Chartered Accountants (C.As.) are well equipped to serve as arbitrators in settling disputes related to finance, tax, and accounting. This is due to their extensive knowledge and experience in finance and accounting matters, as well as their reputation for independence, objectivity, and impartiality.
In addition to arbitration, C.As. also provide insolvency services, such as preparing statements of affairs and acting as trustees in bankruptcy or under a deed of arrangement. These services require specialized knowledge of insolvency laws and regulations, as well as an understanding of the financial and operational aspects of insolvent companies.
As arbitrators, C.As. can assist parties in resolving disputes by providing impartial and objective opinions on complex financial and accounting matters. They can also act as mediators to help parties reach mutually agreeable settlements. C.As. can serve as arbitrators in various types of disputes, such as those involving tax assessments, contract disputes, financial statements, and business valuations.
In insolvency matters, C.As. can provide assistance to companies that are experiencing financial distress or facing insolvency. They can prepare statements of affairs, which provide detailed information about the company’s assets, liabilities, and creditors. C.As. can also act as trustees in bankruptcy or under a deed of arrangement, where they are responsible for managing the company’s affairs and distributing its assets to creditors.
In summary, C.As. have the expertise and experience to serve as arbitrators in financial and accounting disputes, as well as to provide insolvency services such as preparing statements of affairs and acting as trustees in bankruptcy or under a deed of arrangement. These services are critical in helping parties resolve complex financial and accounting issues and in managing the financial affairs of companies in distress
Resourceful links:
- International Chamber of Commerce – https://iccwbo.org/dispute-resolution-services/arbitration/
- Insolvency and Bankruptcy Board of India – https://www.ibbi.gov.in/
