Pre-packaged insolvency resolution process filings require declarations, creditor approval, financial statements and resolution professional details. Regulation 18 requires a corporate applicant, with its application for commencement of the pre-packaged insolvency resolution process, to furnish ... Summary
Pre-packaged insolvency resolution process filings require declarations, creditor approval, financial statements and resolution professional details.
Regulation 18 requires a corporate applicant, with its application for commencement of the pre-packaged insolvency resolution process, to furnish specified declarations, creditor approval, insolvency professional details, and financial statements. The documents include the majority directors' or partners' declaration, the resolution initiating the process, proof of approval by unrelated financial creditors holding at least fifty-one per cent in value, the proposed resolution professional's consent and report, audited financial statements for the last two financial years, provisional financial statements for the current year, and the notified format from authorised representatives where applicable.
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