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Insolvency Professional Agency: Meaning, Registration & Functions

Engaging with matters related to insolvency resolution necessitates the involvement of professionals known as ‘Insolvency Professionals.’ These individuals are mandated to register with an entity referred to as the ‘Insolvency Professional Agency.’

Definition of Insolvency Professional Agency

As per section 3(20) of the Insolvency and Bankruptcy Code, 2016, an Insolvency Professional Agency is any entity registered with the Insolvency and Bankruptcy Board of India (IBBI) under section 201. These agencies are tasked with developing professional standards, a code of ethics, and acting as the primary regulatory authority for their affiliated Insolvency Professionals. Leading professional bodies such as ICAI, ICSI, and ICMA have already established section 8 companies and registered as Insolvency Professional Agencies.

Registration Process for Insolvency Professional Agency

The Insolvency and Bankruptcy Board of India (Insolvency Professional Agency) Regulations, 2016 outlines the requirements for the registration of an Insolvency Professional Agency. The agency must be incorporated as a section 8 company with a minimum net worth of Rs. 10 Crores and a paid-up capital of Rs. 5 Crores. Importantly, it should not be a subsidiary of another subsidiary.

Functions of Insolvency Professional Agency

Section 204 of the Insolvency Code, effective from 15-11-2016, specifies the functions of an Insolvency Professional Agency, including:

  • Granting membership to insolvency professionals.
  • Establishing standards of professional conduct for its members.
  • Monitoring the performance of its members.
  • Safeguarding the rights, privileges, and interests of insolvency professionals.
  • Suspending or canceling membership.
  • Redressing grievances of members.
  • Publicizing information about its functions, the list of members, and the performance of its members.

Applications for registration as an Insolvency Professional Agency must be submitted to the IBBI in the prescribed form with the required fees. Initially, in-principle approval will be granted for one year, during which the formal registration application should be submitted to the IBBI.

Model Bye Laws and Regulation of Insolvency Professional Agency

Model Bye Laws and regulations regarding the Governing Board of Insolvency Professional Agencies are specified in the Insolvency & Bankruptcy Board of India Regulations, 2016, effective from 21-11-2016. Notably, an Insolvency Professional must be a ‘professional member’ of the respective Insolvency Professional Agency. Duties of Professional Members are clearly outlined in the Regulations.

The Insolvency Professional Agency is also required to establish a Grievance Redressal Mechanism and has the authority to initiate disciplinary proceedings against its professional members.

IBBI’s Oversight on Insolvency Professional Agency

The IBBI maintains control over both Insolvency Professional Agencies and individual Insolvency Professionals. Complaints can be lodged with the IBBI under section 217 of the Insolvency Code. The board is empowered to conduct investigations into the activities of Insolvency Professional Agencies and Insolvency Professionals under section 218. Disciplinary actions can be taken by appointing a disciplinary committee under section 220 of the Insolvency Code. All relevant sections mentioned above have been notified and made effective as of 15-11-2016.

Libord IRP Advisors Private Limited and the Role of Insolvency Professionals in India

In the dynamic business environment of India, companies may encounter financial challenges that require a strategic approach to restructuring and resolution. The Insolvency and Bankruptcy Code (IBC) introduced by the government has played a pivotal role in streamlining the insolvency process, and Insolvency Professionals (IPs) have emerged as key players in facilitating smooth insolvency proceedings. Libord IRP Advisors Private Limited stands as a noteworthy entity in the realm of insolvency, providing expert services in Mumbai and beyond.

Understanding the IBBI and Registered Insolvency Professionals:

The Insolvency and Bankruptcy Board of India (IBBI) serves as the regulatory body overseeing insolvency proceedings in the country. IBBI plays a crucial role in accrediting and regulating Insolvency Professionals (IPs) who act as intermediaries in the insolvency resolution process. These professionals are essential in maintaining transparency, fairness, and efficiency in the resolution proceedings.

Libord IRP Advisors Private Limited: A Trusted Name in Mumbai:

Libord IRP Advisors Private Limited has established itself as a trusted name in the insolvency landscape, particularly in Mumbai. As a registered insolvency professional firm, we bring a wealth of expertise to the table. Our team of professionals is well-versed in navigating the intricacies of insolvency proceedings, offering comprehensive solutions to businesses facing financial challenges.

