{"id":37459,"date":"2022-06-03T18:11:13","date_gmt":"2022-06-03T12:41:13","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=37459"},"modified":"2024-06-03T12:09:47","modified_gmt":"2024-06-03T06:39:47","slug":"insolvency-resolution-of-a-corporate-person","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/insolvency-resolution-of-a-corporate-person\/","title":{"rendered":"Insolvency Resolution of a Corporate Person"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-37462 size-full\" title=\"Insolvency Resolution of a Corporate Person\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person.png\" alt=\"Insolvency Resolution of a Corporate Person\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Insolvency-Resolution-of-a-Corporate-Person-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If you have investments in a business and are afraid of losing the investment then you should know about the Insolvency Resolution. <\/span><span style=\"font-weight: 400;\">The<a href=\"https:\/\/www.cagmc.com\/what-is-insolvency-and-bankruptcy-code\" target=\"_blank\" rel=\"noopener\"> Insolvency and Bankruptcy Code<\/a> (IBC), 2016<\/span><span style=\"font-weight: 400;\"> provides a time-bound process to resolve insolvency. The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. The IBC process may be initiated by either the debtor or the creditors.\u00a0In this article, we will discuss, the Insolvency Resolution of a Corporate Person.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Meaning\"><span style=\"font-weight: 400;\">Meaning of Debt and Default<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Financial\"><span style=\"font-weight: 400;\">Financial Debt<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Insolvency\"><span style=\"font-weight: 400;\">Meaning of Insolvency and Bankruptcy<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Applicability\"><span style=\"font-weight: 400;\">Applicability of IBC<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Who\"><span style=\"font-weight: 400;\">Who can initiate the Insolvency Resolution process?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Financial\"><span style=\"font-weight: 400;\">Section 7 (Financial Creditor)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Operational\"><span style=\"font-weight: 400;\">Section 8&amp;9 (Operational Creditor)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Corporate\"><span style=\"font-weight: 400;\">Section 10 (Corporate Applicant)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Meaning\" style=\"text-align: justify;\"><b>Meaning of Debt and Default<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The words \u2018debt\u2019 and \u2018default\u2019 are used in many places in\u00a0the\u00a0IBC. Thus, it is very important to know about them.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As per Section 3(12) of\u00a0the\u00a0IBC, \u2018Default\u2019 means non-payment of debt when whole or any part of instalment of the amount of debt has become due and payable and is not\u00a0paid\u00a0by the debtor.<\/span><\/p>\n<p id=\"Financial\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, as per section 3(11) of IBC,\u00a0\u201cDebt\u201d means the\u00a0liability or obligation in respect of a claim which is due from any person. Moreover, it\u00a0includes financial debt and operational debt.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Financial Debt<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u201cFinancial debt\u201d means a debt along with interest, if any, which is disbursed against the consideration\u00a0for the time value of money. Further, it may\u00a0include,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Money borrowed against the payment of interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the <\/span><span style=\"font-weight: 400;\">Indian Accounting Standards<\/span><span style=\"font-weight: 400;\"> or such other accounting standards as may be prescribed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Receivables sold or discounted other than any receivables sold on a non-recourse basis.<\/span><\/li>\n<li id=\"Insolvency\">Any amount raised under any other transaction, including any forward sale or purchase agreement, which has the commercial effect of a borrowing.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Meaning of Insolvency and Bankruptcy<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Insolvency means the short-term inability to meet the liabilities during the normal course of business. However, it can be resolved by changing the re-payment plan of the loan. However, if it cannot be resolved then legal action may be taken.<\/span><\/p>\n<p id=\"Applicability\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Bankruptcy is slightly different from insolvency. Bankruptcy means a long-term inability to meet the liabilities. Further, the person himself voluntarily declares themselves insolvent and approaches the court<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Applicability of IBC<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The IBC is applicable to,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A company incorporated under the <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\"> or any other previous law.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other companies governed by any Special Act.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other body corporate incorporated under any law for the time being force, as notified by the CG.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.cagmc.com\/llp-registration\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Limited liability partnership (LLP)<\/span><\/a><span style=\"font-weight: 400;\">\u00a0incorporated under Limited liability partnership 2008.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal Guarantors to Corporate Debtors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0<\/span><a href=\"https:\/\/www.cagmc.com\/partnership-registration\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Partnership Firms<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.cagmc.com\/sole-proprietorship-registration\/\"><span style=\"font-weight: 400;\">Proprietorship Firms<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals.<\/span><\/li>\n<\/ul>\n<h2 id=\"Who\" style=\"text-align: justify;\"><b>Who can initiate the Insolvency Resolution process?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Where any corporate debtor commits a default, the\u00a0Corporate Insolvency Resolution Process\u00a0(CIRP) can be initiated by,\u00a0\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial Creditor\u00a0(Section 7)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operational Creditor\u00a0(Section 8 &amp; 9)\u00a0<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Corporate\u00a0Applicant\u00a0(Section-\u00a010)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Corporate applicants include,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">(a)Corporate Debtor (CD)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">(b)Member or partner of the Corporate Debtor<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">(c)Individual in charge of managing CD<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">(d)Person who has control over CD<\/span><\/li>\n<\/ul>\n<h2 id=\"Financial\" style=\"text-align: justify;\"><b>Section 7 (Financial Creditor)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A Financial Creditor can\u00a0make an application either by itself or jointly with other financial creditors to the <\/span><a href=\"https:\/\/nclt.gov.