Literature Survey On Steganography

Literature Survey On Steganography In this chapter, the literature survey on the steganography and various network security mechanisms are described. Many existing algorithms for steganography since 1991 to 2009 are studied and presented in this literature survey. Numbers of web sites as well as research papers are referred on virtualization, ARP Spoofing, IDS Architectures. The description of the research papers referred pertaining to steganography and network security are given in the subsequent sections. The literature is presented in chronological order for these two areas separately. 2.2 Literature survey on steganography Bender et al. [6] in this paper, the authors describe the techniques of data hiding like low bit rate data hiding in detail. Johnson, N. and Jajodia S. [34] This article explores the different methods of steganography such as LSB, Masking and Filtering and also explains about different software tools present in the market for Steganography, such as Stego Dos, White Noise Storm, S-tool etc. Marvel et al. [38] It is proposed that (Spread Spectrum Image Steganography) SSIS is a blind scheme where the original image is not needed to extract the hidden information unless the receiver possesses the secret key to extract the secret message, otherwise it is virtually undetectable.Thus making this technique reliable and secure. Jessica Fridrich et al.[32] This paper proposes a highly accurate steganalysis technique which can even estimate the length of secret message embedded in LSB method. In this method, the test image is divided into groups of n consecutive or disjoint pixels. This method exploits the modified pixel values to determine the content of secret message. A discriminating function is applied on the group of pixels. This discriminating function determines the regularity or smoothness of pixels. Then a permutation function called flipping is applied on the pixel groups. By using discriminating function and flipping, Pixels groups are classified in to three categories, i.e Regular groups, Singular groups and Unused Groups. For a given mask, fraction of Regular groups Rm and fraction of singular groups Sm are calculated. Presence of noise in the image causes Rm to be greater than Sm. R. Chandramouli and N. Memon[49] It gives the analysis of various methods of LSB techniques for image steganography. Tseng, Y.C et al. [63] This paper presents a secure steganographic scheme which makes sure that if any modified bit in the cover image should be adjacent to another bit that has the same value as the formers new value. By this way the detection becomes extremely difficult. But for achieving this, data hiding space has to be reduced. Da-Chun Wu, and Wen-Hsiang Tsai [23] proposed a differencing steganographic method that uses the difference between two consecutive pixels in the same block to determine the number of secret bits to be stuffed. In this method a range table is used which ranges from 0-255. The difference value is subsequently adjusted to the difference in the same range to embed the secret bits, and the difference between the original difference value and the new one is shared between the two pixels. Extraction scheme in this method is quite simple and it do not requires cover image. Sorina Dumitrescu et al.[55] This paper proposes a new steganalysis technique to detect LSB steganography in digital signals such as image and audio. This technique is based on statistical analysis of sample pairs. By this technique the length of hidden message embedded via LSB steganography can be estimated with high precision. C.-C.Chang and H.-W. Tseng [9] this paper proposes a novel steganographic technique, which modifies the pixel values. This method does not replace the LSBs of pixel value directly, but changes the pixel value into another similar value. In a word, this steganographic method provides a large embedding capacity with little perceptual distortion. Mei-Yi Wu et al. [40] this paper presents a new iterative method of image steganography based on palette which reduces the Root Mean Square error between an original image and its corresponding stego-image. Based on a palette modification scheme, which can embed one message bit into each pixel in a palette-based image iteratively. The cost of removing an entry color in a palette and the profit of generating a new color to replace the old color are calculated. If the maximal profit exceeds the minimal cost, an entry color is replaced in iteration. C.-K. Chan and L.M. Cheng [11] this paper proposes LSB technique in which the secrete data is embedded in the Least Significant bits of the image pixel. Huaiqing wang and Shuozhong wang [29] Different techniques of steganography and steganalytic methods were discussed in detail in this paper. This paper focuses on LSB modification techniques, Masking techniques, Transformation domain techniques, Techniques incorporated in compression algorithms, and spread spectrum techniques. Then the important attributes of a steganographic system are presented, security, payload and robustness. This paper also presents various steganalytic methods such as, RS steganalysis, Chi-square test, Histogram analysis and universal blind detection. Xinpeng Zhang and Shuozhong Wang [65] this paper proposes the steganalysis of PVD method proposed by Wu and Tsai. This steganalysis is based on Histogram analysis. The zigzag scan of the image pixels produces a vector called Image Vector and the difference of every pair of pixels in this vector produces another vector called Substitute vector. An image from Substitute vector is built which is named as substitute image. Histogram of substitute image is constructed and analyzed. Andrew D. Ker [4] Detecting LSB matching steganography is quiet difficult compared to the LSB replacement steganography. In this paper Histogram characteristic function (HCF) is used for the detection of steganography in color images, but it cannot be used for gray scale images. Alvaro Martà ­n et al. [3] Authors have experimentally investigated three different steganographic algorithms. steg, MHPDM, and one of the algorithm used in S-tools. Jsteg embeds a message in the least significant bit of JPEG DCT coefficients. The MHPDM (Modified Histogram preserving Data Mapping) algorithm, which is developed from HPDM (Histogram Preserving Data Mapping), works by altering the least significant bit of a subset of the JPEG DCT coefficients of an image. Chin-Chen Chang et al. [15] this paper proposes two efficient steganographic methods for gray-level images by utilizing the run-length concept. The two methods embed bits of the secret data in each two-pixel block. In addition, the modular operation is applied in both methods to control image quality. The experimental results demonstrate that both methods in this study perform better than all previous methods, in terms of image quality and embedding capacity. Chin-Chen Chang and Tzu-Chuen Lu [13] the method proposed in this paper exploit the difference in the expansion of the pixels to conceal large amount of message data in a digital image. The payload capacity of the proposed scheme is higher than Tians scheme and Fridrichs scheme.In addition, the quality of the embedded image of the proposed scheme is even higher than those of the other schemes. Chin-Chen Chang and Tzu-Chuen Lu [14] SMVQ (Side Match Vector Quantization) exploits the correlations between the neighbouring blocks to predict the index of an input block that improves not only the block effect of VQ, but also the compression performance of VQ. Owing to the good compression performance and image quality, more concerns are given to SMVQ. Suk-Ling Li et al. [56] In this scheme, the best match cover-image block of the secret-image block is first selected based on the block difference. Then, the error-matrix, the normalized error- matrix, the difference-degree and the quantized-error matrix between the cover-image block and the secret-image block are computed. The block header information is embedded into the cover-image by the simple LSB substitution method. Chin-Chen Chang et al. [17] this new scheme classifies the host image pixels into two groups of pixels according to the pixel values. For each group of pixels, the corresponding secret pixel values go through an optimal substitution process and are transformed into other pixel values by following the dynamic programming strategy. Then, embed the transformed pixel values in the host pixels by using the modulus functions and obtain the stego-image. Hideki Noda et al. [27] The JPEG compression using the discrete cosine transform (DCT) is still the most common compression standard for still images. QIM(Quantization Index Modulation) is applied in DCT(Discrete Cosine Transformation) Domain. DCT based steganographic techniques are immune to Histogram based attacks. Two different quantizers are used with QIM, one for embedding 0 and another for embedding 1. Another method called HM-JPEG(Histogram Matching JPEG) Steganographic method is also presented along with QIM-JPEG Steganography. In these two methods embedding of secret message takes place during quantization of DCT coefficients only, not by modifying quantized DCT coefficients. Chin-Chen Chang et al. [12] it presents a reversible data hiding scheme for compressed digital images based on side match vector quantization (SMVQ). In Vector Quantization or SideMatch Vector quantization based methods VQ and SMVQ Compression codes are damaged by the secret data embedded in the message. And they cannot be constructed completely after extracting the secret data. By using this method, the original Side Match Vector Quantization compression Codes can be completely reconstructed, after extracting the embedded secret data. Ran-Zan Wang and Yeh-Shun Chen [51] this paper presents a new steganography method for images which use a two-way block-matching procedure to find for the maximum similarity block for each block of the image. The indexes which get along with some non matched blocks are noted in the least significant bits of the carrier image, using a hop scheme. This algorithm provides a high data payload capacity. C.-C.Chang and W.-C. Wu [8] this paper provides a technique to improve the embedding capacity without reducing the quality of cover file. That technique is called an adaptive VQ-based data hiding scheme based on a codeword clustering technique. Adaptive embedding method is superior to the fixed embedding method in terms of embedding capacity and stego-image quality. Xinpeng Zhang and Shuozhong Wang [64] a novel method of steganographic embedding in digital images is illustrated in this paper. In this method each secret digit in a (2n+1)-ary notational system is carried by n cover pixels, where n is a system parameter. This method offers a high embedding efficiency than that of previous other techniques. Mehdi Kharrazi et al. [39] this paper gives the experimental evaluation of various steganographic and steganalytic techniques. Chin-Chen Chang et al. [18] in this paper, a new watermarking based image authentication scheme is implemented. The feature extraction process of the proposed scheme is block-based, and the feature of a block is obtained by performing a cryptographic hash function. Then, the bit stream of the feature is folded and embedded into some least significant bits of the central pixel in the corresponding block. Po-Yueh Chen and Hung-Ju Lin [48] this paper proposes a new image steganographic method based on frequency domain embedding. The frequency domain transform applied in this method is Haar-DWT. There are three regions i.e., low frequency region, middle frequency region and high frequency region. And embedding occurs in Middle frequencies. Tse-Hua Lan and Ahmed H. Tewfik [61] the authors have proposed an algorithm which is based on the quantized projection embedding method. Quantized Projection (QP), combines elements from quantization that is QIM and spread-spectrum methods. It is based on quantizing a host signal diversity projection, encouraged in the statistic used for detection in spread-spectrum algorithms. Yuan-Hui Yu a et al. [67] in this method, a color or a grayscale secret image is hided in a true color host image. Procedures to different secret image types are independent. There are three image-hiding types, which depend on the type of secret image. The second type is a palette- based 256-color secret image. The third type is a grayscale secret image. Ran-ZanWang, and Yao-De Tsai [52] This paper presents an efficient image-hiding method that provides a high data hiding capacity that allows the embedded image to be larger than the cover image. In this method the image to be hidden is divided into a series of non-overlapping blocks. A block matching procedure is adapted for each block of the image to search for the best matching block from a pool of candidate blocks. This selection of best matching block is done by K-means clustering method. Then the indices of secret image are hidden in the LSBs of best matching block in the cover image. Bibhas Chandra Dhara and Bhabatosh Chand [7] Block truncation coding and vector quantization are the two widely used spatial domain compression techniques. In the proposed method the inter-plane redundancy is reduced by converting RGB to a less correlated triplet. The spatial redundancy is reduced by block quantization using BTC-PF method and the code redundancy by entropy coding using Huffman code. Nan-I Wu and Min-Shiang Hwang [41] this paper presents a survey of current methods of steganography in Gray scale images. The following methods are compared and analyzed in this paper. 1. The simple LSB method : Secret data is hidden in the Least Significant Bits of the Cover image. Quality of 3-bit LSB stego image is merely acceptable. 2. The optimal LSB methods: To improve the quality of stego image optimal procedure is adapted in LSB embedding. When data is hidden the nearest value is hidden in the cover image so that cover image distortion is minimized. 3. PVD method (Pixel Value Differencing): In this method the image is divided into non-overlapping blocks of two pixels in zig-zag manner. The amount of secret data to be embedded is determined by the difference in pixel values of two adjacent pixels. More amount of data can be hidden when the difference of pixel value is high, and less amount of data is hidden when the difference is low. In this method the cover image is not required for extraction of the secret message. 4. MBNS method (Multiple Based Notation System method): This method is based on Human vision sensitivity(HVS). The amount of secret data that can be hidden in a pixel is determined by a parameter called local variation. Local variation depends on Human Vision Sensitivity, and it is determined by three surrounding pixel values. Greater the value of Local variation, more amount of data can be hidden in that pixel. And less amount of data can be hidden in pixel if local variation value is small. When these methods are compared for low capacity hiding PVD and MBNS approaches produce better stego images than LSB based methods. Zhe-ming-lu et al. [68] this paper proposes an image retrieval scheme based in BTC based Histograms. BTC (Block Truncation Coding) is simple and easy to implement image compression technique. To reduce the bit rate of each part of BTC coded triple data, Vector Quantization is applied. Chin-Chen Chang et al. [19] this paper proposes a reversible data-hiding scheme for embedding secret data in VQ-compressed codes based on the de-clustering strategy and the similar property of adjacent areas in a natural image. This method has more flexibility and higher embedding capacity than other schemes. H. Motameni et al. [25] the authors have proposed a novel technique for hiding text message in a grayscale image. In this method different colors in the cover image are labeled in order to identify dark regions in the image. Data embedding in the these darker regions results in high quality stego images. This method offers more security than other LSB techniques. Zhensong Liao et al. [69] this paper summarizes the present techniques of data hiding capacity techniques. Various Communication channel models and host data models are discussed in this paper. H. Arafat Ali [24] the author, proposes a spatial domain steganographic scheme for JPEG images. This technique is based on statistical analysis and called IVSP (Improving Visual Statistical Properties) Method. This proposed method enhances the statistical properties of the stego image and also reduces the quantization error, which creeps in with JPEG format. And this method is also more secure when compared to the other techniques which are in use presently. Youngran et al. [66] this paper proposes a new method which is able to provide high quality stego image. According to pixels characteristics, number of bits can be embedded in stego image is varying and also providing the integrity of original data. Andrew D. Ker [5] Batch steganography problem deals with spreading payload in multiple covers. Author has proved that the secure steganographic capacity is proportional to the square root of the total cover size. Hong -juan zhang and Hong-jun tang [28], Proposed a novel method of image Steganography which can withstand for statistical analysis tests like RS and Chi-Square steganalysis techniques. Kazuya Sasazaki et al. [35] this paper proposes scheme for hiding data that loss lessly stuffs a data bits into a carrier image using the two differences. In this scheme, a three-pixel block in an image contains two absolute differences-the difference between pixels one and two, and the difference between pixels two and three. Such a difference is called block difference. Chung-Ming Wang et al. [21] this work is an improvement over Wu and Tsai scheme of pixel value differencing (2003). In this method the image is divided in to the blocks of two consecutive pixels and the number of bits that can be embedded is determined from the width of the range table. The reminder of sum of two pixel values with width of suitable range is calculated and modulus of pixel values is adjusted