• A snapshot of company voluntary arrangements: success, failure and proposals for reform

      Walton, Peter; Umfreville, Christopher; Jacobs, Lezelle (Wiley, 2020-12-31)
      The Company Voluntary Arrangement (“CVA”), introduced by the Insolvency Act 1986, was born out of the Cork Committee, which in 1982 identified the need for a simple procedure where the will of the majority of creditors in agreeing to a debt arrangement could be made binding on an unwilling minority.1 Despite the availability of this flexible restructuring tool for over three decades, the frequency of CVAs is reasonably low when compared with alternative corporate Insolvency Act 1986 procedures and it has been commented that CVAs have a high failure rate.2 The CVA has risen to prominence recently with a number of highprofile cases drawing media attention and, at times, creditor criticism.3 It is in this context that the authors were commissioned by R3, the Association of Business Recovery Professionals, and the ICAEW, to consider the reasons for the ‘success’ or ‘failure’ of CVAs and investigate the outcomes where CVAs fail. The aim of the project was to identify key characteristics which will allow practical guidance to be provided to insolvency practitioners (“IPs”) and also inform policy recommendations to Government. This led to the publication in May 2018 of Company Voluntary Arrangements: Evaluating Success and Failure (“the Report”).4 This paper represents a summary of the key findings of the Report.
    • Determinants of environmental sustainable behaviour amongst logging companies in Cameroon

      MBZIBAIN, AURELIAN (Academic Star Publishing Company, 2020-12-31)
      This paper presents the findings of an indepth qualitative study of the most important forest logging companies and syndicates to explore the factors which influence forest exploitation and related businesses in the Congo Basin of Africa to act or not in environmentally sustainable ways. More specifically, the study explored the motivations, the benefits and the factors which facilitate or constrain sustainable behaviour amongst forest exploitation companies in Cameroon. Data analysis was undertaken using a holistic model consisting of institutional, economic and resource based factors. Economic motivations were the most cited factors driven by increased awareness and demands from clients. Interestingly, the most cited benefit from adopting environmentally sustainable behaviour related to gains in internal organisation, transparency and productivity within the company. The regulatory institutional environment was the most cited constraint because of illegality, weak law enforcement and corruption in the country’s forest sector followed by high costs of investment and unclear financial premiums from environmentally sourced timber. The policy implications are discussed.
    • Insolvency litigation funding – What should an insolvency practitioner do?

      Walton, Peter (University of Wolverhampton, 2020-12-31)
      Insolvency litigation is unlike other types of litigation. Although proceeds of successful actions are received on behalf of creditors creating a private benefit, there is also a public benefit to ensuring culpable individuals are held to account for their conduct. A significant problem often faced by insolvency practitioners, who have the power to take action on behalf of creditors, is how to fund such actions. Many insolvent estates are so impecunious that there is no funding available to support litigation. The Jackson reforms were applied to insolvency litigation in 2016. Prior to that, a insolvency practitioner would invariably employ a legal team on the basis of conditional fee agreements (“CFAs”) where, if successful, the lawyers would receive their base costs plus an uplift which was commonly 100% of the base costs. Insolvency practitioners would ensure they had potential adverse costs covered (in the event the action was lost) by after-the-event insurance (“ATE”) where the insurance premium was fully deferred and not payable if the case was lost. Prior to 2016, if insolvency litigation was successful, a losing defendant would be ordered to pay damages, base legal costs, the CFA percentage uplift on those costs and the ATE insurance premium. All that changed with the Jackson reforms. From 2016 onwards, uplifts and premiums are no longer separately recoverable but must now be paid out of any damages awarded. The result is that fewer cases are brought using CFAs and ATE than before, and less money finds its way to the creditors. In 2015, insolvency office-holder actions were made assignable to third party funders. Up until then, third party funders accounted for only a very small part of the insolvency litigation market. This was largely due to the fact that they would require a profit from any funding they provided and financially, the pre-Jackson CFA/ATE model was usually far more attractive to insolvency practitioners. The Jackson reforms have levelled this playing field. Insolvency practitioners are fiduciaries. They must act in what they believe to be the best interests of the creditors. Prior to the ability to assign office-holder actions and the Jackson reforms, in the vast majority of cases, insolvency practitioners did not have to think too carefully about how best to fund insolvency. The CFA/ATE model was dominant. That has changed in recent years. This article considers in detail the options available to insolvency practitioners and considers the factors they need to take into account in making a decision as how best to enforce legal rights on behalf of creditors. It considers recent case law and the possible pitfalls which await an unwary practitioner. It concludes with a suggested checklist which might be used each time insolvency litigation which requires some form of financial support is contemplated.
    • Bargain Hunt – CVAs and the future of corporate rescue

