The recent amendments by the Insolvency and Bankruptcy Board of India (IBBI) via the IBBI (Corporate Insolvency Resolution Process or CIRP) (second amendment) Regulations, 2021, are welcome steps towards bringing in greater transparency and accountability in conducting resolution processes under the Insolvency and Bankruptcy Code (IBC), 2016. Once the CIRP is initiated, an insolvency professional…
Member Article Corporate insolvencies fell by 9.3% to 1,094 in July 2021 compared to Junes figure of 1,206, and increased by 13.4% compared to July 2020s figure of 741 Personal insolvencies fell by 7.8% to 9,079 in July 2021 compared to Junes figure of 9,848, and were 23.8% higher than July 2020s figure of 7,335.…
The Insolvency and Bankruptcy Code, 2016 (IBC) is a noble law because it relieves stress, be it of a company, a limited liability partnership, a proprietorship or partnership firm or an individual. However, the discussion here is limited to companies as provisions of the IBC relating to individuals, except in relation to personal guarantors to…
Retail business owners and directors are being urged to seek help immediately if theyre struggling to pay their tax because of pandemic-driven cash flow issues. Speaking up now could ensure retail owners have more options to save their business or restructure, according to national business rescue and insolvency firm, Jirsch Sutherland. Inconsistent cash flow has…