Corporate insolvency resolution restrictions bar specified debtors and creditors from initiating proceedings in defined situations. Section 11 bars initiation of the corporate insolvency resolution process by a corporate debtor already under insolvency or pre-packaged insolvency, by certain creditors of a debtor under pre-packaged insolvency, by a debtor that completed insolvency or had an approved resolution plan within the preceding twelve months, by a debtor or financial creditor who violated such a plan within that period, and by a debtor against whom a liquidation order has been made. It also clarifies that these restrictions do not prevent such a corporate debtor from initiating insolvency against another corporate debtor.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate insolvency resolution restrictions bar specified debtors and creditors from initiating proceedings in defined situations.
Section 11 bars initiation of the corporate insolvency resolution process by a corporate debtor already under insolvency or pre-packaged insolvency, by certain creditors of a debtor under pre-packaged insolvency, by a debtor that completed insolvency or had an approved resolution plan within the preceding twelve months, by a debtor or financial creditor who violated such a plan within that period, and by a debtor against whom a liquidation order has been made. It also clarifies that these restrictions do not prevent such a corporate debtor from initiating insolvency against another corporate debtor.
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