UK insolvency law

When a person or company in the UK can't pay their debts, it's called insolvency. There are special laws in the UK that help people and businesses in this situation. These laws help them pay back their debts and plan for the future. If someone or a business is insolvent, the court can give them a chance to pay back their debt over time or close the company down, so that it doesn't owe anything. These laws help both the people and the companies get a fresh start.