The list of industries, lives, livelihoods, and businesses affected by the Covid-19 is long. Many people lost their loved ones and their livelihoods during the first and the second wave. Just like how people of all age groups had to face a direct or indirect effect of the virus, businesses of all sizes had to bear some of the other impacts of this pandemic. Some organizations had to struggle with heavy losses, while some had to shut down and liquidate all their assets. Thus, it is essential for such companies to learn about the Insolvency and Bankruptcy Code that protects the rights and claims of the organizations that have become insolvent or are facing bankruptcy. You can hire insolvency professionals by partnering with a top consultancy firm like ours to get the entire process executed with utmost efficiency.
The Insolvency And Bankruptcy Code 2021 was implemented to revise the Insolvency and Bankruptcy Code, 2016. This act was passed in order to safeguard the rights of the companies that have to or want to liquidate their assets due to lack of revenue, inability to repay debt, or any other reason.
With the help and assistance of the skilled insolvency professionals that work for Insolvency professional agencies, you can carry out the entire process worry-free. These qualified and expert insolvency professionals or insolvency practitioners execute the entire corporate insolvency resolution process while protecting the benefits of the faulty debtors. The corporate insolvency resolution process gives 330 days’ time to settle insolvency by legal laws and procedures. Therefore, to understand the corporate insolvency resolution process and the role of insolvency professionals better, you must learn about the two types of insolvencies that are as follows:
Insolvency practitioners or Insolvency accountants are qualified experts who support organizations and entities who become insolvent or are under substantial financial burden. These consultants work with the managers of the companies, debtors, etc., and advise how to go about the insolvency procedures.
Apart from participating in the liquidation process, Insolvency practitioners or professionals also participate as administrators, supervisors, or nominees in bankruptcy for the Insolvency Bankruptcy Code proceedings.
To initiate the dissolution process, the insolvency professionals evaluate and scrutinize the company’s financial situation while documenting and counting its assets and liabilities. In addition, these individuals are trained to figure out ways to rescue businesses from getting dissolved along with:
The most important eligibility criteria for an individual to become an insolvency professional is to be registered under a reputed corporate consulting agency like TRC Corporate Consulting or a professional insolvency agency. And in order to get registered they must:
The insolvency agency provides the organizations with an insolvency professional who protects the rights and obligations of the organization dissolving. These insolvency professionals manage, counsel, and help the organizations with the proceedings of the IBC. Under section 204 of the Insolvency Code, a professional insolvency agency can perform the following:
TRC Corporate Consulting has a panel of more than 15 IBBI registered insolvency professionals operating at a PAN India level. Our services provide businesses with in-house know-how for facing all activities associated with the Liquidation and Insolvency process. These include everything from compliances, transactions, operations, regulation, and results. Contact us now to leverage the services that our experienced and skilled team has to offer.
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