Roles and Responsibilities of an Insolvency Professional:

Libord Insolvency Professionals play a multifaceted role in the insolvency resolution process. From conducting a thorough assessment of a company’s financial health to formulating a resolution plan, Our professionals act as facilitators between creditors and the distressed company. Our team of skilled professionals, exemplifies the dedication required to navigate the complex landscape of insolvency.

The Insolvency Resolution Process in India:

The insolvency resolution process involves several stages, and a registered insolvency professional plays a pivotal role at each step. From the initiation of insolvency proceedings to the formulation and implementation of a resolution plan, IPs ensure adherence to the legal framework outlined by the IBBI.

Libord IRP Advisors: Tailored Solutions for Distressed Businesses:

Libord IRP Advisors Private Limited understands the unique challenges faced by businesses in Mumbai and across India. Their team of insolvency professionals works closely with clients to develop customized strategies, considering the intricacies of each case. By leveraging their expertise, Libord IRP Advisors aims to facilitate the revival of distressed businesses and contribute to the overall economic health of the region.

Conclusion:

In conclusion, the presence of registered Insolvency Professionals and firms like Libord IRP Advisors Private Limited has significantly contributed to the effectiveness of insolvency resolution in India. As businesses continue to navigate financial uncertainties, the expertise provided by IPs becomes increasingly invaluable. Libord IRP Advisors stands as a beacon of reliability and professionalism in the field, exemplifying the commitment to ethical and efficient insolvency resolution practices in Mumbai and beyond.

Navigating Corporate Insolvency: Understanding the Ins and Outs of the CIRP

Introduction: Corporate Insolvency Resolution Process (CIRP)

In the ever-evolving landscape of business, corporations occasionally find themselves facing financial distress. The Corporate Insolvency Resolution Process (CIRP) becomes a crucial mechanism for addressing these challenges, providing a structured framework for resolution.

Understanding Corporate Insolvency Resolution Process:

Corporate insolvency resolution is a legal process designed to address the financial instability of a company in a systematic and transparent manner. The goal is to balance the interests of various stakeholders, including creditors, shareholders, and employees, while ensuring the revival of the distressed company or, if necessary, its orderly liquidation.

Key Elements of CIRP:

  1. Initiation of Insolvency Proceedings: The CIRP begins with the initiation of insolvency proceedings, typically triggered by a financial creditor, operational creditor, or the corporate debtor itself. The Insolvency and Bankruptcy Code (IBC) outlines the criteria and procedures for initiating the process.
  2. Appointment of an Insolvency Professional: Once the insolvency proceedings are initiated, an Insolvency Professional (IP) is appointed to manage the affairs of the company during the resolution process. The IP plays a crucial role in conducting a thorough assessment of the company’s financial position.
  3. Moratorium Period: A moratorium period is imposed upon the initiation of CIRP, during which creditors are prohibited from taking legal actions against the distressed company. This provides a breathing space for the resolution process to unfold without external disruptions.
  4. Corporate Insolvency Resolution Plan (CIRP): The heart of the process lies in the formulation and approval of the Corporate Insolvency Resolution Plan (CIRP). This plan outlines the strategies and measures to revive the company, addressing the concerns of creditors and other stakeholders.
  5. Approval by Committee of Creditors (CoC): The Committee of Creditors (CoC) plays a pivotal role in the approval or rejection of the CIRP. This committee, comprising financial creditors, holds significant decision-making power during the resolution process.
  6. Implementation of the Resolution Plan: Once the CoC approves the resolution plan, it is submitted to adjudicating authority for its approval once the it is approved, it would be implemented under the supervision of the Insolvency Professional. The objective is to restore the financial health of the company and ensure its sustainable operations.

Conclusion:

In conclusion, the Corporate Insolvency Resolution Process (CIRP) serves as a critical tool in addressing financial distress within the corporate sector. Understanding the nuances of this process is essential for businesses, creditors, and other stakeholders involved. As the corporate insolvency landscape continues to evolve, adherence to the established legal frameworks and collaboration between all parties involved are key to achieving successful resolutions and fostering a more resilient business environment.