      Walton, Peter; Umfreville, Christopher (R3, 2020-12-01)
    • Alternative use of farmlands as tourism and leisure resources: diversification, innovations and competitiveness

      Oriade, Ade; Broad, Roy; Gelder, Steve (Inderscience, 2020-12-01)
      Even though farm-based tourism has been around for some time, the contemporary development in farm business in the United Kingdom is intriguing and histrionic. Based on the contemporary situation, this study explores issues relating to diversification, innovation and competitiveness in farm attraction context. The study employed case study strategy and adopted qualitative research approach by conducting interviews in three farm attractions in Shropshire, West Midlands, United Kingdom; utilising a template approach to data analysis by identifying key themes a priori. Findings support the conception that different farm organisations have different needs that require different level of innovativeness. Three element of innovation distinctively emerged namely: organisational, product and marketing innovations. Based on the findings practical implications were identified.
    • D Giannoulopoulos, Improperly Obtained Evidence in Anglo-American and Continental Law

      Glover, Richard (Sweet & Maxwell Ltd, 2020-12-01)
      This book provides a comparative analysis of the exclusion of improperly obtained evidence across a number of legal systems, criss-crossing jurisdictional boundaries in a lively and engaging manner. Giannoulopoulos’s objective is stated clearly from the outset. In the Preface, he invites courts and legislatures within the Anglo-American and Continental legal systems to review, in the light of his comparative analysis and normative conclusions, their national solutions to problems associated with the exclusion of improperly obtained evidence. Importantly, they are further encouraged to ensure that rights considerations are given due weight. The obvious vehicle for the proposed “reinvigoration of the rights thesis” in Europe is the European Court of Human Rights and an important part of the book is concerned with assessing the court’s role in building a rights-based consensus.
    • The determinants of services FDI location in the UK regions

      Cook, Mark; Fallon, Grahame (Inderscience, 2020-12-01)
      This paper contributes to scholarly knowledge and understanding of the way in which economic conditions and government policy affect foreign direct investment (FDI) location in the United Kingdom (UK) regions. It does so by exploring their impact on inbound services FDI location in a sample of the UKs core (the Southeast) and non-core (West Midlands; Wales; Scotland and the Northwest) regions. Use is made of multiple regression techniques to analyse a set of official, longitudinal data gathered for the period from 1980 to 2015 as a means to this end. The findings offer new insights into the relative influence of the search for markets, efficiencies and strategic assets and government policy over the location of services FDI in all five regions. The resultant implications for future inward investment policy development after the UK leaves the EU are also considered, including the potential benefits of increasing policy variations from region to region.
    • The good character backstop: directions, defeasibility and frameworks of fairness

      Glover, Richard (Cambridge University Press, 2020-12-01)
      This paper examines the law on good character evidence in criminal trials through a discussion of the important but under-analysed case of Hunter, in which a five-judge Court of Appeal sought to clarify the law on good character directions to the jury. However, it is argued here that the judgment conflicts with the leading House of Lords decision in Aziz. The paper considers how the court misinterpreted the law and, in particular, the defeasible nature of the rule in Aziz and the impact of the Criminal Justice Act 2003. As a result, the circumstances in which a good character direction will be provided have diminished significantly. It is argued that this has important implications for the right to a fair trial, as good character directions act as a ‘backstop’ against miscarriages of justice. They also form a vital part of the ‘framework of fairness’ considered necessary, in lieu of reasoned jury verdicts, by the Grand Chamber of the European Court of Human Rights in Taxquet v Belgium. Accordingly, it is contended that Aziz rather than Hunter should be followed so that, where there is evidence of good character, a direction is normally provided as a matter of law.
    • Aligning to disadvantage: how corporate political activity and strategic homophily create path dependence in the firm

