Insolvency professional duty: ensure compliance with applicable laws; personal liability for non-compliance not recoverable as insolvency costs. An insolvency professional acting as Interim Resolution Professional, Resolution Professional or Liquidator must exercise reasonable care and diligence and take necessary steps to ensure the corporate person undergoing insolvency or liquidation complies with all applicable laws; losses or penalties arising from non-compliance shall not form part of insolvency resolution or liquidation process costs, and the insolvency professional will be held responsible for non-compliance caused by their conduct.
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.
Insolvency professional duty: ensure compliance with applicable laws; personal liability for non-compliance not recoverable as insolvency costs.
An insolvency professional acting as Interim Resolution Professional, Resolution Professional or Liquidator must exercise reasonable care and diligence and take necessary steps to ensure the corporate person undergoing insolvency or liquidation complies with all applicable laws; losses or penalties arising from non-compliance shall not form part of insolvency resolution or liquidation process costs, and the insolvency professional will be held responsible for non-compliance caused by their conduct.
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