Executing Corporations

[drplokta]

Theres a meme going round "I'll believe that corporations are people when Texas executes one". But Texas "executes" hundreds or thousands of corporations per year, most famously Enron. Bankruptcy is the exact equivalent of execution for corporations -- it's the state exerting its power and causing the corporation to cease to exist. So I guess that corporations are people.

Comments

[flick.livejournal.com]

In England, at least (not sure about Scotland), there are provisions for companies that are just having a cash flow pinch and wish to avoid their creditors instigating insolvency proceedings while the problem is sorted out. They include both formal and informal voluntary agreements, but actually this is entirely the wished-for aim of many companies going into administration, and is worked towards by the administrators: liquidation is the next step, not the same thing.