The article presents an empirical study of English corporate insolvencies initiated between December 2016 and December 2018. The research focuses on creditors' voluntary liquidations (‘CVLs’), the most frequently occurring insolvency procedure. It also looks at a few administrations and compares findings with CVLs to analyse which procedure may lead to better returns to creditors. The article highlights key statistics such as the average costs of procedures and the impact of the prescribed part fund on distribution. Further, the study assesses HMRC's potential debt recovery following its return as a preferential creditor and discusses whether Crown preference is justified. Given that data analysis on the practicalities of distribution during insolvency is lacking, the empirical study arguably helps fill a gap in the literature. Essentially, the article provides quantitative data on the practicalities of distribution and assesses the impact of the order of priority on repayment to creditors.

中文翻译：

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英国企业破产的实证快照


本文对 2016 年 12 月至 2018 年 12 月期间启动的英国公司破产进行了实证研究。研究重点是债权人自愿清算（“CVL”），这是最常发生的破产程序。它还研究了一些政府部门，并将调查结果与 CVL 进行比较，以分析哪种程序可以为债权人带来更好的回报。文章重点介绍了关键统计数据，例如平均程序成本以及规定部分资金对分配的影响。此外，该研究还评估了英国税务海关总署作为优先债权人回归后的潜在债务回收情况，并讨论了官方优先权是否合理。鉴于缺乏关于破产期间分配实用性的数据分析，实证研究可以说有助于填补文献中的空白。本质上，本文提供了分配实用性的定量数据，并评估了优先顺序对债权人偿还的影响。