Insolvency Code definitions expanded to cover avoidance transactions, fraudulent trading, and revised commencement and debt terms. Section 5 is amended to define avoidance transaction by reference to sections 43, 45, 49 and 50, and fraudulent or wrongful trading by reference to section 66. The insolvency commencement date is linked to the first pending application where multiple initiation applications exist on the commencement date. The definition of resolution plan is expanded to include sale of one or more assets through one or more plans, and financial debt is extended to amounts owed to eligible voting members of the committee of creditors.
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Provisions expressly mentioned in the judgment/order text.
Insolvency Code definitions expanded to cover avoidance transactions, fraudulent trading, and revised commencement and debt terms.
Section 5 is amended to define avoidance transaction by reference to sections 43, 45, 49 and 50, and fraudulent or wrongful trading by reference to section 66. The insolvency commencement date is linked to the first pending application where multiple initiation applications exist on the commencement date. The definition of resolution plan is expanded to include sale of one or more assets through one or more plans, and financial debt is extended to amounts owed to eligible voting members of the committee of creditors.
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