Insolvency resolution process

Insolvency resolution is a legal process to help a financially distressed company or individual recover or manage their debts. When someone can't pay their bills, they can request assistance through this process. A designated authority, often a court or a financial tribunal, reviews the case and may appoint a resolution professional. This professional works with all stakeholders—creditors, investors, and the debtor—to develop a plan to restore financial stability or, if that's not possible, to facilitate a fair liquidation of assets. The goal is to maximize value and ensure equitable treatment of creditors while giving the debtor a chance to recover or settle their debts.