Dear Mr Arun,
It is strange to hear such question from an Advocate.
Basically "Insolvency" is a situation where an individual or company is no longer able to meet their financial obligations. It may be due to poor cash management (low inflow and more outflow), increase in expenses, business instability or such other situation.
An advocate can be insolvent if he take huge loan and invest lot of money in preliminary exp (setting up the business) or business expansion, hire extra staff, involved lot of admin and other overhead. But due to low client, low income and shortage of cash he is unable to repay the loan and unable to make payments to other creditors.
You may be well aware of the Insolvency process, hence need not to comment more on the topic.
From India, Delhi
224It is strange to hear such question from an Advocate.
Basically "Insolvency" is a situation where an individual or company is no longer able to meet their financial obligations. It may be due to poor cash management (low inflow and more outflow), increase in expenses, business instability or such other situation.
An advocate can be insolvent if he take huge loan and invest lot of money in preliminary exp (setting up the business) or business expansion, hire extra staff, involved lot of admin and other overhead. But due to low client, low income and shortage of cash he is unable to repay the loan and unable to make payments to other creditors.
You may be well aware of the Insolvency process, hence need not to comment more on the topic.
From India, Delhi
You need to identify which of the Insolvency Professional Organisations you want to be a part of. CA, CS, CMA are the larger ones. A few private ones have also been started.
Then you need to do a mandatory 50 hours training
After which you can sit for the exams.
After passing you need to register with the organisation as above, and then there is another 100 hour mandatory training, after which you get your license to operate as a insolvency professional.
From India, Mumbai
Then you need to do a mandatory 50 hours training
After which you can sit for the exams.
After passing you need to register with the organisation as above, and then there is another 100 hour mandatory training, after which you get your license to operate as a insolvency professional.
From India, Mumbai
PERSONAL INSOLVENCY ACT 2009.doc