to the decimal value of binary string to be embedded in the block of two consecutive pixels. This method also addresses the falling-off boundary problem and produces high quality stego images than any other technique of spatial domain steganography. But the hiding capacity is low in this method when compared to other methods. Chien-Ping Chang et al. [20] Authors have proposed a novel data hiding scheme that embeds a message into a cover image. This method uses Tri way pixel value differencing method. In this method blocks of four pixels are considered at a time. This four pixel block is divided into three pairs. And the PVD method is applied separately to these three pairs. From the modified pairs on pair is chosen as a reference pair and other two are adjusted. By this method the hiding capacity enormously increases over Pixel Value Differencing Method. But the quality of stego image when expressed in terms of PSNR value decreases. Adem Orsdemir et al. [1] this method is based on the Higher Order Statistics Steganalysis. Generally any steganographer focuses more on undetectability and payload but not about the statistical difference between the stego image and cover image. When the steganographer is well aware of the steganalysis methods HOS steganalyzer and by formulating statistical in distinguish ability requirement, visual quality requirement, and detect ability requirement the method of steganography can withstand the steganalysis methods based on statistical differences. Chin-Chen Chang et al. [16] It is proposed in this method that digital images can be compressed using Block Truncation Coding (BTC). BTC is the most efficient spatial domain method with simple computations and acceptable compression rates. Zhiyuan Zhang et al. [71] generally in two-description image coding the image are partitioned into two parts and each description is produced by alternatively concatenating a finely coded bit stream of the other part. Multi Description Coding is a reliable method for robust transmission over unreliable networks. H.B.Kekre et al. [26] This paper proposes a new improved version of Least Significant Bit (LSB) method. Before embedding the data a 8 bit secret key used and XORed with all the bytes of the message to be embedded. Message is recovered by XOR operation, by the same key. Depending on the MSBs the number of bits of LSB utilized for data embedding are calculated. This method is simple to implement and offers high payload than other methods like PVD. Sathiamoorthy Manoharam [54] analyzes the steganalysis of LSB technique using the RS Steganalysis technique. The two classes of images- natural photographic images and synthetic images are taken as the cover medium. Ahmad T. Al-Taani and Abdullah M. AL-Issa [2] the proposed method provides good quality and high embedding capacity of stego image. Here the carrier image is divided into blocks of equal sizes and then stuffs the original data bits in the edge of the block depending on the number of ones in left four bits of the pixel. Experimental results of this method are compared with Pixel Value Differencing method and Gray Level Modification Method. P. Mouli and M. Mihcak [45] described the data hiding capacities of various image sources. Hong -juan zhang and Hong-jun tang [28] Proposed a novel method of image Steganography which can withstand for statistical analysis tests like RS and Chi-Square steganalysis techniques. 2.3 Literature survey on Network Security John McHugh et al. [33] this paper describes the role of an IDS in an enterprise and also gives survey on mostly used intrusion detection techniques. This paper also describes the various representative systems from the commercial, public, and research areas. Ray Spencer et al. [53] this paper, proposed a Flask micro kernel based operating system, security architecture which provides the solutions for the access rights sort of problems and it is suitable for many operating environments. Clive Grace [22] it gives a detailed understanding of various types of attacks possible and also various types of intrusion detection systems and soft wares. Nong Ye et al. [42] this work paper gives an investigation on a multivariate quality control technique. This method is finds a long-term profile of normal activities in the profiles in order to detect intrusions. Tal Garfinkel and Mendel Rosenblum [59] it proposes the Intrusion detection architecture and also the results are demonstrated to detect the attacks using the IDS which are completely isolated from the monitored host. Tal Garfinkel et al. [58] This architecture provides a tamper resistant trusted hardware platform where each and every application will be running on either the open platform that is general purpose platform or the closed platform that is general purpose platform with security and integrity properties. P. Englund et al. [43] this paper describes the trusted platform which provides a strict control over the software and hardware platforms to withstand the various vulnerabilities. Suresh N.Chari and Pau-Chen Cheng [57] Blue box, the host based IDS, is designed based on the system call introspection. They designed some set of fine grained rules for access control to the system resources. M. Rosenblum and T. Garfinkel.[37] It describes the virtual machine monitor and also how the VMM is useful to provide security. It also looks after the various implementation issues and future directions for the VMM. James E. Smith and Ravi Nair [30] in this paper various levels of abstractions of virtualization and also the architecture of virtual machines are described. Process and system virtual machines are also described over here. Peyman Kabiri and Ali A. Ghorbani [47] it gives a review on current trends and technologies implemented by re- searchers and also elucidated the applications of honey pots to detect attacks. Petar Cisar and Sanja Maravic Cisar [46] this paper describes a flow based algorithm combined with data mining techniques for intrusion detection. Jenni Susan Reuben [31] this paper gives a literature survey on various security issues as well as threats which are common for all virtualization technologies. Zhenwei Yu et al. [60] this paper gives an experimental result for an automatically tuning intrusion detection system which controls the number of alarms output to the system operator and according to the feedback mechanism provided by the system operator, tunes the detection model when false alarms are identified. The Flask architecture of security enhanced Linux for red hat is described in detail in this website [81]. 2.4 CONCLUSION This literature described the various methods and algorithms existing for the steganography and network security. Based on the existing algorithms, the conclusions are proposed to provide the efficient methods for the below 1. Data Security 2. Network Security 2.4.1 Data Security For providing the data security, there are many cryptography and as well as steganography methods existing for the data to be transmitted on the channel. But for any algorithm, it is has its own disadvantages. In the case of Steganography, the basic algorithm is LSB algorithm and some variations on the spatial domain techniques. But at any point of instance, algorithm is public. Once the algorithm is known, attacker will be trying to get the secure data. In this thesis two algorithms are proposed to provide the data security, which were not presented so far, which are as follows: Highly Secured, High Payload and Randomized Image Steganographic Algorithm using Robust Key: In this proposed method, the algorithm used for steganography process is either the PVDM or LSB algorithms depending on the inter pixel difference value in order to increase the data stuffing capacity with out disturbing the quality of the stego image. The position of pixels where to stuff bits will be decided by the stego key which is randomly selected by the user and this key is transmitted to the other party in encrypted form. So the key is robust. Highly Secured, High Quality, High Payload and Randomized Image Steganographic Algorithm using Robust key based on Tri way PVDM Method : In this proposed method, the algorithm used for steganography process is the Tri way PVD with Modulus which is an extension of Tri way PVD [20] in order to increase the stego image quality. The position of pixels where to stuff bits will be decided by the stego key which is randomly selected by the user and transmitted to the other party in encrypted form. So the key is robust. 2.4.2 Network Security For Providing the Network Security, There are many software and hardware devices available like firewalls, IDS etc.,. Generally an intrusion is detected by the IDS, immediately that can be patched by using the available techniques, meanwhile the applications are to be stopped temporarily, where as the proposed trusted architecture for providing network security will provide a self healing intrusion detection system without disturbing the actual state of the system, and trust can be taken back to the system by using the virtualization concepts.

