National Insolvency Law

National Insolvency Law refers to the legal framework that governs how individuals and businesses handle situations where they cannot pay their debts. It provides structured processes for debt resolution, such as bankruptcy or insolvency procedures, to fairly distribute assets among creditors and give debtors an opportunity to recover or reorganize. The law aims to balance the rights of creditors with the economic stability of debtors, ensuring transparency, fairness, and efficiency in resolving insolvent situations within a country.