The insolvency law has always held much interest in the people all around the world. The Cork report of 1982 greatly improved the insolvency law along with various other statutes that regard insolvency and bankruptcy. The Cork report originates from Kenneth Cork, who served at the cork committee that was responsible for making law recommendations regarding insolvency, bankruptcy, and liquidation of wealth. They formulated a comprehensive procedure that finally harmonized the law procedures for bankrupt businesses and increased their chances of survival (CAMAC 2010). The legal procedure recommended by Cork accentuated upon the similar system of insolvency courts to administer ...
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