Insolvency Act, 2063

Purpose: To provide for administration, insolvency procedure and restructuring of companies that are insolvent, about to become insolvent or in financial difficulty. Authenticated 2063/08/04 (Act No. 20 of 2063).

Structure: 9 chapters, Sections 1-77: preliminary; insolvency proceedings; inquiry; restructuring; liquidation; creditors' claims and payment; voidable transactions; insolvency practitioners; miscellaneous.

Key provisions:

• Section 7: a company is deemed insolvent if its shareholders or board resolve so, if it fails to pay within 35 days of a court order, or if it fails to pay within 35 days of a creditor's demand notice without applying to void it; or if liabilities exceed assets.
• Section 8 onward: application for insolvency proceedings; Section 11: interim orders.
• Chapter 3: inquiry by an inquiry officer; Section 19: automatic suspension of actions.
• Chapter 4 (Sections 23-36): restructuring plan approved by creditors; Section 29: restructuring does not affect secured creditors.
• Chapter 5: liquidation and the liquidator's powers.
• Chapter 7: voidable transactions.

Amendment: 2080 Act on preventing money laundering and promoting the business environment.

Banks are usually the largest creditors of failing companies; this Act decides whether a borrower is restructured or liquidated and where the bank's secured claim ranks.

उद्देश्य: साहूको ऋण तिर्न नसकी दामासाहीमा परेका वा पर्न लागेका कम्पनीको प्रशासन, दामासाही कार्यविधि र पुनर्संरचना। प्रमाणीकरण २०६३।०८।०४, ऐन नं. २०।

संरचना: ९ परिच्छेद, दफा १ देखि ७७।

मुख्य व्यवस्था:

• दफा ७: शेयरधनी वा सञ्चालक समितिको निर्णय, अदालतको आदेशपछि ३५ दिनभित्र ऋण नतिरेमा वा साहूको सूचनापछि ३५ दिनभित्र नतिरेमा कम्पनी दामासाहीमा परेको मानिने।
• परिच्छेद ३: जाँचबुझ; परिच्छेद ४: पुनर्संरचना योजना; दफा २९ सुरक्षित साहूलाई असर नपर्ने।
• परिच्छेद ५: लिक्विडेसन; परिच्छेद ७: बदर हुन सक्ने कारोबार।

संशोधन: २०८०।

कर्जा लिएको कम्पनी दामासाहीमा परे बैङ्कको दाबी कुन क्रममा भुक्तानी हुन्छ भन्ने यसै ऐनले तय गर्छ।