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... to the improvement of this area of law.4 With the enactment of the Insolvency Act 19865 the English law dealt with both individual and corporate insolvency in one act for the first time.6 Moreover, the Insolvency Acts 1994 and 2000 and the Enterprise Act 2002 have significantly amended the Insolvency Act of 1986.7 In recent years we have seen the failure of large companies in repaying their debts such as Railtrack and Rover in the United Kingdom (UK), Enron and K-Mart in the United States (US), HIH Insurance and One Tel in Australia and many more in the rest of the globe.8 Since the introduction of the Insolvency Act 1986, the British government has devoted more time to the issues of insolvency law and has enacted legislation to minimize the effects of insolvency on individuals and to make more efficient the procedure of rescuing companies tormented ...