Traditional insolvency regimes aimed at the liquidation of the company once it seemed to be bankrupt. However, in the arena of modern insolvency regimes, it is thought advisable that before dumping the company for liquidation, a consideration must be made as to whether it can be brought back to life. If the insolvency is not fatal, rescue should be resorted to, to avert corporate death and liquidation. Rescue culture finds its roots back to the Report of the Review Committee on Insolvency Law and Practice (also known as the Cork Committee Report), a report submitted in 1982 by a committee headed by Sir Kenneth Cork, which had been given the task to study the erstwhile insolvency laws of the United Kingdom.

Rajiv Gandhi National University of Law, Punjab

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