are in financial distress and the unique features of pre-pack restructuring. Free online dictionaries - Spanish, French, Italian, German and more. Define Business rescue. In the UK, corporate rescue procedures were first introduced through the administration order procedure and company voluntary arrangements (CVA) in the Insolvency Act 1985 and were re-enacted in the Insolvency Act 1986 (IA 1986), as recommended by the Cork Committee Report on Insolvency Law and Practice. MS Kirschner et al., ‘Prepackaged Bankruptcy Plans: The Deleveraging Tool of the ’90s in the Wake of Old and Tax Concerns’ (1991) 21 Seton Hall Law Review 643, at note 7. How to use rescue in a sentence. 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