When do you need to hire an Insolvency Resolution professional?

by Arjun Kaushik SEO Experts

An Insolvency Professional (IP) is a person qualified with the Insolvency and Bankruptcy Board of India who is appointed by the National Company Law Tribunal to act as a Resolution officer for companies to manage the Liquidation process and corporate insolvency resolution process under the insolvency and bankruptcy Services.

Insolvency and bankruptcy professionals help companies in crisis by providing them with turnaround management and restructuring services. They also help companies in liquidation. The insolvency and bankruptcy professionals help the companies to plan their exit from the insolvency process and also help the creditors to get their money back.

So, if you are facing any financial crisis in your business, then you must consider taking the help of insolvency and bankruptcy professionals.

Why is it important to hire the right Insolvency & Bankruptcy Professional?

There are many reasons why you may need to hire insolvency & bankruptcy professional.

Perhaps you are facing personal financial difficulties and need help getting your finances in order.
For resolving insolvencies of Corporate Debtors, a total time frame of 330 days is provided under the law.
When your business is in trouble and you need guidance on how to navigate the insolvency process by resolution process. However, it is important to choose the right insolvency professional for the resolution process.
Insolvency professionals act as Bankruptcy Trustees for the handling of the estate of the bankrupt company and management of assets and liabilities thereof.
Insolvency Resolution Professional caters to services pertaining to Pre-packaged insolvency.

There are two main types of insolvency & bankruptcy professionals: Licensed Insolvency Trustees (LITs) and bankruptcy lawyers. LITs are regulated by the federal government and are responsible for administering insolvency proceedings. Bankruptcy lawyers, on the other hand, provide legal advice and assistance to the insolvency professional.

Why ASC Insolvency Services?

ASC Insolvency Services LLP which is recognized and registered with the Insolvency and Bankruptcy Board of India (IBBI) handles 100s of Insolvency clients across India. ASC Group is a provider of insolvency services in India. We specialize in helping individuals and businesses find resolution plans for their financial difficulties.

If you are struggling to pay your debts, we can help you explore all of the options available to you. We understand that this can be a difficult and stressful time, so we will provide you with support and guidance every step of the way.

We have a team of experienced insolvency practitioners who can help you find the best solution for your individual circumstances. Contact us today to find out more about how we can help you. ASC Group is the right place for bankruptcy and insolvency Professional services. Our Experts will help you with all the processes and paperwork related to insolvency and bankruptcy.

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