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">National Company Law Tribunal\u2002(NCLT)<\/span><\/a><span style=\"font-weight: 400;\"> \u00a0for initiating\u00a0the CIRP.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Financial Creditor needs to provide certain information along with the application. These pieces of information are,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Record of the default recorded with information utility or any other record or evidence of default<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Name of the\u00a0proposed resolution professional\u00a0to act as an interim resolution professional<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other information as may be specified by the Board.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The NCLT either accepts\u00a0or rejects\u00a0the application filed by a financial creditor, within 14 days of receiving the application.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If the NCLT is satisfied that there is an existence of default and the application is complete and no disciplinary proceedings are pending against the proposed resolution professional, it admits\u00a0the application. However, if it finds that the default has not occurred or the application is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may reject the application.\u00a0Moreover, a\u00a0notice shall be given to rectify a defect in the application within 7 days from the receipt of the application. The NCLT communicates, within 7 days of admission or rejection of such application,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">to the financial creditor\u00a0when the application is accepted<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">to the financial creditor where the application is rejected<\/span><\/li>\n<\/ul>\n<h2 id=\"Operational\" style=\"text-align: justify;\"><b>Section 8&amp;9 (Operational Creditor)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The process of insolvency resolution can be initiated by an operational creditor, by delivering a demand notice or a copy of an invoice demanding payment of the amount involved in the default to the corporate debtor.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As per, section 8(1) of the IBC, the operational creditor is required to deliver a demand notice of unpaid operational debtor copy of the invoice to the Corporate Debtor.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, The operational creditor has to\u00a0send\u00a0a\u00a0demand notice in form 3 or a copy of the invoice in form 4 as contained in <\/span><span style=\"font-weight: 400;\">Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As per section 8(2)(a) of\u00a0the IBC, the corporate debtor is required to reply within ten days of receipt of a copy of the invoice, existence of a dispute,\u00a0or\u00a0record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, as per \u00a0\u2013 section 9(1) of the IBC, if no reply is received within ten days from the date of delivery of the demand notice or copy of the invoice, the operational creditor may\u00a0file an application before the NCLT to initiate a corporate insolvency resolution process.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Operational Creditor has to provide certain other documents along with the application. These documents are,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor,\u00a0if available<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A copy of any record with information utility confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other proof confirming that there is no payment of an unpaid operational debt by the corporate debtor or such other information, as may be prescribed.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, an application fee of Rs. 2,000 has to be paid.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, the application may be rejected if,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u00a0is incomplete<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment has been made to the operational creditor<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The creditor has not delivered the invoice or notice for payment to the Corporate Debtor<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A disciplinary proceeding is pending against the proposed resolution professional<\/span><\/li>\n<\/ul>\n<h2 id=\"Corporate\" style=\"text-align: justify;\"><b>Section 10 (Corporate Applicant)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A corporate applicant may file an application to the\u00a0NCLT to initiate the resolution process. Further, it has provided certain documents along with the application, these documents are,<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Books of account and other documents<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information about proposed interim resolution professional<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Copy of special resolution passed by the shareholders or resolution approved by\u00a03\/4<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\">\u00a0of\u00a0the\u00a0total corporate debt holders<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A notice\u00a0by the NCLT\u00a0shall be given to rectify a defect in the application within 7 days from the receipt of application.<\/span><\/p>\n<p id=\"Conclusion\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Further, if the NCLT is satisfied that the existence of the default and application is complete and no disciplinary proceedings are pending against the proposed resolution professional, it shall admit the application.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If the NCLT finds that there is enough proof given, it can initiate the CIRP. The Corporate Insolvency Resolution Process shall commence on the admission of the application. IBC provides protection to individuals, companies and partnership firms. It provides protection to businesses. The investors and creditors of a business can conduct their work without any fear of bad debt.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have investments in a business and are afraid of losing the investment then you should know about the [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":37462,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[81],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insolvency Resolution of a Corporate Person - Goyal Mangal &amp; Company<\/title>\n<meta name=\"description\" content=\"Latest Article - Insolvency Resolution of a Corporate Person. 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