Insolvency Act (1986)

The Insolvency Act 1986 is a UK law that provides a legal framework for dealing with individuals or companies unable to pay their debts. It outlines processes for insolvency, including administration, liquidation, and bankruptcy, to ensure fair treatment of creditors and efficient resolution of financial difficulties. The Act also establishes procedures for creditor claims, asset distribution, and the protection of vulnerable parties, aiming to balance the interests of debtors and creditors while encouraging responsible financial management.