Pre-packaged insolvency for MSMEs introduced to enable expedited, cost-effective corporate resolution and preserve business continuity. Introduction of a pre-packaged insolvency process for corporate persons classified as micro, small and medium enterprises to provide an expedited, cost-effective alternative to the ordinary corporate insolvency resolution process, aimed at quicker, value maximising outcomes that preserve business continuity and employment; the Ordinance is promulgated under the President's emergency powers and takes immediate effect against the backdrop of prior pandemic measures including an increased minimum default threshold and a temporary suspension on filings.
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Provisions expressly mentioned in the judgment/order text.
Pre-packaged insolvency for MSMEs introduced to enable expedited, cost-effective corporate resolution and preserve business continuity.
Introduction of a pre-packaged insolvency process for corporate persons classified as micro, small and medium enterprises to provide an expedited, cost-effective alternative to the ordinary corporate insolvency resolution process, aimed at quicker, value maximising outcomes that preserve business continuity and employment; the Ordinance is promulgated under the President's emergency powers and takes immediate effect against the backdrop of prior pandemic measures including an increased minimum default threshold and a temporary suspension on filings.
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