Relevance of Valuations of Assets of Corporate Debtor under IBC, 2016 – Types of Valuations

Once a company is admitted into the Corporate Insolvency Resolution Process (CIRP), it is certain that either a resolution plan will be submitted by a new investor for a definite amount, or upon the failure of the resolution, the assets of the Corporate Debtor will be sold by the liquidator for a particular amount. But what is the specific benchmark amount that should guide the decision-makers (Committee of Creditors or the Liquidator) to arrive at a decision?

This is where the necessity of valuation reports, done by professional valuers, comes into play. The regulator IBBI has shown expertise in benchmarking the valuation processes, fixing eligibility criteria for the valuers, and maintaining a panel of Registered Valuers.

This write-up on valuations is intended to be easily understood by the common people; therefore, the contents have been kept straightforward and simple for their understanding. The use of intricate methods used for valuation by professional valuers is being avoided.

The assets of the Corporate Debtor have been segregated into the following three categories for the purpose of valuation:

1. Land & Buildings:

Leasehold Land: Land ownership can be held in two ways. The first method is ‘Leasehold,’ in which the ‘Lessor’ gives land to the ‘Lessee’ for industrial, commercial, or domestic use for a definite long-term period. A common example under this category is State industrial bodies (UPSIDC, NOIDA, GNOIDA, RICCO) leasing land to industrialists for setting up manufacturing or service-oriented units, or land given to real estate companies for developing housing projects. Another example is of State Housing Boards providing built-up flats or different sizes of plots for housing purposes to individual persons. In the case of leasehold allotments, the land property will revert to the lessor after the expiry of the lease period, subject to renewal/extension arrangements in the existing lease agreement. The consideration for lease rent may be an upfront amount or periodic payments by the lessee to the lessor.

Freehold Land: The possession and absolute legal ownership of the land parcel are transferred by the seller to the buyer upon payment of consideration through an instrument known as a ‘Conveyance Deed’ or ‘Registry’ in common language.

Building Structure: The building structure is erected by the owner of the land after getting the master plan approved by the concerned authorities and receiving approval from other related authorities like the Airport Authority, Environmental Department, etc.

Arriving at Valuations: The valuation of the land parcel is done by benchmarking it with the ‘Circle Rate’ fixed by the Government or the market-determined rates as per transactions closed during the last year or so in that area. Building structures are valued based on the cost of construction, discounted by depreciation, depending upon the quality of construction and the age of the building.

2. Plant & Machinery:

Valuers inspect the Plant & Machinery under valuation physically by visiting the plant or unit. Generally, the factors considered by valuers for valuation are the Type of Plant/Machinery, whether it’s imported or indigenous, the category of the supplier/vendor, remaining useful life, aging, or obsolescence, etc.

3. Securities & Financial Assets (SFA):

These are non-physical or book or soft assets as they are reflected in the balance sheets of the Corporate Debtor. The financial assets included in this category are Intangible Assets, Cash & Cash Equivalents, Trade Receivables, Loans & Advances, Investments, etc. When arriving at valuations, an assessment is made of the realizability of such assets.

4. General:

Valuations are categorized or determined as Book Value, Market Value, Fair Value, Liquidation Value, Valuation for sale as a going concern, depending on the process for which it is to be benchmarked.

Liquidation of a Company: Definition, Process, and Benefits

Liquidation of a company is a complex process that involves an understanding of multiple aspects. It only commences after a detailed analysis of various reasons.

When a debt-laden company is no longer in a position to continue its operations, the process of liquidation is initiated. The primary goal is to wind up the company’s operations and sell its assets to settle all its liabilities and any other outstanding obligations. The decision to proceed with liquidation is typically reached when it becomes evident that the company can no longer generate profits.

The causes of a company’s liquidation can vary, but insolvency is a common reason. Insolvency signifies the unwillingness or inability to continue operations profitably.

What Is the Liquidation of a Company?

In the event of a company’s bankruptcy, a liquidator sells off the company’s assets to repay its liabilities. Once the liabilities are settled, any remaining balance is distributed among the company’s shareholders.

To initiate the process of liquidation, a company must meet specific conditions and gain approval from the Adjudicating Authority. The liquidation order is granted by the Adjudicating Authority (AA) under the following circumstances:

  1. When a resolution plan is not received within the designated time.
  2. When the Adjudicating Authority (NCLT) rejects the submitted resolution plan for various reasons.
  3. When the Committee of Creditors (CoC) approves the liquidation of the corporate debtor.
  4. When the corporate debtor contradicts the approved resolution plan.

