A&A
January 6, 2020
The Insolvency and Bankruptcy Code, 2016 (Code) has been amended through promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (Ordinance) on December 28, 2019. The Ordinance amends the Code to inter-alia, prescribe the threshold for financial creditors of certain specified categories to initiate the resolution process; clarification with respect to persons that are not entitled to initiate the insolvency resolution process, etc. amongst other amendments that have been introduced. Some of the salient features of the Ordinance are enumerated herein below:
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