Simple Measures Can Help Address Challenges Faced By Insolvency Regimes Amid COVID-19

Amid the coronavirus pandemic, preventing a viable firm from prematurely being pushed into insolvency, addressing individual financial distress and other challenges for insolvency regimes can be addressed through simple, transparent and time-bound measures, according to a World Bank Group official, Business Insider reported. Mahesh Uttamchandani, World Bank Group -- Global Lead, on Wednesday also said that due to the pandemic, 100 million people who were uplifted from poverty globally would fall back into poverty. Speaking at a webinar on 'Impact of COVID 19 on the Insolvency and Bankruptcy regime - Global and Indian responses', he said, "the pandemic has reduced demand for firms' products, disrupted supply and tightened credit". Highlighting the challenges faced by insolvency regimes during the pandemic, he said there would be key challenges in three phases. Read more