"Default by debtor was a crime punishable with imprisonment or death". This forgotten perception with respect to the laws of bankruptcy has now got transformed giving opportunity to a bankrupt or insolvent for revival. E

First Bankruptcy Law was enacted in England in 1542 in which debtor was looked upon as in a sense an offender, and the Law was mainly for the benefit of creditors. Said law was providing equal distribution of debtor's assets among creditors yet not relieving the debtor for punishment. But at present Insolvency Act, 1986 in UK is prevalent to deal with insolvencies of individuals and companies. Opportunity is given to revive the company to emulate the 'rescue' culture that characterised the corporate sector in U.S.A. Early bankruptcy laws in USA were draconian as were in England and were only available to merchants and generally involved imprisonment until debts were paid or until property was liquidated or creditors agreed to release of the debtor. Bankruptcy Abuse Prevention & Protection Act, 2005 in USA attempts to overhaul earlier Codes with specific reference to consumer protection, restoring personal responsibilities and integrity in the bankruptcy system. In India also with promulgation of Insolvency and Bankruptcy Code, 2016, debtor is given revival opportunity before liquidation.