      Perchard, Andrew; MacKenzie, Niall (SAGE, 2020-12-01)
      To what extent should firms get close to government for competitive advantage? What happens if they get too close? In this article we explore how corporate political activity (CPA) inculcated strategic homophily in leading UK aluminium producer, the British Aluminium Company Ltd (BACo), resulting in its path dependence and eventual lock-in. The paper makes three main contributions: a longitudinal study of CPA and strategic homophily revealing their organizational manifestations and detailed understanding of certain mechanisms of path dependence; articulating the value of historical methods and perspectives to exploring organizational path dependence; and exploring the impact that prolonged business-government relations can have on the organizational behaviour and strategic outlook of the firm with implications for TMT selection and environmental scanning. In so doing it responds to calls for firms to align market positions with political activity, as well as those for the recognition of the value of business history in better understanding the links between CPA and firm performance. It further elucidates the longer-term consequences of strategic homophily, which has to date focused on the early stages of venture formation.
    • Keeping the faith: A history of northern soul

      Gildart, Keith; Catterall, Stephen (Manchester University Press, 2020-11-17)
      In the 1970s, Northern Soul held a pivotal position in British youth culture. It originated in the English north west and midlands in the late-1960s, and by 1976, it was attracting thousands of enthusiasts across the country. They flocked to hundreds of venues where ‘rare soul’ records, by predominantly black performers recorded mostly between 1964-68, were spun by ‘disc jockeys’ (DJs) who became legends of the scene. For much of the 1970s Northern Soul was largely ignored by the national music press and found little space in the wider media. The lack of awareness and marginalisation of Northern Soul in the lexicon of youth culture and popular music was linked to three inter-related factors. First, the scene predominated outside of London and was most prominent at the margins of cities and towns of the midlands (Wolverhampton, Stoke-On-Trent) and the north west (Wigan, Blackpool). Secondly, it was a retrospective scene that was steeped in nostalgia, locality and an identity that could not easily be absorbed by other music scenes and related youth subcultures. Thirdly, Northern Soul was largely a working class scene, which did not produce influential intellectuals and commentators that would proselytise on its behalf in newspapers, magazines and television shows. In popular characterisations of post-war youth culture and popular music there is an orthodox chronology that stretches from Teddy Boys/Rock ‘n’ Roll in the 1950s, the Mods and Rockers and the counter-culture/hippy scene of the 1960s and on to punk rock in the 1970s. Yet in 1976/77 the ground zero for punk rock, Northern Soul was arguably far bigger in terms of the number of specialist venues, participants, and organisations that gave the scene a distinct identity
    • “Something is happening and you don’t know what it is”: The music and entertainment press

      Glen, Patrick; Conboy, Martin; Finkelstein, David (University of Edinburgh, 2020-06-30)
      Coleman joined the Melody Maker at their Fleet Street office in 1960, and at first found it hard to adjust to a different style of showbiz journalism. He couldn't see what was ‘newsworthy’ about a string of Cliff Richard tour dates and preferred to stir up a row with the BBC or research a heavily angled investigation into the music business. Feeling frustrated, he planned to defect to the Daily Telegraph. Then he encountered a classic put-down from a Telegraph executive at his job interview. Asked where he worked, he replied: ‘The Melody Maker.’ And before that? ‘The Manchester Evening News.’ After a long pause, the executive inquired icily: ‘Tell me, Mr Coleman, why did you leave journalism?’ The anecdote, taken from Roy Coleman’s obituary (Independent 13 September 1996) reveals a common preconception about the entertainment press: it was a journalistic backwater, a place for fanatics and second-rate journalists, where publishers made easy money. The view misses the significance of a medium where the entertainment industry and the public came together to discuss the creative practices, performances and commercial products of artistes. These journalistic and publishing practices were not performed in isolation: the entertainment press, often implicitly but also knowingly, constructed and represented broader understandings of society, politics and culture.
    • Supporting tenants with multiple and complex needs in houses in multiple occupation: The need to balance planning restrictions and housing enforcement with support

