Centre proposes framework for cross-border insolvency; seeks comments till December 15
The government is preparing to come out with a cross-border insolvency resolution framework based on the UNCITRAL model law and is proposed to be made applicable for both corporate debtors as well as personal guarantors to such debtors.
Broadly, cross-border insolvency process pertains to those debtors having assets and creditors overseas. Image source: Pixabay