St. Johns Wort As A Treatment For Depression: Herbal Healer or Ineffec

St. John's Wort As A Treatment For Depression: Herbal Healer or Ineffective Alternative? This country has its share of major health issues, and Depression has remained a prominent one. With a prevalence rate of one in twenty suffering from this psychological disease in the US, (1) it is no wonder that many varying treatment options now exist for sufferers. The most common approach to treating Depression is with some form of psychotherapy coupled with prescription drugs. However, this traditional course of treatment now has the so called 'alternative' approaches to contend with. One such alternative therapy is Hypericum, an herb that is more commonly known as St. John's Wort. There is a bubbling debate between believers in the herbal treatment and non-believers (comprised mostly of doctors and researchers) who think St. John's Wort does nothing for Depression. From both sides of the debate, however, there have been some interesting findings. There is a common understanding that St. John's Wort was named after John the Baptist. Hypericum perforatum is its Latin name. St. John's Wort is a naturally occurring plant characterized by its black-spotted yellow flowers. Historically it has been hailed as an effective treatment for an array of ailments, including digestive disorders, lung ailments, skin abrasions, and as a general inducer of state of 'well being'. From its supporting side, the argument is that St. John's Wort should be treated as comparable to prescription antidepressants and as just another available option for the millions who are depressed in this country. Supporters often site the fact that German doctors endorse millions of doses of the herb daily, and elsewhere in Europe, the medical community readily ack... ...cription", mixing herbs with prescription drugs For More Information: http://my.webmd.com/content/article/13/1668_50209 7) Newsweek article "A Natural Mood Booster", treating Depression with St. John's Wort http://www.iherb.com/iherb/newmay519nat.html 8) National Institute of Mental Health (NIMH), "Information About St. John's Wort" page http://www.nimh.nih.gov/publicat/stjohnswort.cfm 9) National Center for Complementary and Alternative Medicine , St. John's Wort Fact Sheet http://nccam.nih.gov/nccam/fcp/factsheets/stjohnswort/stjohnswort.htm 10) National Center for Complementary and Alternative Medicine , St. John's Wort Q & A http://nccam.nih.gov/ne/press-releases/stjohnswort/q-and-a.htm 11) Health World Online , index of articles on Depression and herbal remedies http://www.healthy.net/asp/templates/condition.asp?ConditionId=90

Citizen Kane †innovative techniques Essay

Citizen Kane, a classic American dramatic film, is considered to be the ultimate classic masterpiece and the world’s most famous and highest rated film, as it is ranked the number one best film of all time. It was the first movie Orson Welles, a theatrical genius, co-wrote, directed, and produced at only an age of twenty-five years. The subject of this movie is the life of Charles Foster Kane, known as Citizen Kane, which is played by Welles himself. Dating back to 1941, Citizen Kane set a high standard for the art of cinematography as it made cinematic advances and technical innovations on many fronts. A new style of film making was created with innovations varying from the use of deep focus technique, camera positions and angles shots, story telling and aural techniques. The most innovative technical aspect of Citizen Kane is the extended use of deep focus technique which is considered to be the most significant contribution to cinematography. This technique allowed him to photograph backgrounds with as mush clarity as foregrounds, as opposed to having only the people and things in the foreground in focus. Such a technique is noticed in the scene where Kane’s parents are filmed discussing his future while he’s seen through the window in the foreground playing outside in the snow. Deep focus makes possible for the film maker to showcase overlapping simultaneous actions, where the mise-en-scà ¨ne becomes more significant since the physical environment in which the film takes place should be then taken into account. Besides, is it important to note that the cast members that Welles’s had chosen for his film had never made a movie before and were all classically trained theatrical actors. Their theatrical background played an important role and had an impact on the success of techniques like deep focus, since actors were placing themselves firmly in each scene. Moreover, another unorthodox method used in the film was the low-angle shot. This technique tends to elongate a person or object, making him or it seem more important. They were used to display a position facing upward, thus showing ceilings in the background of the scene. Such camera positions and angles were important in Citizen Kane, since they had artistic and psychological effects. That technique gives an added power to the person on the screen, which turned out to be Kane for most of the scenes. It  intimidates the viewers since they found themselves in the inferior position of looking up. In fact, it is that excessive use of those shots that bent Kane and made him grotesque to our responsiveness. In addition to that technique, we have witnessed in the film several scenes which depict characters moving across rooms, and having the floors and ceilings moving with them. This unusual technique tends to dehumanize the characters by plunging and reducing them to some ornaments in a shifting or moving architecture. Welles also carried over creative storytelling techniques, from flashbacks to techniques that relate successive episodic sequences. What is meant by the latter is the making of adjacent scenes on a same set, but having the characters changing their costumes and make-up during the cut in between the two scenes. In this way, the following scene would be taking place in the same location of the previous one but at a time long after the previous cut. On the other hand, flashbacks were greatly used in the film: telling Kane’s life story entirely in flashbacks was another innovative approach to storytelling. Other types of cinematic advances are the aural techniques, which were definitely related to Welles’s experience with sound from radio. Sound effects were intensively but skilfully used in the film to create moods and emotions, such as the cold echo heard at the monumental library, in the scene which put on view the reporter and the daunting librarian. In addition to mounting the potential of sound as a producer of moods and emotions, we witness in Citizen Kane a remarkable aural innovation, known technically as the lightning-mix, which is used to link between different scenes via related continuous series of sounds or phrase. Here, the continuity of the soundtrack, not the image, gives a smooth seamless narrative jump between two different scenes. To illustrate that technique, we can recall, in the beginning of the film, the scene where the guardian of Kane, who was still a child, wishes him a â€Å"Merry Christmas†, after which we suddenly jump to a shot of Kane, fift een years later, hearing â€Å"and a Happy New Year†. In addition, Welles had many others innovative techniques such as the use of  glasses and mirrors which can be seen through out the movie, to enhance the effect of the movie. We can recall the last scenes of the film where Kane is left alone, where in one of the scenes; he passes in front of a set of mirrors in the background of the set. Besides, Welles’s use of lighting and shadow was impressive, having camera set-ups designed to frame characters in the oblique angle of light and shadow created by their environment. Finally, we cannot but admit that Citizen Kane introduced Hollywood to the inventive, creative and productive potential of cinematic techniques. All the department of visuals, special effects, sounds and screenplay shows innovative techniques. The art of filmmaking was immensely affected by the technical brilliance of Orson Welles. Bibliography http://en.wikipedia.org/wiki/Citizen_kanehttp://www.sparknotes.com/film/citizenkane/section2.rhtml

