An Insolvency Professional or Insolvency Practitioner is someone who is registered under the Insolvency and Bankruptcy Board of India. These professionals to a registered Insolvency Professional Agency and involved in the dissolution of an insolvent person, company, partnership or LLP. Insolvency professionals (or IPs) have the authority to act on behalf of these insolvent individuals, companies etc. and play a significant role in liquidating the assets and other settlement procedures during a bankruptcy situation. The role of Insolvency Professionals and insolvency accountants has gone up significantly since the government strengthened the Insolvency and Bankruptcy Code.
Let's take a look at the functions of an insolvency professional in India.
The most valuable task of an Insolvency Professional is to evaluate the financial position of the company, partnership, LLPs, individual etc. and to guarantee a smooth process of its dissolution. These mavens, in certain probable cases, look for prospects to rescue businesses. Other than that, the main functions of an Insolvency Professional or Insolvency Practitioner include:
Concluding report before the dissolution of the company
An individual is eligible to become an insolvency professional or insolvency practitioner if they meet the following eligibility criteria -.
Every insolvency professional in India shall abide by the following code of conduct:-
Insolvency professionals or Insolvency accountants must stand by the following values
An insolvency professional or insolvency practitioner is entrusted with a number of duties that need to be completed within a specified time period, and more often than not, these deadlines are incredibly tight.
Mostly insolvency professionals work with a large number of operational creditors. This makes verification of claims a time-consuming task.
Insolvency professionals often find it difficult to ascertain the appropriate interim fee for their services.
Depending on the nature of the work, Insolvency professionals require assistance from time to time. This is when to look to hire assistants. But this can be a tedious task as there are several considerations attached to it. What are the appropriate fees for the same? How many assistants can one professional hire?
Considering the demanding nature of this task, it is often hard to find cooperating staff to perform under insolvency professionals.
Our consulting solutions consist of services like insolvency, turnaround, operational and corporate financial restructuring. Our team of experts advances every kind of situation with clear understanding and reverence.
We at TRC Corporate Consulting recognize that all business situations are different. This is why we have committed teams that are dedicated to specialized areas ensuring that you get only the best advice. Our insolvency professionals are also trained to extend support to resolution professionals for the corporate debtor's corporate insolvency resolution process, consisting of handling the companies managerial and operational affairs.
We believe in a partner-led, integrated consulting service approach that consists of assessments, cost analysis, valuations, stakeholder management, tax advisory, and complete step by step plans for effective delivery of the IBC process. Our professionals provide guidance on the Insolvency and Bankruptcy Code (IBC) and enable organizations to preserve shareholder value in the formal insolvency code proceedings regulated under the Insolvency & Bankruptcy Code 2016.
The financial performance of a company is a sphere that demands critical attention. It indicates...
04 Jul 2022
A successful business is built through sweat and hard work. Every decision acts like a baby step...
29 Jun 2022
The question of what is company secretarial services or what is corporate secretarial services is...
27 Jun 2022
In today’s competitive markets, business modelling lies at the heart of every decision-making...
27 Jun 2022
If you need to speak to us about a general query fill in the form below and we will call you back within the same working days
How can we help?