Mackay Goodwin is named after two British liquidators, Rod Mackay and William Goodwin.
In the late 19th century, an iron and armour plate manufacturer in Millwall, and a leather bootmaker in Whitechapel Street, London, went bankrupt. Mackay and Goodwin liquidated the two businesses, and the two cases (the Jeavons Case and the Salomon Case, respectively) went on to form powerful legal precedents – including the pari passu or ‘equal footing’ rule.
Thanks to Mackay’s work on the Jeavons Case, these insolvency laws adhere to this day. Ensuring that all creditors in equal classes are treated the same, will be repaid at the same time, and at the same fractional amount as all other creditors in that same class.
From the Salomon Case, Goodwin contributed to 19th Century legal insolvency reform, determining that any person – even the smallest business – will be protected from hardship following business insolvency.