CORPORATE AND PERSONAL INSOLVENCY
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CORPORATE INSOLVENCY: refers to the situation where a company is unable to meet its financial obligations as they come due. This can be due to a lack of liquid assets to pay its debts, leading to a cash flow problem. Corporate insolvency can result in legal actions, restructuring, or liquidation of the company's assets to pay off creditors.
PERSONAL INSOLVENCY: on the other hand, occurs when an individual cannot repay their debts as they become due. This financial state can lead to various legal outcomes, including bankruptcy, which might involve the selling of personal assets or restructuring of personal debts under legal supervision to manage the repayment to creditors.
PROFESSIONAL MISCONDUCT IN THE INSOLVENCY SECTOR: This refers to unethical, illegal, or unprofessional behaviour by individuals or entities involved in the management of insolvency cases. This could include insolvency practitioners, lawyers, accountants, or other professionals who work with insolvent individuals or corporations. Here are some examples of professional misconduct in this context:
-Conflict of Interest
-Breach of Confidentiality
-Fraudulent Activities
-Failure to Comply with Legal and Regulatory Requirements
- Incompetence or Negligence
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