Just as a nation needs sound corporate and business laws for the management, control and supervision of business entities, so is the need for a robust bankruptcy code, to deal with failed and bankrupt entities. That’s because all bankrupt entities need not be liquidated and entities that are viable and without management frauds, must be protected and revived. Unlike India, whose bankruptcy code came only in 2016, the developed nations like USA have had a bankruptcy code in place since many decades. In fact, the first bankruptcy code in USA was enacted in the year 1800 and after several repeals and revisions from time to time, its present bankruptcy code was formulated in 1978. That explains why the US has one of the most advanced and time tested bankruptcy code, such that tens of thousands of individual, non corporate and corporate bankruptcies are filed and resolved every year. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matter.
#USA #Bankruptcy #DonaldTrump
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