Once the Adjudicating Authority approves the liquidation order, the appointed resolution professional for the corporate insolvency process can assume the role of a liquidator. It’s important to note that the appointed resolution professional can be replaced by the Adjudicating Authority under the IBC (Insolvency & Bankruptcy Code). The liquidator must meet eligibility criteria as per the IB code and is responsible for overseeing the liquidation process until its completion.

Process of Liquidation

The liquidation process of a company begins with the systematic sale of all its assets, one by one, based on priorities and necessity. Cash and bank balances are excluded from this process.

The remaining funds are then distributed among the creditors after the repayment of liabilities. Repayment follows a predetermined order, with secured creditors taking priority. The remaining funds are used to settle preferential creditors, including government taxes and employee salaries.

After addressing the above debts, the remaining funds are allocated to pay debenture-holders, while any other miscellaneous liabilities secured by a floating charge on all assets are addressed. Unsecured creditors and preference shareholders are next in line for payment.

The final step involves determining if there is a surplus of funds after paying all the aforementioned creditors. If there is a surplus, these funds are distributed among the shareholders. In the case of a deficit, shareholders are required to pay any unpaid share of capital.

Types of Liquidation

The liquidation process is intricate and involves critical steps. Based on specific conditions and various factors, there are three main types of liquidation:

  1. Voluntary Liquidation: This type of liquidation is not forced by insolvency and is voluntarily initiated by the owner(s) or member(s) of the company. It indicates that the company is considered solvent and able to meet its creditor payments.
  2. Creditors’ Voluntary Liquidation: This type of liquidation occurs when the directors/shareholders of the company realize that it will default on creditor payments, and it does not involve court intervention.
  3. Compulsory Liquidation: This is a legal order from the court or adjudicating authority, declaring the termination of the company’s operations due to its inability to repay its liabilities.

Conclusion

Understanding the conditions, scenarios, and complexities of the liquidation process underscores the challenges involved in winding up a company’s operations. Upon successful completion of the liquidation process, the company ceases to exist as per the law.

At Libord IRP Advisors Private Limited, we are committed to providing complete assistance on valuations of assets of Corporate Debtor under IBC, 2016.

Challenging Role of an Insolvency Professional under the IBC

The Insolvency and Bankruptcy Code (IBC) introduced in India in 2016 has brought about a significant paradigm shift in the country’s insolvency and bankruptcy landscape. Central to the success of this legislation is the pivotal role played by insolvency professionals. These professionals are tasked with managing the insolvency resolution process, and their responsibilities are as challenging as they are crucial to the success of the entire framework.

Understanding the IBC:

The IBC was enacted to provide a unified and time-bound framework for the resolution of insolvency and bankruptcy cases in India. It aimed to streamline the process, protect the interests of creditors, and promote a culture of entrepreneurship and investment by ensuring a swift and efficient resolution of distressed assets. At the heart of this complex legal framework are insolvency professionals who act as facilitators and orchestrators of the resolution process.

Key Responsibilities of an Insolvency Professional:

  1. Initiating and Managing the Resolution Process: One of the primary responsibilities of an insolvency professional is to initiate the corporate insolvency resolution process (CIRP). They must verify the claims of creditors, constitute the Committee of Creditors (CoC), and manage the day-to-day affairs of the corporate debtor.
  2. Preservation of Assets: Insolvency professionals are entrusted with the challenging task of preserving and safeguarding the assets of the corporate debtor. This includes ensuring that the business continues to operate as a going concern during the resolution process.
  3. Negotiating with Stakeholders: Effective communication and negotiation skills are paramount in an insolvency professional’s role. They must negotiate with various stakeholders, including creditors, promoters, and potential resolution applicants, to arrive at a mutually agreeable resolution plan.
  4. Transparent and Fair Process: Transparency and fairness are non-negotiable principles in the IBC. Insolvency professionals are responsible for conducting the resolution process impartially, ensuring that all stakeholders are treated equitably.
  5. Meeting Timelines: One of the most challenging aspects of an insolvency professional’s role is adhering to strict timelines. The IBC mandates time-bound resolution, and any delays can have significant repercussions.

