The Insolvency Act 1986 (UK)

The Insolvency Act 1986 is a UK law that provides a legal framework for dealing with individuals and businesses that cannot meet their debts. It outlines processes like bankruptcy for individuals and various insolvency procedures for companies, such as administration and liquidation. The Act aims to protect the interests of creditors while offering struggling debtors a chance to reorganize or discharge their debts. It establishes the rights and responsibilities of all parties involved, ensuring fairness and accountability in insolvency situations. Essentially, it helps manage financial failure effectively and responsibly.