Whats common for Micheal Jackson, Mike Tyson, Donald Trump, Nicolas Cage and Willie Nelson? Apart from being hugely successful, all have filed for bankruptcy either in personal or business capacity at least once in their lifetime.
Unlike in India, bankruptcy and insolvency law has been around in the US for last 200 years or so. In India, it was only last year that the government formulated The Insolvency and Bankruptcy Code and set up an Insolvency and Bankruptcy Board of India (IBBI). This only deals with insolvency and bankruptcy for companies and partnership firms.
However, a report in The Times of India on Monday citing sources says that the government is now laying down a process for a similar code for individuals. According to the re…
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