Neha Atul Alur, LLM, School of Legal Studies, Reva University
ABSTRACT
For the establishment of any institution or an organization, there is a pre-scribed legal process, and this is applicable all throughout the globe. In the similar lines, a company gets incorporated while following a legal due process and the same must be kept in mind while it goes into liquidation, be it voluntary or due to any other reason like insolvency. This research studies the regime of winding up of the companies in three different na-tions namely the United Kingdom of Great Britain, the United States of America and India. The main aim is to study the efficacy of the legal pro-cesses and determining the comparison between the three. Further this pa-per also establishes the link between the different practices with respect to the new laws which are coming in, focusing on Companies Act 2013 and Insolvency & Bankruptcy Code 2016 particularly in the Indian context. The study also attempts to analyze the various problems faced by the com-panies while they engage in the insolvency and winding up process. The research also focuses on the historical evolution of the insolvency laws while touching upon the drivers of such a process. This study of provisions leads to the exploration of various underlying principles which provides valuable insights. Further, the paper attempts to reach a conclusion by es-tablishing the differences and similarities in the different regimes and an-alyzing their impacts.