Liquidating companies - Free Essay Example

Sample details Pages: 13 Words: 4032 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? It is best if insolvent companies are liquidated as soon as possible and creditors paid out. Doing anything else with such companies is just not efficient. Introduction From the sole perspective of a corporate creditor, the logic inherent in the title question is impeccable. The orderly breakup or winding up of a corporation that permits creditors to realize on their debts within a reasonable period, whether achieved by voluntary or compulsory means, is a central element in a properly constituted insolvency regime. Don’t waste time! Our writers will create an original "Liquidating companies" essay for you Create order However, the title proposition is only a single element in any consideration of the forces at play in a corporate insolvency. Not only does insolvency typically engage issues amongst creditors in terms of both quantum and priority, a profound public interest is present in many corporate insolvency proceedings that drives the agenda concerning the preservation or reorganization of an insolvent corporation. The satisfaction of these legitimate interests often requires time and effort that is at odds with the simple and expeditious pay out of debts. The current global financial crisis and its incipient threat posed to numerous UK and international corporate entities provide a contemporary illustration of the numerous potential public interest dimensions to the title question. This paper seeks to identify the principles that operate in this sphere. Particular attention is directed to the scope and application of the pari passu principles and their impact upon the desired efficiency in insolvency proceedings contemplated in the title statement. The factors that provide support for the stated object of procedural efficiency and those that militate against it are examined and contrasted. Practical examples are applied to the analytical framework to support the conclusion that insolvency issues cannot be resolved entirely in the unilateral fashion contended in the title. Insolvency à ¢Ã¢â€š ¬Ã¢â‚¬Å" first principles The broad definition of insolvency is a straightforward proposition. Insolvency is the inability to meet a debt or other financial obligation, either by virtue of insufficient cash flow, or where the total liabilities exceed the value of the assets available to meet them.[1]At this early stage of the analysis, it is important to ensure that this general insolvency definition is understood from two critical philosophical perspectives. The first is that insolvency as an outcome of debt is a part of the triad of interests that drives all corpor ate and commercial activity, that of debtor / creditor / society at large. Described variously in the academic literature as a à ¢Ã¢â€š ¬Ã…“compactà ¢Ã¢â€š ¬Ã‚  of interests that is essential to an effective marketplace[2], broadly stated the extension of credit to corporations is an essential feature of virtually every corporate existence that serves to benefit society as a whole[3]. This benefit derived from the ability of corporations to obtain ready access to credit to facilitate business and to generate both employment and trade, there will necessarily be risk of failure by such firms that utilise credit[4]. The Cork Committee in 1982 identified a number of factors that continue to operate below the surface of every insolvency consideration; these factors continue to be relevant and must be borne in mind as the present analysis moves forward, including[5]: The ability to diagnose corporate financial problems at an early stage Prevention of conflict amongst creditor claims Preservation of corporate assets Reduction of delay in insolvency proceedings Recognition of the broader societal interests; preservation of some corporations is vital to national interests This bare schematic review of the relationship of creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ interests to the entire insolvency picture reveals the operation of other interests that are not necessarily consistent with the efficient resolution of debtor claims. The precise determinations of the various forces that may compel insolvency are beyond the scope of this paper. It is important to appreciate however that the broader economic influences that may impair the finances or creditworthiness of any corporate venture include such macroeconomic factors as interest rates; economic recession or contraction; government policy[6]. Individual enterprises may be susceptible to internal inefficiencies and poor planning, especially with respect to cash flow and the orderly meeting of their obligations[7]. Armour notes that there is also an important societal interest in the encouragement of innovation that must be driven by the availability of venture capital that is more likely to be exposed to a corpo rate default that ultimately leads to insolvency.[8] As UK business becomes ever-increasingly integrated into a globalised financial environment, à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ one of the most important determinants of (success will be) venture capital investmentà ¢Ã¢â€š ¬Ã‚ .[9] Entrepreneurship as an outcome of a robust and vigorous economy may only be fostered through access to capital.[10]In this sense, the encouragement of risk is the recognition that there will inevitably be failures in the pursuit of innovation and corporate success. Legislative framework Given the philosophical underpinning that is suggested as the primary issue to be extracted from the title question and subjected to examination, this paper does not provide an in-depth review of the relevant UK and European statutory frameworks or the procedural rules within which insolvency matters are conducted, except as is necessary to ensure how the question of efficiency is defined or otherwise encouraged wit hin the legislative frameworks. The UK Insolvency Act provides two separate mechanisms for the winding up of corporations, voluntary and compulsory. A voluntary winding up pursuant to s.84 of the Act provides two mechanisms for the passing of special and extraordinary resolutions for winding up; a compulsory winding up and the supervision of the process by means of liquidator appointment and court supervision is also mandated.[11] The legislation also provides for the conversion of a voluntary winding up into a compulsory proceeding, especially where the orderly dissolution of the subject company is questioned.