Principles of Corporate Insolvency Law (3rd edn Thomson, London 2005) by Roy Goode of the University of Oxford is a leading textbook on UK insolvency law. The forthcoming edition in 2010 will be taken over by Professor Robert Stevens, of University College London. Outline of principles Professor Goode's suggested ten principles of corporate insolvency law are as follows. corporate insolvency law recognises rights accrued under the general law prior to liquidation only the assets of the debtor company are available for its creditors security interests and other real rights created prior to the insolvency proceeding are unaffected by the winding up the liquidator takes the assets subject to all limitations and defences the pursuit of personal rights against the company is converted into a right to prove for a dividend in the liquidation on liquidation the company ceases to be the beneficial owner of its assets no creditor has any interest in specie in the company's assets or realisations liquidations accelerates creditors' rights to payment unsecured creditors rank pari passu members of a company are not as such liable for its debts See also United Kingdom insolvency law Notes References R Goode, Principles of Corporate Insolvency Law (3rd edn Thomson, London 2005) V Finch, Corporate Insolvency Law: Perspectives and Principles (2009) A Keay and P Walton, Insolvency Law: Corporate and Personal (2nd edn Jordans, London 2008) External links Insolvency Service website Insolvency Practitioners Association website Insolvency Service website Insolvency law of the United Kingdom