Unit 3 of Bankruptcy Laws (syllabus: Module III — Part III of the Code: the fresh start process for individuals and partnership firms; the insolvency resolution process for individuals and firms; the bankruptcy order; the administration and distribution of the assets of the bankrupt; and the adjudicating and appellate authorities). Below: what the unit covers, the provisions it turns on, and the cases an examiner expects you to name.
What this unit covers
- How is Part III structured?
- Who may apply for a fresh start, and what does it give him?
- When does protection begin in the individual processes?
- How is a repayment plan made and approved?
- When may a bankruptcy order be made, and what does it do?
- State the priority of payment in an individual bankruptcy.
- Which forum decides an individual insolvency?
Treat that list as a self-test: recite each topic's rule from memory before you open its cases.
Provisions
- Insolvency and Bankruptcy Code, 2016, s. 78 and 79
- Insolvency and Bankruptcy Code, 2016, s. 80
- Insolvency and Bankruptcy Code, 2016, s. 96 and 101
- Insolvency and Bankruptcy Code, 2016, s. 111
- Insolvency and Bankruptcy Code, 2016, s. 121 and 126
- Insolvency and Bankruptcy Code, 2016, s. 178
- Insolvency and Bankruptcy Code, 2016, s. 179