[12] Where there is evidence of sharp practice or concerns that preference is improperly being extended to one creditor over another, the power of independent investigation and greater transparency of a court supervised proceeding is preferable.[13] The preservation of the principles of à ¢Ã¢â€š ¬Ã…“fairness and commercial moralityà ¢Ã¢â€š ¬Ã‚  through a compulsory cou rt order will usually involve a delay and additional expense to the debtor / litigants that is contrary to the sentiments underlying the title question.[14] The appropriate EC regulation is not intended to harmonise insolvency practices in the European Union. The regulation is a recognition that all member nations will continue to employ their own insolvency practices. The regulation has been described as being amenable to a à ¢Ã¢â€š ¬Ã…“purposive and liberal interpretationà ¢Ã¢â€š ¬Ã‚ .[15]It is not a device primarily directed at how the quantum or extent of corporate debts are resolved; the regulation is instead à ¢Ã¢â€š ¬Ã…“ a piece of subordinate Community legislation which forms part of English Law. It was introduced in order to lay down mandatory rules for choice of law, jurisdiction, recognition, enforcement and co-operation applicable to cross-border insolvencies within the European Union.à ¢Ã¢â€š ¬Ã‚ [16] Certain industries are also subject to specific statutor y regimes to govern insolvency; the UK insurance industry is a notable example.[17] It is contended that the most important consideration to be taken from the applicable legislation in the present context is that it collectively reflects a broader philosophical stance than the simple orderly and expeditious settling of all corporate debts in insolvency proceedings. As with the analysis of the pari passu principle set out below, insolvency legislation represents two different sets of intersections between legal theory and pragmatic action. Carruthers described the first as the meeting of the law, organizations, and professional interests associated with insolvency matters à ¢Ã¢â€š ¬Ã¢â‚¬Å" the essential à ¢Ã¢â€š ¬Ã…“industriesà ¢Ã¢â€š ¬Ã‚  that propel insolvency proceedings forward.[18]The elevation of bankruptcy or its threatened occurrence has been a constant feature in the daily business news so as to heighten their appreciation as a corporate survival tactic, as opposed to a natural and sometimes unavoidable part of the business cycle.[19] The legislative framework also represents an appreciation that insolvency is an intersection of the variety of contractual relationships that exist both within and beyond the corporate structure.[20] The satisfaction of debt claims must occur against a backdrop of these various interests. The inter-relationship between public policy and insolvency proceedings Public policy considerations in the larger question of insolvency proceedings will include the proper treatment of creditors. The term à ¢Ã¢â€š ¬Ã‹Å"stakeholderà ¢Ã¢â€š ¬Ã¢â€ž ¢ is often applied in any assessment of multiple interests potentially at play in a given analysis; in many insolvency proceedings the stakeholders with legitimate interests in the outcome of a winding up, either voluntary or compulsory, will extend far beyond the boundaries established by the number of entities that extended credit to an enterprise. In all corporate insolve ncies, there will some consideration given to the impact that the prospective winding up will have upon the employees of the company and its relative importance to the economy of a region or nation as a whole. These are transcendent questions that taken alone might trump a creditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s interest in the expeditious resolution of its debts. Employment and job security are dormant but ever present insolvency issues that become activated when a company strikes the financial reef that is its inability to meet its obligations.[21]There are a multitude of examples from UK and international insolvency case law that stand for the proposition that in some circumstances, the orderly and expeditious resolution of creditor claims will be secondary to the national interests perceived to be at issue when major employers or key members of an industry sector face insolvency.[22]The extended public debate concerning the fate of British Rover MG and how the UK government might have in tervened to assist the auto manufacturer is an example of how a larger public interest can dominate an insolvency question.[23] From the perspective of organised labour, and apart from the issues of how debts ought to be satisfied in insolvency proceedings, there are often significant questions raised by employees as to how a company can be maintained as a going concern to preserve both their ongoing employment and future pension and other health benefit interests. Strategies such as employee buyouts, either initiated by the employees alone or facilitated by the extension of public funds are a solution to insolvency that does not necessarily advance the immediate interests of a corporate creditor in their debt and its optimal satisfaction.[24] The pari passu principle and its relationship to efficient insolvency proceedings The pari passu principle is well entrenched in UK insolvency proceedings, to the extent that it is routinely described in the case law as the foundation of insolvency law[25]. From the 1978 House of Lords decision in British Eagle[26], its primacy as a governing doctrine and its true utility as a device for the proper resolution of insolvency claims has been endorsed in various proceedings and challenged by numerous academics and it has served as the subject of significant commentary[27]. Pari passu is the expression applied to any circumstance where debts or other types of obligations attract equal rights of payment. The expression is also used to describe clauses contained in various instruments to provide for rate able treatment of particular debts. Expressed another way, the pari passu principle requires that all creditors (in positions of relative equality as determined by pre-insolvency law) should be paid back the same proportion of their debt in their debtorà ¢Ã¢â€š ¬Ã¢â€ž ¢s liquidation.[28] As is discussed below, pari passu is a legal term of art whose true meaning and importance is not cast in stone but must be asses sed in the circumstances of individual cases. It is noted that the rule in British Eagle arose in circumstances where à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦a legitimate clearing house scheme, entered into for good business reasons was declared to be void as contrary to public policy in an insolvency situation, because it would, if effective, have deprived the general body of creditors of the insolvent company of assets which should have been available for distribution pari passu, whilst favouring a limited body of creditors within the clearing house schemeà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ .