The broad aim of this paper is to consider principles of international law such as territorial jurisdiction, responsibility and liability and analyse how, in a space law regime, these concepts will be applied given that presently, the rules governing the same are not coherent, efficient and advanced enough to keep up with the advances in technology. While international law, by itself, has very low levels of enforcement, that is doubly so in the case of international space law as the existing legal regime does not contemplate an effective debris mitigation system, an efficient dispute resolution mechanism and how private entities may be incentivised to participate and be appropriately regulated within the legal regime. In this paper, the author has attempted to lay down the issues related to jurisdiction and fault-based liability currently utilised for calculating damages, sketch out a proposed dispute resolution mechanism and consider the benefits of commercialising outer space, leading to more investment as well as looking at how these entities may be regulated in outer space.