ABSTRACT
This chapter examines on the assumption that bankruptcy is the most widely accepted procedure for dealing with debt. More significantly the Insolvency Act 2000 and the Enterprise Act 2002 represent a move away from the strategy of using profits on the Insolvency Services Account to fund the bankruptcy system. In bankruptcy the impact of new technology is likely to be encountered in the procedural sphere. Bankruptcy is a major social phenomenon in the US with more than one million "consumers" experiencing it every year. Socialist countries are having to reintroduce systems of bankruptcy as they move further in the direction of a market economy. The debate has started as to the appropriate model of bankruptcy to adopt for the new century. Bankruptcy is therefore a parochial form of legal regulation much more so than other areas of commercial law.
