PDF DOWNLOAD

 

Insolvency and Bankruptcy Code amendments reduce creditor voting thresholds and revise resolution applicant eligibility and procedures. The Ordinance lowers committee voting thresholds to sixty six percent (and generally to fifty one percent for committee decisions), permits withdrawal of admitted applications with ninety percent creditor approval, expands and clarifies the related party definition, refines resolution applicant eligibility (with exclusions for certain financial entities), establishes authorised representatives for creditor classes with duties and voting instructions, treats certain real estate receipts as borrowings, strengthens procedural safeguards for resolution professionals and approved plans, and allows tailored Code application to micro, small and medium enterprises.