British Insolvency Law

British insolvency law provides a framework for dealing with individuals or companies unable to pay their debts. It aims to maximize the fair distribution of assets among creditors while offering debtors options like bankruptcy, company liquidation, or restructuring to resolve financial difficulties. The law seeks to balance the interests of creditors, debtors, and the wider economy through procedures such as insolvency petitions, administration, and voluntary arrangements. Ultimately, it helps restore financial stability, facilitates fair asset distribution, and encourages responsible borrowing and lending within the economy.