Insolvency professionals deal with the resolution process of any entity/person. This should be covered under the IBC code – insolvency and bankruptcy code. Besides, they should be registered under the IBBI or Insolvency and Bankruptcy Board of India.
You can consult the insolvency professional’s service in Kolkata for best-in-class assistance.
Who are Insolvency Professionals?
The insolvency professionals help individuals come out of debt. The Interim Resolution Professionals are part of the corporate insolvency procedure of any corporate debtor. The liquidator handles the liquidation process of the corporate debtors. The bankruptcy trustee is involved with the bankruptcy process of the firm or the person.
Insolvency accountants help individuals and companies under financial burden. They work with the company director’s and debtors, give them advice on insolvency processes. This is how they help them maximize returns for creditors and stakeholders.
The Insolvency professionals play other roles like supervisor, administrator, nominee etc.
What do Insolvency Professionals deal with?
The primary duty of the professionals is to assess the financial position of the individual, firm, and partnership. In most instances, they attempt to save the business. Besides, they perform other functions like –
- Analyze the financial position of the client in the market.
- Understand the firm’s receivable position and handle the entire financial process.
- Take the competing interests into account
- Do formal discussion with the creditors/debtors
- Handle the organization’s settlement process
- Make detailed preparations before selling assets after liquidating the firm or individual.
Get involved in the procedure of fund distribution after keeping aside liquidation costs.
A few other roles form a crucial aspect of this job. It involves preparing and providing the National Company Law tribunal with reports. The following steps are taken in this regard –
- For liquidation plan, the submit a report within 75 days to start the process. A core duty of the professionals is taking the approach forward.
- Handle details of the asset memorandum.
- Check details on the performance of the liquidation process after regular intervals.
- Assess the ins and outs of the assets sale.
- Discuss with debtors and creditors till both parties settle.
- Prepare the final report before the firm’s dissolution.
How much do Insolvency Professionals charge?
The prices charged by insolvency professionals vary from one firm to another. It depends on the amount of work and the time they devote to the case. They also deduct costs based on the amount available to creditors. The creditors decide how much shares the insolvency experts will get. They evaluate it after supervising the entire process.
Get in touch with the experts at S.M Gupta & Co. We work with a team of experienced insolvency professionals who deal with business financial matters. Visit the website to know more.
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