https://www.taxtmi.com/notifications?id=138672 The amendments require insolvency professionals to disclose relationships with corporate debtors, other professionals, financial creditors, interim finance providers and prospective resolution applicants to their professional agency within prescribed short timelines; corresponding disclosures by other professionals are required. Relationship is defined by revenue dependency, formal positions, specified relative connections and entity level analogues with a three year lookback. Professionals must confirm arm's length appointments, include identification and registration details in stakeholder communications, bill and receive fees through banking channels, exercise due care to ensure legal compliance by the corporate person, and may not include losses or penalties from the corporate person's non compliance in process costs. en-us Mon, 04 Jul 2022 00:00:00 +0530 Wed, 06 Jul 2022 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=138672 The amendments require insolvency professionals to disclose relationships with corporate debtors, other professionals, financial creditors, interim finance providers and prospective resolution applicants to their professional agency within prescribed short timelines; corresponding disclosures by other professionals are required. Relationship is defined by revenue dependency, formal positions, specified relative connections and entity level analogues with a three year lookback. Professionals must confirm arm's length appointments, include identification and registration details in stakeholder communications, bill and receive fees through banking channels, exercise due care to ensure legal compliance by the corporate person, and may not include losses or penalties from the corporate person's non compliance in process costs. Notifications IBC Mon, 04 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/notifications?id=138672