[29] British Eagle as a proceeding that concerned a national UK airline carrier was a circumstance that engaged arguably broader public policy considerations that a conventional business insolvency. From a preliminary inspection, pari passu would seem to be in accord with the essence of the title question. The notion that creditors will be paid out in strict accordance with their status within the stru cture of the corporate indebtedness at the time that insolvency is determined has an inherent fairness. As this type of equality represents fairness, the argument is frequently advanced that the pari passu rule ensures all creditors are treated fairly. Some commentators have described the pari passu principle as the à ¢Ã¢â€š ¬Ã…“normal ruleà ¢Ã¢â€š ¬Ã‚  of UK insolvency.[30]Goode describes the relationship between the equality of treatment underlying the principle and the desire for orderly insolvency proceedings as equivalent concepts.[31] One of the most articulate challenges to the pari passu convention as one of myth and not substantive legal doctrine is advanced by Mokal in his 2001 analysis[32]. Mokal founds the argument that pari passu is inoperative in most insolvency circumstances on a contention that there must exist in all cases of insolvency an inherent tension between the ability of parties to pursue freedom of contract and the limitations of the pari passu doct rine[33]. The imposition of pari passu serves to distort the priorities between debtors as only those in relative positions of equality in insolvency as treated pari passu.[34] The central distinction between pre-insolvency law (i.e. the contractual position of the parties) and insolvency law underscores this point. Prior to either a voluntary or compulsory winding up each creditor is free to pursue whatever enforcement measures are open to them. The rule is sometimes expressed as, in the absence of insolvency proceedings, is that the race goes to the swiftest Liquidation puts an end to the race.à ¢Ã¢â€š ¬Ã‚ [35] It is further contended that true rateability amongst corporate debtors can never be achieved due to the combined effect of contractual terms that may explicitly govern how debts are resolved and the welter of statutory exceptions to the pari passu principle. These exceptions include: The rights of set off at insolvency such as credits obtained pre-insolvency[36]; trade credit is estimated as twice as important as bank credit in the orderly flow of business[37] Claims arising after a winding up order is made (e.g. utility suppliers to a business); these are treated as an expense of the winding up proceeding and therefore will likely be afforded more favourable treatment than other corporate debts Pre-litigation creditors who can wield influence over the status of the insolvency proceedings, such as a landlord who possesses rights of distress[38] Preferred claims, such as VAT, customs and excise duties and obligations to employees by way of outstanding wages or holiday pay Deferred debts protected by statute (e.g. classes of shareholder claims) Solicitor and accounting fees[39] Liens on goods sold to the insolvent company The power of a court to vary the pari passu rule is undoubted: à ¢Ã¢â€š ¬Ã…“Thus strict priorities and pari passu distribution may be varied by the court, for example, in sanctioning payment of a class of creditor in full under Schedule 4 para 1 Insolvency Act 1986, sanctioning a scheme or compromise to that effect under s. 167(1) and s.425 of the Companies Act 1985 and in a number of other varied circumstancesà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ [40] The conclusion to be drawn from the weight of the exceptions permitted the application of pari passu is that the conventional belief in the usefulness of the doctrine to promote fair and orderly insolvency proceedings is that this position is rendered paradoxical, as the treatment of preferred claims is both an exception to, and yet an application of the pari passu rule at the same time (emphasis added).[41]This paradox is borne out by empirical evidence of how debt claims are actually satisfied in a majority of UK insolvency proceedin gs. General unsecured creditors (the only category of claimant truly subject to the pari passu rule)[42]obtain an estimated zero returns in 88% of administrative receiverships, 75% of creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations, and 78% of compulsory liquidations. On average, such creditors only receive 7% of what they are owed in total.[43] As noted above, the circumstances of each insolvency must necessarily play a significant role as to the course of subsequent proceedings initiated or maintained by a debtor. The statistical data relied upon by Mozal suggests that most types of insolvency claims à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ either are or can be exempted from the application of the pari passu principleà ¢Ã¢â€š ¬Ã‚ , where it is very likely that in most if not all liquidations, hardly any claimants will be paid on a pari passu basisà ¢Ã¢â€š ¬Ã‚ .[44] This data also serves to undermine the contention that a pari passu distribution is the à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã‚ ¦ normal rule in a corporate insolvencyà ¢Ã¢â€š ¬Ã‚ .[45] The difference highlighted here between the statement of the pari passu principle and the criticism leveled against it may be distilled to a single point. The rule does not speak so much to the distribution of assets in insolvency proceedings as it reinforces the different priorities of claims protected by the rule.[46] Even in those circumstances where unsecured claims other than preferential claims (created by either contract or statutory operation) form the bulk of the insolvency claims made, in most liquidations the available assets will not (and cannot) be distributed equally[47]. Where the pari passu rule is intended to govern distributions, the statistical data suggests that actual distribution in accordance with pari passu is almost never takes place.[48] The Insolvency Act provides that all unsecured or otherwise specially defined shall be paid pari passu, but this provision is triggered only after the windi ng up has commenced. The legislation does not encourage a Court to examine the past transactions of the company that relate to the debts owed and proceed to equalise the positions of all creditors. In such proceedings, the Court is compelled to take à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦ them exactly as it finds themà ¢Ã¢â€š ¬Ã‚ .[49] Keay and Walton contend for a contrary position. They assert that à ¢Ã¢â€š ¬Ã…“à ¢Ã¢â€š ¬Ã‚ ¦the underlying aim behind the use of the equality principle is to produce fairness, so that every creditor is treated in the same wayà ¢Ã¢â€š ¬Ã‚ .[50] This argument advances the proposition that to abolish or restrict the operation of the pari passu principle would be to return to the à ¢Ã¢â€š ¬Ã…“mediaeval policyà ¢Ã¢â€š ¬Ã‚  of allowing those with the greatest resources and access to legal remedies to deprive poorer and weaker creditors of anything in their debtorà ¢Ã¢â€š ¬Ã¢â€ž ¢s insolvency.[51]Finch describes the prospects of a à ¢Ã¢â€š ¬Ã…“c haotic raceà ¢Ã¢â€š ¬Ã‚  where huge costs are expended in the competitive pursuit of remedies amongst creditors, where expert creditors have an insurmountable advantage over the nave or unsophisticated challenger.