Overview of insolvency professional services

Overview of insolvency professional services

March 18, 2021 Admin
insolvency professional services in mumbai insolvency professional services in gurgaon insolvency professional services in jaipur insolvency professional services in kolkata insolvency professional services in bangalore

What are Insolvency Professionals?

Insolvency Professional services, as the name indicates, are the group of individuals involved in the resolution process of the entity/person when he is covered under the insolvency and bankruptcy code ( IBC ). They are registered with the Insolvency and Bankruptcy Board of India(IBBI).

The following category of individuals work together to help or individuals come out of stressed / debt:


  • Interim Resolution Professional: Interim Resolution professional is a significant part of the corporate insolvency process of any corporate debtor.
  • The liquidator is involved in the liquidation process of corporate debtors.
  • A bankruptcy trustee is involved in the bankruptcy process of a person or a firm.

What do insolvency professional Services deal with?

The primary goal of an insolvency professional services is to assess the financial position of the firm, partnership, LLPs and individuals. In several instances, they try their best to save their business. Besides this, they perform the following functions:


  • Analyzing the financial situation and its position in the market.
  • Understanding the receivables position of the firm and taking responsibility for the entire financial process.
  • Taking the competing interest into account, if any.
  • Have a formal discussion with the creditors/debtors. Handle the entire settlement process of the organization.
  • Making preparations before selling the assets while liquidating the individuals or the firm.
  • Involvement in the fund distribution process after keeping aside the liquidation cost.

There is another significant role which is a crucial aspect of their job, which is to prepare and provide the National Company Law Tribunal with reports, and the following steps are taken with it:


  • Liquidation plan and process: A report is to be submitted within 75 days to begin the process. Taking the approach forward is the responsibility of the Insolvency professional services.
  • Details of asset memorandum.
  • Details on how the liquidation process is performing after regular intervals.
  • Ins and outs of the sale of assets.
  • Discussion with both creditors and debtors until both parties reach a settlement.
  • Final report before the dissolution of the firm, partnership and others.
Overview of insolvency professional services

How much does insolvency services charge?

Charges of Insolvency Professional Services vary from one firm to another. It depends on the amount of work along with the time devoted to it. The costs are deducted depending on the amount available to the creditors. Creditors decide how much share the insolvency professionals are going to get for their services after supervising the procedure


Best Insolvency professional services in Gurgaon and Mumbai.

While searching the insolvency professional services in Gurgaon and Mumbai, you may come across several options. Choosing the right one might sound like an arduous task. Compare the services offered by each one of them and pick the one that meets your requirements. Associate with the one that comes up with answers to your questions and goes an extra mile while assisting you in such situations. Ensure that the professional insolvency service is duly licensed to conduct insolvency procedure.

Don't proceed with them unless they hold a strong reputation in the market. You will find all these traits in Resurgent India. One of the most reliable and trusted investment banks, which is there for you during a difficult time.


How to Contact Insolvency professionals?

Most companies hire insolvency professionals when things go out of hands, and continuing with the present situation seems impossible. Your status will be assessed, and these professionals come up with a solution to your problems. Help your company survive by preventing such situations at the initial stages of the business with Insolvency professional services in Mumbai.  

If you or your firm is facing Bankruptcy, don't hesitate to seek assistance from highly experienced and trustworthy professionals at Resurgent India.

Help your business thrive and save it before it gets any worse with the qualified and licenced professionals today!

Featured blogs

Any Query ?
Any Query Call Now