Evolution of Principles Common to All Acts of Insolvency
Insolvency laws have evolved in India with the Insolvency and Bankruptcy Code, 2016 being a consolidated law on the legal aspects of insolvency along with the Companies Act, 2013. Both these legislations have introduced innovation in business laws as well as various rights like class action suits, provision for registration of one person company, independent directors etc. However, the subject matter of insolvency and bankruptcy has seen a gradual shift in legal regime and jurisprudence. Scholarly work suggests that the principles of bankruptcy in US, UK and EU are necessarily the same. The article aims to come out with a comprehensive idea of the concept of insolvency under bankruptcy laws in US, UK and EU. It is an outcome of study of various principles which are the backbone of bankruptcy law interpretation in US, UK and EU. The study is useful as a primer to the understanding of insolvency and the underlying principles that are a linchpin of the legal framework concerning the same.
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