UK Insolvency Law

UK Insolvency Law provides a framework for dealing with individuals and businesses unable to pay their debts. It includes processes like bankruptcy for individuals and insolvency procedures for companies, such as liquidation or administration. The law aims to protect creditors' rights while giving debtors a chance to reorganize or discharge debts. Key components include appointing an insolvency practitioner to manage the process, ensuring fair distribution of assets, and allowing debtors to make a fresh start after fulfilling certain obligations. Overall, it balances the interests of debtors and creditors to maintain economic stability.