#Insolvency Law Firms

[priya-rawat]

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"Get legal advice from lawyers with years of experience in all major practice areas at one of the best corporate law firms in Delhi & Noida. Contact Saraf & Partners today!"

[edictumlaw]

Navigating Complex Financial Waters: Bankruptcy and Insolvency Law at Edictum Law and Co

Financial distress can be a challenging phase for any business or individual. At Edictum Law and Co, our team of adept bankruptcy and insolvency lawyers in Delhi specializes in guiding clients through the intricate legal landscapes governed by the Insolvency and Bankruptcy Board of India (IBBI).

Understanding Bankruptcy and Insolvency

Bankruptcy and insolvency proceedings are critical tools for restructuring financial obligations when businesses or individuals cannot meet their debt obligations. Here’s how our experts at Edictum Law and Co can help:

Strategic Assessment: We evaluate your financial situation to provide tailored advice, whether it involves reorganizing your business or liquidating assets to pay creditors.

Navigating IBBI Regulations: Our attorneys have in-depth knowledge of the IBBI guidelines and work tirelessly to ensure compliance while seeking the most favorable outcomes.

Representation in Proceedings: From filing the case to representing clients in negotiations and court proceedings, our lawyers are dedicated to your side every step of the way.

Expertise in Insolvency and Bankruptcy Law

Our legal team is experienced in handling a wide array of cases under the insolvency and bankruptcy framework, including:

Corporate Insolvency Resolution Process (CIRP): We assist corporations in navigating the CIRP, ensuring efficient dealings with creditors and maximizing the chances to revive the business.

Personal Bankruptcy: For individuals facing insurmountable debt, we provide compassionate and competent legal representation to explore all available options for relief.

Cross-Border Insolvency: The complexities of cross-border insolvency require sophisticated legal strategies, which our seasoned attorneys are well-equipped to handle.

Why Choose Edictum Law and Co?

Selecting the right legal partner in bankruptcy and insolvency matters is crucial. Here are a few reasons why clients choose Edictum Law and Co:

Proven Expertise: Our attorneys are well-versed in the latest developments and case laws related to bankruptcy and insolvency.

Personalized Attention: We understand the stress involved in financial distress and offer personalized services to ease our clients through the process.

Result-Oriented Strategies: Our track record of successful resolutions attests to our commitment to achieving the best possible outcomes for our clients.

Get Expert Legal Help Today

If you’re facing financial challenges or need advice on insolvency and bankruptcy matters, don’t hesitate to reach out to Edictum Law and Co. For more information or to schedule a consultation, visit our website at Edictum Law and Co or contact us directly. Let our experts help you navigate through these challenging times with confidence and legal excellence.

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Real Estate Legal Experts

Saraf and Partners are recognized as real estate legal experts, offering comprehensive legal services to clients in the real estate sector. Their expertise in real estate law ensures seamless transactions and mitigates potential legal challenges making Saraf and Partners the best Real Estate Law Firm.

[acquisory]

IBC-NEW AMENDMENTS STRENGTHNING THE SPIRIT OF THE LAW

The Cabinet has approved a promulgation of an ordinance to amend the 16-month-old Insolvency and Bankruptcy Code (IBC).

The present amendment is based on recommendations of a 14-member government appointed committee that had last month suggested a slew of measures, including addressing difficulties of home buyers and making recoveries easier for lenders plus disqualifying certain classes of promoters from back door entry into the resolution process.

Report of the Insolvency Law Committee

On 26th March 2018, the Insolvency Law Committee submitted a report addressing various pressing issues in relation to the Code. One of the key recommendations of this report was to streamline the application of section 29A in order to prohibit only those who have contributed to the defaults and have consequently run the company a ground, or are otherwise undesirable, from participating in the insolvency resolution process.

The recommendations in relation to this section include the deletion of “if such person, or any other person acting jointly or in concert with such person” from the first line of the provision. This aims at preventing the interpretation of the phrase “person acting jointly or in concert” in accordance with the definition provided in the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This is a commendable step as such an interpretation was proving to be counter productive owing to the wide range of individuals who stood disqualified from the resolution process due to wide-ranging scope of the definition.

