It may be the 202nd anniversary of the birth of Karl Marx and 101 years since the murder of Rosa Luxembourg and Karl Liebknecht, but do not worry: the kind of class consciousness I have in mind is the kind that underpins insolvency proceedings rather than communist thinking. Class consciousness has always been important because insolvency proceedings have always been a class remedy, as Mr Justice Harman made clear in Re a company (No 001573 of 1983):
“The true position is that a creditor petitioning the Companies Court is invoking a class right…and his petition may be governed by whether he is truly invoking that right on behalf of himself and all others of his class rateably, or whether he has some private purpose in view.”
His statement applies as much to bankruptcy as it does to winding up. But recent developments in insolvency appear to pose a threat to the class nature of insolvency.
Manolete Partners (LON:MANO) work alongside IPs from all of the “Big Four” through to one and two partner specialist insolvency and restructuring practices in the regions. Manolete finances the work of the Insolvency Practitioner and their lawyers to make optimal recoveries for the creditor estates and takes on all the risk.