Challenges Faced by Insolvency Professionals:

  1. Complex Legal Framework: The IBC is a complex legal framework that requires a deep understanding of insolvency laws and regulations. Navigating through its intricacies can be daunting.
  2. Balancing Interests: Insolvency professionals often find themselves in situations where they must balance the interests of various stakeholders, including creditors, employees, and promoters. Striking this balance can be challenging.
  3. Resistance and Litigation: Promoters and stakeholders may resist the resolution process and resort to litigation. Insolvency professionals must be prepared to handle such challenges effectively.
  4. Limited Resources: In many cases, insolvency professionals are tasked with managing distressed companies with limited resources. This demands resourcefulness and financial acumen.
  5. Market Volatility: Economic and market conditions can change rapidly, affecting the feasibility of resolution plans. Insolvency professionals must adapt to these fluctuations.

Conclusion:

The role of an insolvency professional under the IBC is undoubtedly challenging. It demands not only a deep understanding of insolvency laws but also a blend of negotiation skills, crisis management abilities, and financial acumen. The success of the IBC largely depends on the efficiency and effectiveness of these professionals in managing distressed assets and facilitating the resolution process. Despite the challenges, their role is instrumental in achieving the objectives of the IBC, including the timely resolution of insolvency cases and the maximization of value for creditors.

Restructuring & Insolvency – The Indian Scenario

The landscape of restructuring and insolvency in India has witnessed a significant transformation in recent years, primarily driven by the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016. This landmark legislation has not only streamlined the insolvency resolution process but has also instilled confidence among domestic and foreign investors, making India a more attractive destination for business and investment. In this article, we will explore the Indian scenario of restructuring and insolvency, with a particular focus on the IBC and its impact.

The Insolvency and Bankruptcy Code (IBC):

The IBC is undoubtedly the cornerstone of the Indian restructuring and insolvency framework. It was introduced to provide a unified, time-bound, and efficient mechanism for the resolution of insolvency and bankruptcy cases. One of its key objectives was to shift the focus from a debtor-in-possession to a creditor-in-control regime.

Key Features of the IBC:

  1. Time-Bound Resolution: The IBC prescribes strict timelines for the resolution process, ensuring that insolvency cases are resolved within a maximum of 330 days.
  2. Creation of a Committee of Creditors (CoC): A CoC comprising financial creditors plays a central role in the insolvency resolution process. They have the authority to approve or reject resolution plans.
  3. Cross-Border Insolvency: The IBC allows for cooperation with foreign countries in matters of cross-border insolvency, enhancing the resolution process’s efficiency.
  4. Maximization of Asset Value: The primary objective of the IBC is to maximize the value of distressed assets, benefiting all stakeholders involved.

Impact on the Indian Scenario:

The introduction of the IBC has had several noteworthy impacts on the Indian restructuring and insolvency landscape:

  1. Boost in Investor Confidence: The IBC has instilled confidence among investors, both domestic and foreign, as it ensures a transparent and predictable framework for handling distressed assets.
  2. Resolution of Stressed Assets: The IBC has facilitated the timely resolution of stressed assets, preventing their further deterioration and contributing to economic stability.
  3. Reduced NPA Burden: Banks and financial institutions have been able to reduce their non-performing asset (NPA) burden through the IBC, thereby strengthening the financial sector.
  4. Promotion of Entrepreneurship: The IBC encourages entrepreneurship by providing a mechanism for the swift exit of non-viable businesses and the revival of potentially viable ones.

Challenges and Future Outlook:

Despite its successes, the Indian restructuring and insolvency framework face challenges. Some key challenges include:

  1. Operational Hurdles: The efficient implementation of the IBC at the operational level remains a challenge, including issues related to infrastructure and capacity.
  2. Avoidance Transactions: Addressing avoidance transactions and fraudulent practices in insolvency cases remains a concern.
  3. Cross-Border Insolvency: While the IBC provides for cross-border insolvency, there is a need for more comprehensive regulations in this area.

The future outlook for restructuring and insolvency in India is positive. The government and regulatory authorities continue to refine and improve the IBC. The adoption of best practices and the strengthening of institutional frameworks are expected to further enhance the efficiency of the resolution process.

Conclusion:

The Indian restructuring and insolvency scenario has undergone a transformative journey, largely driven by the introduction of the IBC. This legislation has not only streamlined the resolution process but has also contributed to a more investor-friendly environment. While challenges remain, the commitment to addressing them, coupled with a proactive approach, positions India as a promising destination for restructuring and insolvency activities, with the potential to play a pivotal role in the country’s economic growth and development.

