Liquidation process amendments streamline claims, secured creditor elections, stakeholder consultation, and going-concern sale procedures. Liquidation process regulation amendments introduce a stakeholder consultation committee, revise the definition of liquidation cost, and create a contribution mechanism where liquidation costs exceed liquid assets. They also alter the liquidator's fee structure, streamline claims submission and secured creditor intimation, and provide that a secured creditor's failure to intimate its election within thirty days results in a presumption that the secured asset forms part of the liquidation estate. The amendments further prioritise sale as a going concern, shorten key timelines, require a compliance certificate in Form H, and update auction and form requirements.
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Liquidation process amendments streamline claims, secured creditor elections, stakeholder consultation, and going-concern sale procedures.
Liquidation process regulation amendments introduce a stakeholder consultation committee, revise the definition of liquidation cost, and create a contribution mechanism where liquidation costs exceed liquid assets. They also alter the liquidator's fee structure, streamline claims submission and secured creditor intimation, and provide that a secured creditor's failure to intimate its election within thirty days results in a presumption that the secured asset forms part of the liquidation estate. The amendments further prioritise sale as a going concern, shorten key timelines, require a compliance certificate in Form H, and update auction and form requirements.
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