Other positive recommendations include the exclusion of pure play financial entities from the ambit of clause © of section 29A, as the Committee rightly observed that it is highly probable for them to be related to companies that are categorized as non-performing assets (NPA). Another pragmatic suggestion in relation to this clause is the addition of a proviso stating that the section will not apply if the NPA is held solely due to the acquisition of a corporate debtor under the process prescribed by the Code for a period of three years from the date of approval of the previous resolution.

Further, the suggestions to narrow down clause (d), which relates to conviction for offences punishable with imprisonment of two years or more and clause (e), which deals with disqualification to act as director under the Companies Act 2013, are indeed laudable steps towards a more progressive application and implementation of this section. The Committee observed that these two clauses are personal in nature and need not be extended to the related parties of the resolution applicant. Moreover, clause (d) might further be narrowed down by incorporating a schedule of offences to exclude those offences which have absolutely no connection with the ability of an applicant to successfully manage a corporate debtor. Lastly, the ambit of this clause may also be tapered down if the Government agrees to the suggestion that it will not be applicable if an appeal has been preferred against the concerned order within the prescribed statutory period.

Clause (g) of the section also has been constricted in its application. This provides the necessary safeguard for applicants who have acquired corporate debtors, who have previously engaged in a preferential, undervalue, fraudulent or extortionate credit transaction. Furthermore, the Committee has provided for the necessary change in phrasing of clause (f) in order to ensure it is in consonance with the decision of the NCLT.

However, while addressing the issue of compliance with section 29A being too onerous and self-defeating as it prolonged the resolution process indefinitely, the Committee merely stated that applicants would be required to submit an affidavit confirming their eligibility under this provision. Additionally, the committee was of the opinion that the presence of section 30(2)(e) which mandates the resolution plan to be in consonance with the law, would ensure compliance with section 29A. Lastly, it clarified that this section would be prospective in its application to prevent any sort of hindrances in cases, which are already at an advanced stage.

Classification of Debt: Advantage to Home buyers

Home buyers had so far been treated as “unsecured creditors” which means they do not have the first charge on the assets of the bankrupt firm. The President has given his assent to the Ordinance. This proposal classifies home buyers as ‘Financial Creditors’ at par with lenders to help them quickly get refunds from defaulting companies/developers.

Now by amending the provisions and By treating them as financial creditors, they will now move up the priority list of creditors, substantially raising the prospects for clawing back a part of their investment.

Earlier, if a realty firm went bankrupt, the units for which home buyers had paid money would become the property of banks which could auction them without bothering about the dues of the home buyer. The Ordinance creates a favorable situation for home buyers. Home buyers who have been left high and dry by unscrupulous promoters of bankrupt realty companies will enjoy the rights and privileges of financial creditors under the Insolvency and Bankruptcy Code (IBC).

Impact

The invocation of section 29A not only significantly influences the procedure of resolution but also engenders a material economic impact. The procedure has become more complex as the resolution professional or the liquidator is given the additional responsibility to determine the eligibility of the…

Read More: https://www.acquisory.com/ArticleDetails/74/IBC-New-Amendments-Strengthning-The-Spirit-Of-The-Law

[hhslawyers]

From Debt to Recovery - Dubai's Top Tips for Personal Insolvency Solutions

[lexlawuk]

Petition against Bridger & Co Solicitors Advertised, Injunction Refused

The High Court recently denied an injunction in a legal dispute involving Welsh law firm Bridger & Co Limited, which owes £2.2 million to disbursement funder Specialist Lending Ltd, trading as Duologi. Bridger & Co's winding-up petition was filed on June

In a recent legal battle, the High Court has refused to grant an injunction to restrain the creditor of a Welsh law firm, Bridger & Co Limited, which owes £2.2 million to disbursement funder Specialist Lending Ltd, trading as Duologi. The Winding-up Petition against Bridger & Co was filed on 15 June 2023 under case number: CR-2023-003149. The injunction by Bridger & Co sought to prevent Duologi…

[harishjain]

Insolvency lawyers in India

Harish Jain and his team of insolvency lawyers in India are renowned for their adept handling of complex financial restructuring and insolvency cases. Their in-depth knowledge of Indian insolvency laws and their commitment to protecting creditors and debtors alike make them a trusted resource in navigating challenging financial situations.

