In the crises of Insolvency, many Organizations/Individuals look for an immediate solution to come out of the debt. The debt handling firms or the Insolvency Practitioner (I.P) come to the rescue of these organizations to provide them the necessary solutions. The Insolvency Practitioners Association or the Insolvency Practitioners use the Insolvency Software, which offers them the debt management solutions. It also applies to the cases where Individual Voluntary Arrangement (IVA) is made by the Insolvency practitioners. The primary function of the Insolvency practitioner is to act as a bridge between the Creditors and the Debtors in coming to an agreement called IVA.
Role of Insolvency Software
The IVA software, also called Insolvency Software, plays a crucial role in the maintenance of the records such as payments to the creditors, their scheduling, distribution, and the track record of payments done by debtors to the stockholders, etc. The software should have features like Flexibility in Operation, suitable for all types of cases, Tracking features of Banking, high Security, and Robust in performance.
Insolvency Software Functionalities
- Providing the best possible solution for Debt Management on the premises of the Creditors and Debtors by assessing their performance.
- It should be able to handle and track the finances of large organizations with the capability to track their every operation/transaction.
- As it involves in the collection of the data and contains the critical information of both creditors and debtors. So, security is an essential inbuilt feature of this software.
- It should have automatic features like notifying the payments or the transactions to both the parties and the other clients involved in the business. These automated features help in reducing the time elapses and enhances the transparency between the two parties.
- Insolvency software’s other main feature is to track the list of transactions by the parties/ clients, the daily finances if incoming and outgoing operations of the companies.
- It should be user friendly and have an up-gradation facility to extend or include new services. This helps the debtors and creditors to monitor their finances easily without any complexity.
- It should operate dynamically in terms like provision of the information services to and fro between the companies, other important messages, and automatic alerts that keep them updated.
- The Insolvency software should be compatible with other devices, must be usable in combination with other products and services when required.
We can say that the software should integrate all the services needed end to end for better productivity while reporting and handling the data in providing a solution.
The Insolvency software should facilitate the practitioner to arrive at the best solution by accurate assessment of entities, build useful reports on the investigation of the company’s financial position, and finally to provide better returns for the creditors. The practitioner, with the help of the efficient software system, will analyze the accurate picture and functioning of the organizations/individuals.
The software should help the Insolvency practitioner in effective decision making according to GAAP policies in the overall analysis of the Insolvency or Bankruptcy process involving the debtors, creditors, stockholders, etc.
The software should be able to accommodate the services like Documentation in services like sending the list of transactions to the concerned authorities like Banks, third parties involved, necessary approval requests to be raised when the assets of debtors are sold, gathering of documents from the trustees if any present, etc.
The Insolvency software helps the practitioner in day to day acts like analyzing the documents such as Insolvency petitions/ quotes, debtors and creditors claims, budget allocation docs, various Income and expenditure forms of clients, etc.
The software also looks after the E-Filings by both parties, the performance of the automated tasks, updations of the workflow of the clients, access to the databases required for information, and other inbuilt solutions to make sure the process is carried out smoothly.
There are many Insolvency softwares available in the market which offer the services as per the requirements of the practitioner and also provide customizations upon the need.
How Solvemint helps Insolvency Practitioners
Provides the solutions considering the stakeholders like Creditors (secured and unsecured), Stockholders, Employees, Auditors, etc., from their perspectives to attain the best possible solution in a crisis. Through its interface, Solvemint offers a very simple process for the claims of creditors and employees, which makes their job easier.
Through its assets management interface, it is effortless to track the information regarding the sale of the assets, auctions. It organizes and also provides a platform for the bidding of the assets, auction, facilitates the information to buyers and auctioneers. All these decisions were taken through an organized E-boarding process to help the decision making the process easier for creditors and stockholders through a blockchain-based application.
It also has other advantages like Automatic Notice Generator, which provides all the required legal notices with a click. Solvemint always focuses on providing the best platform to its customers and is the pioneer in bringing the updated features, which makes it best in the Cooperate Insolvency Management.
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