Insolvency law reform: expert committee to redesign winding up procedures and recommend time bound, transparent processes. An expert Committee is constituted to review and recommend reforms to company winding up and insolvency laws to increase transparency and reduce delays; to propose management and supervisory mechanisms during winding up; to examine rules for adjudication; to advise on asset sale and distribution processes; and to produce a self-contained winding up note considering related statutes. The Committee, chaired by a retired judge and comprising government, industry, labour, academic and legal members with departmental secretariat support, may consult experts and the Law Commission and must report within three months of its first meeting.
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Insolvency law reform: expert committee to redesign winding up procedures and recommend time bound, transparent processes.
An expert Committee is constituted to review and recommend reforms to company winding up and insolvency laws to increase transparency and reduce delays; to propose management and supervisory mechanisms during winding up; to examine rules for adjudication; to advise on asset sale and distribution processes; and to produce a self-contained winding up note considering related statutes. The Committee, chaired by a retired judge and comprising government, industry, labour, academic and legal members with departmental secretariat support, may consult experts and the Law Commission and must report within three months of its first meeting.
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