The business of going bust

Finally grounded IN THE 19th century, when a Hindu merchant could not pay his debts, he would announce his insolvency by burning a lamp of ghee (clarified butter) at his doorstep. Unable to face the ignominy of default, he would flee by night, never to return. The morning after, villagers would mourn the loss of a friend and watch creditors swoop in to confiscate his house. India's modern-day bankruptcy procedures are not as brutal and certainly not as swift. The World Bank estimates that it tak...