Preliminary under IBC

Before you read a new apartment agreement you check three things: who the parties are, what the words mean, and which clauses apply to you. A statute opens the same way. Part I of the Insolvency and Bankruptcy Code is only three sections long, yet every later section leans on it. It tells you what the Code is called, where and when it operates, which debtors it reaches, and what its key words mean.

In two minutes

Part I (ss.1 to 3) is the Code’s front door: name, territorial reach and staged commencement (s.1), the classes of debtor covered (s.2), and the dictionary of defined terms (s.3), after which the Code divides into five Parts.

The rest of this chapter

The full explanation, the cheat sheet, every previous-year question at every mark weight, the quiz and the answer skeletons are part of Bankruptcy Laws on LexBlox Semester. Sign in to unlock the subject, or read Module 1 of Legal Language and Writing free.