To further support the funding requirements of micro, small and medium enterprises (MSMEs), particularly smaller MSMEs and other businesses including those in credit deficient and aspirational distric
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Micro Small and Medium Enterprises (MSMEs) play a crucial role in economic development in Kenya. They are a vital engine in the economy since they drive growth, create employment - especially among youth - and spearhead innovation.
They provide a customer base to larger companies across the supply chain and supply vital goods and services to companies and households, helping to keep the wheels of the economy in motion.
Many MSMEs have the potential to become tomorrow’s large corporations that the government needs to continue on its path to growth and prosperity.
Many studies reveal that MSMEs growth is constrained among others by lack of financial support, poor management, lack of training and experience, poor infrastructure, and low profits.
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IBC
Government of India, GoI has promulgated via the President, an ordinance further to amend the Insolvency and Bankruptcy Code, IBC 2016.
The ordinance was published in the Gazette of India Sunday (4 April).
The ordinance will make insolvency resolution easier and faster for Micro, small and medium, MSME using a pre-packaged process. MSME enterprises are critical for India s economy as they contribute significantly to its gross domestic product and provide employment to a sizeable population. It is considered necessary to urgently address the specific requirements of micro, small and medium enterprises relating to the resolution of their insolvency, due to the unique nature of their businesses and simpler corporate structures, the government ordinance said as reported by
Centre brings ordinance to introduce pre-packaged debt resolution process for MSMEs
The suspension wherein fresh insolvency proceedings were not allowed for a year starting from March 25, 2020 was implemented amid the coronavirus pandemic disrupting economic activities
PTI | April 5, 2021 | Updated 14:48 IST
The government has amended the insolvency law to provide for a pre-packaged resolution process for micro, small and medium enterprises. An ordinance was promulgated to amend the Insolvency and Bankruptcy Code (IBC) on April 4, according to a notification.
The latest move comes less than two weeks after the suspension of certain IBC provisions ended. The suspension wherein fresh insolvency proceedings were not allowed for a year starting from March 25, 2020 was implemented amid the coronavirus pandemic disrupting economic activities.