[52] Conclusion It is submitted that no sensible person can take issue with the proposition that the pursuit of justice is best undertaken in an orderly and cost effective fashion. The cases and the academic commentaries, when taken together, illustrate that equality of treatment exists in principle only. Pari passu principles have more to do with exceptions to equal treatment and the wholesale defeat of unsecured creditor interests by statutory and common law exceptions, than they do with the promotion of insolvency proceeding order and cost effectiveness. If the premise contained in the title question is to be regarded as a legitimate and overarching goal of insolvency proceedings, the pragmatic appeal of its sentiment to a corporate debtor must not be mask ed by the forest of exceptions apparent from the combined effect of its exceptions. Bibliography Table of Statutes Insolvency Act, 1986 Council Regulation (EC), 1346/2000 (in force May, 2002) Insurers (Reorganisation and Winding-up) Regulations 2004 SI 2004/353 Table of Cases Associated Travel Leisure Ltd, Re [1978] 2 AER 273 British Eagle International Ltd à ¢Ã¢â€š ¬Ã¢â‚¬Å"v- Compagnie Nationale Air France [1978] 1 WLR 758 Gordon Beach Science [1995] BCC 261 HIH Casualty General Insurance Ltd Ors v McMahon Ors [2006] EWCA Civ 732 (09 June 2006) Toshuku Finance UK plc, Re [2002] 1 WLR 671 National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. [1972] A.C. 785 (HL) North Atlantic Insurance Co Ltd. v Nationwide General Insurance Co Ltd. Ors [2003] EWHC 449 (Comm) (13 March 2003) Re Tain Construction [2005] BCC 88 Re Zirceman [2000] BCC 1048 Syska v Vivendi Univ ersal SA Ors [2008] EWHC 2155 (Comm) (02 October 2008) Table of Authorities Armour, John (2008) à ¢Ã¢â€š ¬Ã‹Å"Financing Innovation: The Role of Insolvency Lawà ¢Ã¢â€š ¬Ã¢â€ž ¢ https://www.law.yale.edu/documents/pdf/armour.pdf (Accessed November 12, 2008) Armour, John, Simon Deakin and Suzanne J. Konzelmann (2003) à ¢Ã¢â€š ¬Ã‹Å"Beyond shareholder primacy? Reflections on the trajectory of UK corporate governanceà ¢Ã¢â€š ¬Ã¢â€ž ¢ British Journal of Industrial Relations 41(3) 531-555 Charitou, Andreas, Evi Neophytou and Chris Charalambous (2004) à ¢Ã¢â€š ¬Ã‹Å"Predicting Corporate Failure: Empirical Evidence for the UKà ¢Ã¢â€š ¬Ã¢â€ž ¢ European Accounting Association at https://www.pba.ucy.ac.cy/courses/2004_EAR_publications_final_published_REAR1001111.pdf (Accessed November 12, 2008) Carruthers, Bruce and Terence Halliday (1998) Rescuing Business: The Making of Corporate Bankruptcy Law in England and the United States (Oxford: OUP) Cork Committee (Review Committ ee on Insolvency Law and Practice) Finch, Vanessa (2002) Corporate Insolvency Law: Perspectives and Principles (Cambridge: CUP) Finch, Vanessa à ¢Ã¢â€š ¬Ã‹Å"Security, insolvency and riskà ¢Ã¢â€š ¬Ã¢â€ž ¢ (1999) 62 M.L.R. 633, 634 Fletcher, I.F (2006) The Law of Insolvency (4th Ed.) Goode, R.M. (2005) Principles of Corporate Insolvency Law (London: Sweet Maxwell) Keay, Andrew and Peter Walton (2003) Insolvency Law: Corporate and Personal (2nd ed.) (UK: Jordan) Hansard, (2004) Select Committee on Trade industry (Minutes of evidence), Q260-276 Ho, Look Chan (2005) Pari Passu Distribution and Post-Petition Disposition: A rationalization of Re Tain Construction Social Science Research Network at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=852804 (Accessed November 14, 2008) Jensen, Anthony (2006) Insolvency, Employee Rights Employee Buyouts: A Strategy for Restructuring (Ithaca Consulting) at https://www.efesonline.org/LIBRARY/2006/Insolvency, Employee Rights Employee Buyouts.pdf (Accessed November 15, 2008) Kaufman, Aaron M. (2007) à ¢Ã¢â€š ¬Ã‹Å"The European Union Goes Comi-Tose: Hazards of Harmonizing Corporate Insolvency Laws in the Global Economyà ¢Ã¢â€š ¬Ã¢â€ž ¢ Houston Journal of International Law, 29, 3: 625 Keay, Andrew and Peter Walton (2003) Insolvency: Corporate and Personal (UK: Longman) Loose, P. and Michael Griffiths (2005) Loose on Liquidators: The role of a liquidator in a voluntary winding up (UK: Jordan) Milman D. and Charles Durrant (1999) Corporate Insolvency: law and practice (2nd Ed.) (London: Sweet Maxwell) Mokal, Rizwaan Jameel (2001) à ¢Ã¢â€š ¬Ã‹Å"Priority as Pathology: The Pari Passu Mythà ¢Ã¢â€š ¬Ã¢â€ž ¢ [2001] Cambridge Law Journal 581-621 (November), also at https://law.bepress.com/cgi/viewcontent.cgi?article=6417context=expresso (Accessed November 13, 2008) Pennington, Robert (1997) Penningtonà ¢Ã¢â€š ¬Ã¢â€ž ¢s Corporate Insolvency Law (2nd ed.) Tolmie, Fiona (2003) Corporate a nd Personal Insolvency Law (London: Routledge) 1 Footnotes [1] Tolmie (2003) 2, 3 [2] Ibid, 4 [3] Finch (2002), 4; see also Armour (2008) 2, 5 [4] à ¢Ã¢â€š ¬Ã‹Å"Credità ¢Ã¢â€š ¬Ã¢â€ž ¢ is this context may be bank, private equity or trade credit [5] Summary of 1982 Cork Committee (Review Committee on Insolvency Law and Practice); see also Finch (2002), 25, 26; Tolmie (2003), 5 [6] Charitou (2004), 4 [7] ibid [8] Armour (2008), 5 [9]Ibid, 4 [10] Ibid, 6 [11] Insolvency Act, ss.84, 86 [12] See e.g. Gordon Beach Science [1995] BCC 261 [13] Loose Griffiths (2005), 21 [14] Ibid, 22; see also Re Zirceman [2000] BCC 1048 regarding the à ¢Ã¢â€š ¬Ã‹Å"compelling reasonsà ¢Ã¢â€š ¬Ã¢â€ž ¢ necessary to overcome the majority of creditors by value to obtain such an order [15] Ibid; see also Kaufman (2007), 625, and the analysis of the Parmalat proceedings in Italy and Ireland in 2003 and subsequent proceedings before the European Court of Justice [16] Syska v Vivendi Universal SA Ors [2008] EWHC 2155 (Com m) (02 October 2008), para 10 [17] Insurers (Reorganisation and Winding-up) Regulations 2004 SI 2004/353 is an example [18] Carruthers (1998), 6 [19] Ibid [20] Ibid, 7 [21] Armour, Deakin Konzelmann (2003), s.3.1, p.9 [22] British Coal and British Rail are notable UK examples from the later 20th century; the recent developments in a variety of national sectors in terms of the contemplated à ¢Ã¢â€š ¬Ã…“bail outsà ¢Ã¢â€š ¬Ã‚ , such as the North American automotive industry, is another [23] Hansard, (2004) Select Committee on Trade industry (Minutes of Evidence), Q260-276; [24] Jensen, Anthony (2006) Insolvency, Employee Rights Employee Buyouts: A Strategy for Restructuring, 6,7; this particular document is written from a pro-labour perspective, but it effectively identifies the public issue at play [25] Re Tain [26] British Eagle International Ltd à ¢Ã¢â€š ¬Ã¢â‚¬Å"v- Compagnie Nationale Air France [1978] 1 WLR 758 [27] See Finch (2002), c.13 [28] Mokal, (2001), 25 [29] As the rule was stated and applied in North Atlantic Insurance, n40 [30] Finch, ibid [31] Goode (2005) [32] Mokal, Rizwaan Jameel (2001) à ¢Ã¢â€š ¬Ã‹Å"Priority as Pathology: The Pari Passu Mythà ¢Ã¢â€š ¬Ã¢â€ž ¢ [2001] Cambridge Law Journal 581-621 [33] Ibid, 583 [34] Ibid, 585 [35] Goode, ibid, 142; Mokal, 13 [36] See also National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. [1972] A.C. 785 (HL), where the Court held that the administration of insolvent estates embodies important elements of public policy, and since the rights of insolvency set-off form part of that regime, the creditor given such set-off rights cannot contract out of them [37] Armour, ibid [38] Re Toshuku Finance UK plc [2002] 1 WLR 671 [39] Re Associated Travel Leisure Ltd [1978] 2 AER 273 [40] HIH Casualty General Insurance Ltd Ors v McMahon Ors [2006] EWCA Civ 732, para 26, 51 [41] Mokal, 7 [42] Ibid, 13 [43] ibid [44] Ibid, 25 [45] See also North Atlantic Insurance Co Ltd. v Nationwide General Insurance Co Ltd. Ors [2003] EWHC 449, para 26 [46] ibid [47] Mokal, 585 [48] Ibid, 600 [49] Mozak, ibid; see also Carruthers, 8 [50] Keay Walton (2003) [51] Finch, ibid, c.13 [52] Finch (2003), 25