      Iafrati, Stephen (Cambridge University Press, 2020-06-23)
      The number of houses in multiple occupation (HMOs) in the UK has increased significantly in recent years, with recognition that this sector often houses some of the UK’s most vulnerable tenants. Government responses to the growth in HMOs has focused increasingly on landlord enforcement and planning controls, with more limited attention on the needs of vulnerable residents. Drawing on new research with HMO tenants with multiple and complex needs (MCN), attendance at HMO working groups and consultations with stakeholders, this paper argues that whilst there is a need to address some of the issues associated with HMOs through landlord enforcement and regulation, it is important to balance this approach with appropriate support for tenants with MCN. For many people, living in an HMO can exacerbate personal challenges they may be facing. However, researching experiences of living in HMOs from a tenant perspective shows that positive outcomes are possible when tenants with MCN are supported to address their needs. At a time when the number of HMOs is continuing to increase, it is important to explore the significant role of support provided to tenants with MCN.
    • Governance, boards and value co-Creation: Changing perspectives towards a service dominant logic

      Yar Hamidi, Daniel; Machold, Silke (Elsevier, 2020-06-20)
      In this multidisciplinary and conceptual paper, we use insights from new and challenging developments in the management and marketing literature to inform corporate governance research. We shed light on the role of governance and specifically boards of directors in value creation in small and medium enterprises. While corporate governance research mostly tends to emphasise the role of governance mechanisms such as boards in the protection and distribution of value, our research problematises such a narrow view and (re)conceptualises their role in value creation. By exploring the role of boards as resource integrators within a wider service ecosystem, we propose novel ways in which boards can become integral to firms' value creation processes. In doing so, we develop a new logic for framing the boards’ tasks and suggest new directions for corporate governance research and practice. We apply an empirical conceptualisation strategy in order to make our findings more accessible.
    • Insolvency litigation funding – Past, present and future

      Walton, Peter (Law Society, 2020-06-08)
      Professor Peter Walton talks about his recent report on the insolvency litigation funding market.
    • Correlates of technology-assisted adolescent dating violence and abuse

      Karlie E. Stonard (Universal Wiser Publisher Pte. Ltd, 2020-05-12)
      Technology-Assisted Adolescent Dating Violence and Abuse (TAADVA) has recently been recognised as new form of violence. However, little is known about the potential risk factors for TAADVA victimisation/perpetration or whether they are similar to those identified for offline Adolescent Dating Violence and Abuse (ADVA). This paper therefore examines the potential correlates of TAADVA victimisation only and perpetration-victimisation (vs. not involved). Findings are reported based on 277 12-18 year old British adolescents who had dated in the last year and completed a series of questionnaires. Findings highlight that correlates associated with ADVA are also related to TAADVA (e.g. past ADVA and having friends with experience of dating violence), however avoidant attachment insecurity was related to male TAADVA, which has not been identified before. Differences were found in some significant correlates for males and females. The findings highlight implications for addressing TAADVA and ADVA through education and awareness about healthy relationships, while considering factors that are associated with TAADVA involvement in prevention and intervention efforts.
    • The Dudley Refugee Committee and the Kindertransport, 1938–1945

