Starting a business comes with a risk of failure. In case of such an untoward outcome, the business owners may fail to repay the investors and financiers. They may get hounded by the investors who demand the repayments at the earliest and as per the terms. It is where the business owners have the option to declare insolvency and put up the assets for repayment. In many cases, the failed business’s owners may go hiding and not answer the financiers’ phone calls or emails, but that is certainly not the right way.
In fact, you can handle the situation better by insolvency lawyers from Mumbai and get the best solution for all stakeholders involved. These lawyers help the business owners in various ways as discussed in this articl.
What is Insolvency Code?
The Indian Insolvency and Bankruptcy Code, 2016 was enforced on May 28, 2016 and offers a systematic framework for insolvency resolution. The experienced insolvency lawyers in Mumbai can help you sail through this process. Using their knowledge, these legal experts can guide through the resolution process in a time-bound manner ps5 restock.
The code stipulates the following process for helping financiers and insolvent businesses resolve the debt settlement matter: