In the event of a Company or LLP getting into financial difficulties, Revive IBC-Law Advisors have the ability to blend considerable commercial expertise with more than a touch of realism. We understand that a sustainable solution can only be achieved when the interests of the various parties involved in an insolvency procedure have been reconciled.

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The Insolvency Acts 2016 provide the current legal framework for corporate insolvencies. There are requirements under the Acts that insolvency procedures generally can only be carried out by a Insolvency Resolution Professionals.

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The practice undertakes appointments across a wide spectrum of corporate insolvency issues, enjoying an enviable reputation at the smaller to medium end of the recovery market. Our objective is to provide positive and cost-effective solutions to business problems and a professional service to all our clients.

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Procedures include:

 

COMPANY INSOLVENCY RESOLUTION PROCESS (CIRP)

 

It is a mechanism of recovery from the Corporate Debtors. Even if the default is wilful, i.e., when the corporate debtor has the means to pay but chooses not to, CIRP can be initiated. As a result, the focal point of the IBC is the default of a payment obligation.

If any Corporation becomes insolvent, then CIRP can be initiated against the corporation. The Code has set a default value in each category, but the final amount must be declared by the government as the potential trigger for the procedure to begin, bearing in mind the economy's fluctuation. It's vital to note that the stated amount is a range, not a minimum or maximum set sum of debt default.

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Initiation of CIRP can be done by:

1. Financial Creditor:
   Any person who is owing to a business obligation or o whom such an amount has been legally allocated or conveyed. E.g., Banks and other financial institutions are a type of financial entity.
    

2. Operational Creditor:
   Anyone owing them an operational obligation, as well as anyone to whom that sum has been lawfully assigned or transferred in exchange for goods or services they have delivered. E.g., vendors, employees.
    

3. Corporate Applicant:
   Anyone who is a corporate debtor or a corporate debtor's member or partner who is permitted to file an application or an individual who is in command of the corporate debtor's activities and resources or a person who has control and oversight over the corporate debtor's financial activities