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Frequently Asked Questions on The Insolvency and Bankruptcy

What are the issues of insolvency?
They include wide-ranging areas of cross-border insolvency, airline insolvencies in India, convergence between corporate governance and insolvency, personal and corporate guarantors' liabilities under the insolvency regime, and the conundrum of withdrawal of the Resolution Plan.
What is the relationship between insolvency and bankruptcy?
Insolvency Does Not Mean Bankruptcy
Insolvency and bankruptcy may sound the same, but they are not.
Insolvency is a financial state whereas bankruptcy is a legal declaration and process.
If you are insolvent, you may have other options to consider before you have to resort to bankruptcy.
What are the objectives of bankruptcy and insolvency?
The objective of the Insolvency and Bankruptcy Code is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of
A main aim of the bankruptcy system is to allow an “honest but unfortunate debtor to obtain a discharge from his debts”.
Bad things happen to good people.
People lose their jobs, become ill, or make poor decisions.

What are the issues of insolvency?