Insolvency is usually the stage at which a person or company cannot pay their debt or cannot meet their financial obligations. But the term “failure” should not be confused with the term “bankruptcy”, since the latter deals with more legal aspects.
Companies that cannot refuse bankruptcy must subsequently face bankruptcy, bankruptcy or the liquidation of all their assets. This term must be treated more prematurely to avoid new threats. The planning of more passes to maintain an active business is the main responsibility of the insolvency representative.
Who are our representatives of insolvency?
o Have the authority to resolve insolvency proceedings based on experience and the comprehensive insolvency review.
o Analyze trends towards blocking problems through proactive observations.
o Develop a program and a schedule that must be maintained to reduce the possibility of bankruptcy.
o Take responsibility for managing any other deal and find alternatives to provide ventilation and provide momentum.
or structuring the agenda and providing the necessary periodic advice for continuous work.
Insolvency services operate in accordance with the legal framework: The Insolvency Law of 1986 and 2000; The Disqualification of Business Managers Act of 1986 and the Labor Rights Act of 1996. The service covers five areas, namely. Actions of the official receiver, policies, banking services for users of the insolvency services, compliance (regulation of misconduct) and regulation of insolvency practice.
Insolvency Professional – Proper Employee
In accordance with the insolvency clause mentioned in 1996, the employer’s failure can be resolved by:
- The bankrupt trustee.
- Recipient or administrator
- The head of the voluntary agreement of the company.
- The official recipient acting as temporary liquidator.
Insolvency professionals are a professional team made up of lawyers, tax advisors and expert accountants. Its main task is to save its clients from insolvency and create other channels to promote their commercial activities. Activate discontinued operational zones to free up opportunities for future businesses. The advice on charging fees guarantees a team management approach. They are designed to convey a promising career and guarantee reliability.