Bankruptcy Act now the law of the land

LEGISLATION WATCH- Bankruptcy Act now the law of the land: The Bankruptcy Act, which passed in the House of Representatives last month, is now officially the law of the land after it was published on the Official Gazette on Thursday. The Act effectively decriminalizes bankruptcy by abolishing prison sentences and allows companies more time and options for restructuring by introducing mechanisms to help settle commercial disputes outside the courtroom and simplify bankruptcy proceedings. Special bankruptcy courts to arbitrate on these cases are now being formed.