CAREER AS AN INSOLVENCY PROFESSIONAL-DEMANDS AND NEEDS
“CAREER AS AN INSOLVENCY PROFESSIONAL-DEMANDS AND NEEDS”
Hi Bankersdaily Aspirant,
“Knowledge is the intellectual manipulation of carefully verified observations.”
By this saying today we are going to revamp our knowledge by observing about Insolvency,Why there is need for Insolvency Professional and what is their work.
Insolvency is the Situation where an entity or a firm cannot raise enough cash to meet its Obligations, or to pay debts as they become due for Payment.
Insolvency can be said in two ways:
- A Firm is said to be insolvent if it cannot meet its need and cannot pay its dept.
- A Firm is said to be insolvent if its Liability is more than its Asset by checking its Troubleshooting.
Why there is need for Insolvency Professional:
As, there is growing NPA’s there is a wide demand for Insolvency Professionals, RBI asked banks to take defaulters through the insolvency process,the Insolvency Professionals has assumed importance and people are rushing to clear the qualifying examination.Even CA’s and BANKER’s are rushing to clear the qualifying Examination .
Qualification Exam for Insolvency Professional:
An Individual Professional can become Insolvency Professional if he/she
- has passed the National Insolvency Examination.
- has passed the Limited Insolvency Examination, and has fifteen years of experience in management, after he received a Bachelor’s degree from a university established or recognized by law.
- has passed the Limited Insolvency Examination and has ten years of experience as –
- a chartered accountant enrolled as a member of the Institute of Chartered Accountants of India.
- a company secretary enrolled as a member of the Institute of Company Secretaries of India.
- a cost accountant enrolled as a member of the Institute of Cost Accountants of India, or
- an advocate enrolled with a Bar Council.
Why to become an Insolvency Professional:
A Person who is sick requires some treatment to overcome his/her problem. Similarly, when a Firm is under some Dept problem they need Insolvency Professionals to solve their problem with some legal ideas.
Insolvency is Possibly the most demanding career option a Professional can undertake ,it is certainly one of the most challenging, involving and rewarding.
As there are growing NPA’s in India, there is a large demand for Insolvency Professional to solve all the Problems.
Nature of work:
Spotting and evaluating distressed companies for restructuring and rescue planning.
Developing risk mitigation Strategies.
Salary for Insolvency Professional:
It ranges from £72,000 to £78,000
“A man who asks is a fool for five minutes.
A man who never asks is a fool for life.”
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