The Role of Insolvency Systems in Transforming Corporate Cultures: The Study of India
Abstract
An efficient insolvency system is key to the idea of creative destruction. Creative destruction is a process by which new innovations replace existing ones that are rendered obsolete over time. To sustain the process of creative destruction, there must be a filter for viable and non-viable firms. An efficient insolvency process is supposed to provide the conditions for this filter. In this way, an insolvency process can significantly improve a country’s corporate culture. Using the case study of India, this paper will interrogate the role of the corporate insolvency process in…
