Definitions of key insolvency terms define parties, valuation standards and procedural modalities governing the corporate insolvency resolution process. Regulation 2 defines operative participants and instruments for the corporate insolvency resolution process, including applicant, committee, participant, insolvency professional entity, registered valuer, and identification numbers; prescribes electronic communication and audio visual meeting modalities; and establishes valuation standards by defining fair value as the estimated realizable arm's length exchange value after marketing (including all asset synergies) and liquidation value as the realizable value on liquidation at the insolvency commencement date. It also recognises an evaluation matrix approved by the committee for assessing resolution plans.