Insolvency Tribunal

An Insolvency Tribunal is a specialized legal body that handles cases involving individuals or businesses unable to pay their debts. Its primary role is to assess financial situations and facilitate processes such as debt restructuring or bankruptcy proceedings. The tribunal ensures fair treatment for creditors and debtors, helping resolve disputes and potentially rehabilitating financially troubled entities. These tribunals aim to restore financial stability while balancing the interests of all parties involved, making decisions that can lead to repayment plans or liquidation of assets when necessary.