Insolvency Professional – Meaning, Eligibility & Qualification

Meaning of Insolvency Professional

Insolvency Professionals are enrolled with an Insolvency Agency, and they are involved in the dissolution process of insolvent individuals, companies, LLPs, or partnerships. These professionals are authorized to act on behalf of such insolvent entities.

During a bankruptcy situation, Insolvency Professionals play a vital role in liquidating the entity’s assets and overseeing other settlement processes. This process has gained momentum with the government implementing strict norms through the Insolvency and Bankruptcy Code.

Insolvency Professional Agency

Any agency registered with the IBBI under Section 201 of the Insolvency Code, 2016, is referred to as an insolvency professional agency.

The key function of these agencies is to regulate the activities of Insolvency Professionals and ensure their development in the industry. These professional members are required to comply with the terms and conditions specified in the bye-laws of the insolvency agency code. IBBI exercises control over the Insolvency Professional agency and its professionals with respect to the complaints made under Section 217 of the Insolvency Code.

Functions of an Insolvency Professional Agency

The following are the functions of an Insolvency Professional Agency, as specified in Section 204 of the Insolvency Code (effective from 15-11-2016):

  1. The primary function of an Insolvency Professional agency is to grant membership to Insolvency Professionals.
  2. These agencies establish the standards of professional conduct and ethics for the members enrolled under them.
  3. They protect the rights and privileges of the members and safeguard their interests.
  4. They also address member grievances and take steps to resolve them.
  5. The agency continuously monitors members’ performance and can suspend or cancel membership whenever and wherever required.

Eligibility Criteria for Insolvency Professional

An individual is eligible to become an Insolvency Professional provided that he/she:

  • Is an Indian resident and has attained 18 years of age (majority).
  • Is of sound mind and a fit person.
  • Is solvent and has not been declared insolvent.
  • Possesses the required qualifications and experience as specified by the IBBI.
  • Has not been convicted by any competent court/law for an offense punishable with imprisonment for a term exceeding six months or for an offense involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence.

Insolvency Professional Qualifications and Experience

To become an Insolvency Professional, any applicant must first register with an Insolvency Professional agency. Listed below are the required qualifications and experience for an applicant to be registered as an Insolvency Professional:

  • Clear the National Insolvency Examination (or)
  • Clear the Limited Insolvency Examination, in which case the applicant should have 15 years of experience in management after receiving a Bachelor’s degree from a university established or recognized by law (or)
  • Has passed the Limited Insolvency Examination and has 10 years of experience as one of the following:
    • A chartered accountant and is a member of the Institute of Chartered Accountants of India (or)
    • A company secretary and is a member of the Institute of Company Secretaries of India (or)
    • A cost accountant and is a member of the Institute of Cost Accountants of India (or)
    • An advocate enrolled with a Bar Council.

Once these requirements are fulfilled, the applicant can start practicing as an Insolvency Professional.

Functions of an Insolvency Professional

The primary function of an Insolvency Professional is to assess the financial position of the company, partnership, LLPs, individuals, etc., and ensure a smooth process of dissolution. In certain cases, these professionals look for opportunities to rescue businesses. Otherwise, the main functions of an Insolvency Professional are:

  • Analyze the financial statements of the company and understand its position.
  • Make arrangements to sell all the assets of the liquidating individual or company.
  • Understand the receivables position of the company/individual and oversee the collection process.
  • Conduct formal discussions with debtors/creditors and manage their settlement process.
  • Verify and agree on creditors’ claims as per the available funds; this is one of the main duties of Insolvency Professionals.
  • Participate in the fund distribution process after setting aside the necessary funds to pay the cost of liquidation.
  • Deal with other competing interests, if any.

Insolvency Professionals are required to prepare and submit reports to the National Company Law Tribunal with respect to the following:

  • Liquidation plan and process: This must be submitted within 75 days of commencing the process by the Insolvency Professional.
  • Detailed reports on the asset memorandum.
  • Interim reports on how the liquidation process is progressing from time to time.
  • Details about the sale of all the assets.
  • Discussions with debtors and creditors and the conclusions reached.

Final reports prior to the dissolution of the company, partnership, and others.

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