[vardilaw]

For many years, our firm has been ranked among the leading law firms in the field of insolvency, including liquidation procedures, bankruptcies and receiverships of both individuals and companies. Adv. Avihai Vardi is appointed from time to time by the various courts as an official in various fields, including in the field of rehabilitation and rehabilitation of companies and individuals

[kklexlawyers]

Restructuring & Insolvency Law Firm | Kugler Kandestin

Leading litigation law firm Kugler Kandestin focuses on, among other things, commercial insolvency, and reorganization. Kugler Kandestin is the top restructuring and insolvency law firm to address insolvency difficulties swiftly.

[amicusllp123]

Top Law Firm for Corporate Law and Insolvency & Bankruptcy Code | Expert Legal Services - Amicus Publico LLP

Looking for the best law firm for corporate law and insolvency & bankruptcy code? Our expert lawyers provide tailored legal solutions to meet your unique needs. Contact us today.

[vslawoffice]

V S Law Office invites applications for the position of Junior Advocates at Panchkula/ Chandigarh (India). V S Law Office is established law firm founded by Mr Vinish Singla, Advocate who is the practising lawyer at Punjab and Haryana High Court, Chandigarh since 1998.

[priya-rawat]

Insolvency Law Firms In Delhi | Saraf And Partners

Saraf and Partners in collaboration with the Centre for Business and Commercial Laws, NLIU is delighted to announce the first edition of the Certificate Course on Insolvency and Bankruptcy Laws, delivered by Partner, Abhishek Swaroop and Principal Associate, Aditya Vikram Singh, scheduled for November 19.

Get bespoke solutions for your insolvency related legal matters and challenges from one of the best insolvency law firms in Delhi, Saraf and Partners. Our lawyers with years of experience in insolvency matters are sure to help you.

[bopinion]

2023 / 18

Aperçu of the Week:

"Experience is the hardest kind of teacher. It gives you the test first and the lesson afterward."

(Oscar Wilde)

Bad News of the Week:

What's true in security policy is also true in fiscal policy: if the U.S. isn't fit, the whole world gets sick. The world's (still) largest economy sets the tone. Many global trade flows, e.g. for energy, are conducted in U.S. dollars, and in many countries it has replaced the domestic currency - whether unofficially, as in Zimbabwe, or even officially, as in El Salvador. So what happens to the U.S. economy or the U.S. dollar has global implications.

In the process, there seems to be a kind of parallel universe. Normally, in the economy, when a so-called insolvency threatens, all the alarm bells go off: Employees look for new jobs, suppliers stop supplying, the bank cancels the credit line, creditors are left sitting on their claims. The company is simply bankrupt, at the end of its rope, with no future prospects. Except, perhaps, for a few fillet pieces that the competition buys up at bargain prices. This does not apply to the USA. Because it is effectively bankrupt. And no one seems to care.

The current debt level - only of the state, not of its companies (banking crisis) or citizens (mortgage and credit card crisis) - amounts to $31.38 trillion. This is significantly more than the gross domestic product (GDP) of $26.85 trillion. In fact, this can never be repaid. For comparison: in Germany, $2.73 trillion in debt is compared to a GDP of $5.32 trillion. And we feel that this is bad. The creditors of the USA sit primarily abroad - whether friendly like Japan or even downright hostile like China. And sleep apparently nevertheless calmly. And that even in the face of the current (once again) concrete threat of insolvency.

Normally, and this has been the case for decades, this is nothing more than a ritual: the money is no longer enough, Republicans and Democrats agree - sometimes with more, sometimes with less dispute - to ignore the debt ceiling, which is actually regulated by law, they obtain money on the markets without any problems and act as if nothing had happened. Until next time. Business as usual.

This year, things may turn out differently. Because the trench warfare between the duopoly parties could reach a new level. Which this time might not be done with a few government agencies and national parks closed for two weeks. Already since the in many ways ridiculous election of Kevin McCarthy as Republican majority leader in the House of Representatives, this has been publicly announced. Because the ultra-right MAGA freaks like Marjorie Taylor Green or Matt Gaetz have made it clear that they will play hard ball on this issue at the latest: rather cuts in social services as well as environmental protection than a suspension of the debt ceiling. For party-political reasons and without a shred of interest in economic or financial policy. At the same time, Treasury Secretary Janet Yellen warns that so far it has only been possible to avert default through "a series of extraordinary measures".

Strange that the U.S. nevertheless has a credit rating of AAA. Is that perhaps because the three relevant agencies, Standard & Poor, Moody's and Fitch, are all U.S.-based private firms? Or that no one wants to admit that there may be a systematic problem after all? In every banking crisis - and we have one right now that is nowhere as dramatic as in the U.S. - the term "too big to fail" makes the rounds. The land of unlimited opportunity, unreal projection surface for the hopes and dreams of large parts of the world's population, must not be allowed to fail. That is psychology. It's certainly not mathematics.

Good News of the Week:

More and more often, I notice on the train and in the supermarket that I'm the only one still wearing an FFP2 mask. Yet I'm not an overly anxious person. I am merely part of a vulnerable group for whom it is still better not to become infected with the corona virus. But that is my personal decision. And no longer a legal requirement. Because there isn't one anymore. Except in many doctors' offices, where masks are still mandatory if that's what the doctor wants - which objectively would have made sense even earlier, because after all, that's basically where a disproportionate number of viruses and bacteria are buzzing around.

Basically, I'm glad that the Word Health Organization (WHO) officially lifted the international health emergency due to Corona on Friday. After more than three years of a worldwide pandemic. In the balance, there are more than 20 million deaths. A health system that reached its limits and exceeded them in many countries. A mass death of retailers and cultural institutions. Lots of children and young people with mental health problems - or at least major failures as they grew up.

Many health policy decisions were right. Many were wrong. Some fellows discovered their social empathy. Some a penchant for conspiracy theories. Friendships and bonds of solidarity have grown. Or were destroyed. As is so often the case in life, the task now is to learn from the past for the future. Because it will not be the last challenge that human society will have to face - looking at the news, the multi-crisis still dominates.

Therefore, it is nice that we have at least left behind the frightening side effects of the Corona pandemic. Which will accompany us from now on as a "completely normal" respiratory disease with a potentially fatal outcome. Like the flu. Because let's face it: normality can be very reassuring.

Personal happy moment of the week:

Last Monday was May 1, a public holiday in Germany. And while on "Labor Day" (actually absurd that this day of all days is a public holiday) demonstrations of the trade unions for more workers' rights take place everywhere in Germany, the accent in Bavaria is elsewhere. Namely on the maypole. A tradition according to which an approximately 30 meter high, white-blue painted trunk is erected with muscle power - accompanied by music, dance and beer. Cancelled the last years because of Corona, it was nice to be able to celebrate this festival again this year. Even the rain had a mercy and took a break for the crucial three hours.

I couldn't care less...

...that the United Kingdom has a new head of state since yesterday, King Charles III. And so do Canada, Australia, New Zealand and 13 other Commonwealth countries. All the pomp, his costumes and rituals etc. show me one thing above all: monarchies are no longer in keeping with the times. And are not democratic.

As I write this...

...I am listening to music. Right now John Legend. And think about the fact that this is probably the only undoubtedly exclusively positive achievement of mankind: art. Whether it's music, poetry, performing or visual art, analog or digital, live or documented. The kind of creativity that does not seek a concrete use value, but stimulates, entertains, inspires, polarizes, makes you think. L'art pour l'art is something very beautiful.

Post Scriptum

Germany reached its "earth overload day" last week. So if all of humanity were as wasteful with resources as we are, it would need three Earths. We only buy green electricity and drive an all-electric car or use public transportation. We try not to throw away food and collect everything that can be recycled. We order as little as possible from Amazon (okay: also because we simply can't stand the working conditions of this company and its owner himself) and basically try to reduce our consumption (okay: this also saves money and has an educational value). And yet we are more part of the problem than part of the solution. Sigh...

