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Explain about the codified systems.
Codified (civil law) systems:
It is a rule based approach to law making and it is designed to give a comprehensive code of laws for the region in issue. Many countries around the world employ a codified system as this provides clarity and certainty of law.
Not like common law codified systems as like civil law does not view case precedents as legally binding upon future cases nevertheless only the rules in the code itself, though this does not mean that earlier cases are not taken and followed.
When a result of the codified system judges can’t set precedents into cases they preside over and should follow and apply the rules of the code accurately. It is very different through common law judges who can efficiently make law by setting precedents when they hear.
Several of the European countries not like the UK have codified legal systems when there is more reliance onto the creation of rules or legislation quite than using case law to make future laws. Germany and France are very good illustrations of this.
Explanatory statement - mergers and winding up: It is also necessary that the members or creditors who are to vote on the scheme should be able to understand its full effects.
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