IRP (Insolvency Resolution Professional)

An Insolvency Resolution Professional (IRP) is an expert appointed to manage the process of insolvency, which occurs when a person or company cannot pay its debts. The IRP's role is to assess the financial situation, negotiate with creditors, and develop a plan to either restructure the debts or liquidate assets. They ensure that the legal procedures are followed and aim to maximize the value of the debtor's assets for the benefit of all stakeholders. The IRP plays a crucial role in guiding the insolvency process towards a resolution, balancing the interests of debtors and creditors.