      Hawkins, Richard (University College London, 2020-04-27)
      Little is known about most of the local refugee committees formed in response to the government’s announcement of the Kindertransport scheme and the subsequent creation of the Lord Baldwin Fund – there were at least 170 – apart from a few in places such as Manchester, Cambridge, Gloucester, Worthing, and York where records have survived.1 The Dudley Refugee Committee was one of the first wave of committees. It was formed at a meeting of about twenty people convened by the Mayor of Dudley, Alderman A. Elliott Young, in December 1938.2 It was formally constituted on 2 February 1939.3 The mayor was appointed the chairman, Mr. J. Barnsley vice-chairman, William Henry Tilley secretary, and George H. Dutfield treasurer. Among those on the committee were the Archdeacon of Dudley (the Ven. Dr. A. P. Shepherd), David C. Temple, Sybil Frood, Dr. Hans Honigmann, and James and Dorothy K. S. Rogers.4
    • Do Islamic indices provide diversification to bitcoin? A time-varying copulas and value at risk application

      Rehman, MU; Asghar, N; Kang, SH (Elsevier, 2020-04-08)
      © 2020 The emergence of new asset classes offers avenues to international investment community however understanding relationship between any two assets in a single portfolio is important. We investigate the risk dependence between daily Bitcoin and major Islamic equity markets spanning over from July 2010 to March 2018. We start by examining long memory properties of Bitcoin and sampled Islamic indices and report significant results. The residuals from fractionally integrated models are then used in bivariate time invariant and time varying copulas to investigate dependence structure. Among all Islamic indices, DJIUK, DJIJP and DJICA exhibit time varying dependence with Bitcoin. In addition, we apply VaR, CoVaR and ΔCoVaR as risk measure to examine spillover between Bitcoin and Islamic equity markets. VaR of Bitcoin exceeds from VaR of Islamic indices and CoVaR of both Islamic and Bitcoin exceeds their respective VaR, suggesting presence of risk spillover between each other. Our results also report asymmetry between downside and upside ΔCoVaR suggesting implications for investors with different risk preferences. Finally, the diversification benefits indicate that Islamic equity market serves as an effective hedge in a portfolio along with Bitcoin.
    • Insolvency litigation funding- in the best interests of creditors?

      Walton, Peter (Manolete Partners/IPA/ICAEW, 2020-04-07)
    • Rebellion and resistance in French Indochina, 1914-1918

      Krause, Jonathan (Taylor & Francis, 2020-03-31)
      Nearly every major French colony experienced some form of organized anticolonial resistance during, and as a direct result of, the First World War. Algeria, Morocco, Tunisia, Senegal, Niger, Mali, Chad, Burkina Faso, Madagascar, New Caledonia, and Indochina all experienced rebellion of some notable scope. Similar patterns of unrest also developed in the British, Russian, Italian and Ottoman empires during the First World War, suggesting a global moment for anticolonialism. These rebellions took place for many different reasons, in a wide range of historical, cultural, political and economic contexts. For all their contextual diversity, however, the anticolonial rebellions that erupted from 1914 through to the 1920s could not help but be influenced by the realities presented by the First World War. The two principal realities that influenced and helped spark anticolonial rebellions in the First World War were the reduction of colonial occupation forces across Africa and Asia and the recruitment of Afro-Asians for military and industrial service in Europe, often through coercive means. The direct influence of aspects of the First World War in sparking anticolonial rebellions across large swathes of Africa and Asia demand that we discuss these rebellions as part of both the global experience and legacy of the First World War.
    • The Nadir of the Regular Army: 28th Division and the Battle for the Hohenzollern Redoubt, September-October 1915

      Jones, Spencer (Society for Army Historical Research, 2020-03-15)
      The year 1915 was a difficult one for the British Army. The Official Historian, Sir James Edmonds, lamented that the British Expeditionary Force (BEF) of 1915 consisted of ‘partly trained’ officers and men who suffered ‘awful slaughter and pitiably small results’ on the Western Front. This was demonstrated at the Battle of Loos, when the novice 21st and 24th Divisions were prematurely committed to action with disastrous consequences. Edmonds acknowledged the courage of these formations but was critical of their lack of field craft and felt that the exertions demanded of them were ‘small as compared with the original five divisions of professional soldiers of the B.E.F.’