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[jeanjane]

Why Seeking Early Liquidation Services Can Benefit Abu Dhabi Companies

In the dynamic business landscape of Abu Dhabi, companies often face the inevitable challenge of deciding the future of their operations. Whether due to financial difficulties, strategic shifts, or changes in market conditions, liquidation can become a necessary step. Understanding the benefits of seeking early liquidation services can empower businesses to make informed decisions, minimize losses, and ensure compliance with regulatory frameworks.

Understanding Company Liquidation

What is Company Liquidation?

Company liquidation is the process of closing a business and distributing its assets to creditors and shareholders. It can be voluntary, initiated by the company’s owners when they decide to cease operations, or involuntary, prompted by creditors seeking repayment of debts.

Types of Liquidation

Voluntary Liquidation: Initiated by the company's directors and shareholders when they determine that the business can no longer operate profitably.

Involuntary Liquidation: This occurs when a court orders the liquidation of a company, usually due to insolvency.

Creditors’ Voluntary Liquidation (CVL): A form of voluntary liquidation where creditors’ interests are paramount, allowing a company to manage its debts responsibly.

Understanding these types is crucial for business owners in Abu Dhabi as it determines the approach to liquidation services required.

The Importance of Early Liquidation

Minimizing Financial Losses

One of the most significant advantages of seeking early liquidation services is the potential to minimize financial losses. Companies that delay this process often incur additional debts and operational costs. By acting early, businesses can halt further financial decline, protecting their assets and preserving value.

Preserving Company Value

Liquidating a company isn’t just about shutting down operations; it’s about maximizing the value of the assets. Early liquidation allows companies to engage professionals who can assess the market value of their assets accurately and strategically sell them before their value depreciates.

Regulatory Compliance

Abu Dhabi’s regulatory environment is rigorous. Companies must adhere to laws governing liquidation processes, including financial disclosures and creditor notifications. Engaging liquidation services early ensures that businesses comply with all relevant regulations, reducing the risk of penalties or legal issues later on.

Benefits of Engaging Company Liquidation Services in Abu Dhabi

Expertise from Accounting and Auditing Firms in UAE

Engaging professional liquidation services through accounting and auditing firms in UAE can significantly streamline the process. These firms possess extensive knowledge of local laws and regulations, ensuring that the liquidation is conducted legally and efficiently.

Comprehensive Audits: Before liquidation, firms conduct comprehensive audits, providing an accurate financial overview of the company’s position. This information is vital for making informed decisions.

Asset Valuation: Professional liquidators assess and value assets to ensure that the company receives the best possible return during the liquidation process.

Structured Process

Liquidation services offer a structured approach, managing all aspects of the process, from notifying creditors to distributing remaining assets. This structured approach alleviates the administrative burden on company owners, allowing them to focus on other important matters.

Creditor Negotiations

Early liquidation services can also assist in negotiations with creditors. These professionals have the expertise to manage discussions, potentially reducing the amount owed and negotiating more favorable terms for debt settlement.

Strategic Planning for Future Ventures

Learning from the Experience

Liquidation doesn’t necessarily mean failure; it can provide valuable lessons for future business endeavors. Engaging with liquidation services allows companies to analyze what went wrong, enabling them to make better-informed decisions in subsequent ventures.

Exploring New Opportunities

After liquidation, business owners may find themselves with the capital and experience needed to pursue new opportunities. Early liquidation can thus serve as a stepping stone towards new business ventures, equipped with lessons learned from past experiences.

Conclusion

Seeking early liquidation services can provide numerous benefits for companies in Abu Dhabi. From minimizing financial losses and ensuring regulatory compliance to accessing expertise from accounting and auditing firms in UAE, the advantages are clear. Companies can navigate the complex landscape of liquidation more effectively, preserving value and preparing for future opportunities.

By engaging with professionals specializing in company liquidation services in Abu Dhabi, business owners can take proactive steps towards securing their financial future and making informed decisions that align with their long-term objectives. Whether faced with a voluntary or involuntary liquidation, understanding the importance of early action can significantly impact a company’s trajectory, ultimately leading to more favorable outcomes.

[hhslawyers]

Restructuring and Insolvency Lawyers in the United Arab Emirates