Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.The Code, enacted in 2016, provides a time bound process for resolving insolvency. The Ordinance sets a minimum threshold to apply for insolvency proceedings and provides immunity to the corporate debtor from prior offences. The Ordinance came into force on December 28, 2019 and a Bill replacing the Ordinance is set to be introduced in the Budget Session.
Sunday, February 9, 2020
Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.The Code, enacted in 2016, provides a time bound process for resolving insolvency. The Ordinance sets a minimum threshold to apply for insolvency proceedings and provides immunity to the corporate debtor from prior offences. The Ordinance came into force on December 28, 2019 and a Bill replacing the Ordinance is set to be introduced in the Budget Session.
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