Corporate rescue has become increasingly a fashionable topic, which has long been a subject of global interest. The most notable formal corporate rescue regime was established by Chapter 11 of the US Bankruptcy Code in 1978 which has had far-reaching influence on the bankruptcy law reforms of other countries. Corporate rescue laws provide a worldwide welcome rescue-oriented approach to the companies in plight outside the traditional liquidation regime, and they are usually placed at the heart of the bankruptcy law system in different jurisdictions. Corporate rescue aims to reorganize the company which is in actual or impending insolvency and enable it to turn its.
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