Insolvency resolution thresholds and process coverage expanded by amending section 54A for creditor-initiated proceedings. Section 54A is amended to include a creditor-initiated insolvency resolution process within the relevant provisions, alongside the pre-packaged insolvency resolution process. The amendment also replaces the sixty-six per cent threshold with fifty-one per cent in clause (e) of sub-section (2) and in sub-section (3), reducing the prescribed voting requirement for the affected decision-making provisions.
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Insolvency resolution thresholds and process coverage expanded by amending section 54A for creditor-initiated proceedings.
Section 54A is amended to include a creditor-initiated insolvency resolution process within the relevant provisions, alongside the pre-packaged insolvency resolution process. The amendment also replaces the sixty-six per cent threshold with fifty-one per cent in clause (e) of sub-section (2) and in sub-section (3), reducing the prescribed voting requirement for the affected decision-making provisions.
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