Insolvency Professional Services

Sriank covers the Insolvency Professional services which include.. Analyse the financial statement of the company and ...

Sriank covers the Insolvency Professional services which include: 

  • Analyse the financial statement of the company and understand the position.

  • Make arrangements to sell all the assets of the liquidating Individual or company.

  • Understand the receivables position of the company/Individual and look after the collection process.

  • Conduct formal discussions with debtors/creditors and manage their settlement process.

  • Check and agree on the creditors’ claims as per the available funds. This is one of the main duties of Insolvency professionals.

  • Involve in the fund distribution process after setting aside money required to pay the cost of liquidation.

  • Deal with the other competing interest, if any.

  • Insolvency professionals are required to  prepare and submit a report to the National Company Law Tribunal with respect to the following:

    1. Liquidation plan and process: This has to be submitted within 75 days of commencement of the process by the insolvency professional.

    2. A detailed report on the asset memorandum.

    3. Interim report on how the liquidation process is progressing from time to time.

    4. Details about the sale of all the assets.

    5. Discussion with the Debtors and Creditors and the conclusions arrived.

    6. Final report prior to the dissolution of the company, partnership and others.