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Does English and Wales insolvency law match its underpinning policy aims and has there been a carefully thought through theory?

Insolvency law

What is corporate insolvency law and what is it for?
What are the principal characteristics of insolvency proceedings in England & Wales and internationally?
Aims of a ‘good modern’ corporate insolvency law?
Any theories of insolvency law that can help explain/justify the principles and purposes of insolvency law?
Does communitarianism underpin rescue?
Does English and Wales insolvency law match its underpinning policy aims and has there been a carefully thought through theory?