December 12, 2020
Creditors' Voluntary Liquidation (CVL) is a procedure, instigated voluntarily by the members of an insolvent company, by which the assets of the insolvent company are sold, and profits distributed to the company's creditors. The Company gets dissolved at the end of the liquidation. The process is managed by a liquidator. Although the process is begun voluntarily, it many times leads to the building up of many months of financial stress when the possibility of a successful closure has been eliminated. Nonetheless, this is not an ideal position, there is not a possible future for an insolvent company to carry forward their business as a profitable entity, voluntary liquidation by way of a CVL can be the best solution for all concerned.
Liquidation of a company is possible by appointing a liquidator on the company’s behalf which as a result carry off a lot of investigations and all sorts of lengthy works. Liquidators today are under enormous pressure to increase their billable hours while at the same time reduce their legal fees and costs. As a result, more and more Liquidators require a legal support provider who can reduce their costs, increase efficiency, and improve the quality of their work product so that they can focus on the practice of liquidation. To accomplish these objectives the liquidation process can be outsourced to India from where it will provide liquidation business process outsourcing solutions and reduce the stress of liquidators.
Largest Professional Talent Pool in the World
India stays matchless when it comes to its massive pool of skilled and talented human power. The country has a population of over 1.2 billion people out of which around 3.1 million becomes graduates every year and get added to the workforce. India also has an edge over other countries having the largest English-speaking nation in the world, larger even than the US and UK combined. Apart from the huge numbers, is the quality of talent that fascinates companies wishing to outsource legal work to India.
Offers Flexible Pricing Options
The biggest reason why India is the most desired country for outsourcing any kind of work is that it is attractive pricing which helps outsourcing provider reduce their cost. This is because of the very big difference between labor costs in India and that of other economically developed countries. Such as countries like the UK has the labor cost might be around £50 to £80 per hour (for permanent staff depending on expertise and experience whereas, the hourly cost of staff in India can range from £15 to £25 per hour.
These low-cost permits companies the flexibility and innovativeness in tackling their budget which ultimately helps them to garner huge profits in their business.
Provides Consistent High-Quality Services
Cost plays an important role when it comes to outsourcing work to other countries. By providing high-quality services at reasonable low-cost India remains one of the first choices for outsourcing. A legal outsourcing company in India attracts the best, the brightest, and the most talented legal professional who is well conversant with the finer nuances of the laws of other countries. This naturally gives their work an edge above the rest of the world, one reason why India is a secure and favourite destination for those desirous of outsourcing legal services.
Superiority over Network and Technology
India in the 21st century is well-developed and it offers exceptional telecom, Internet Service Provider, and cellular networks in all mega-cities and towns. Clients have been offered the upgraded and best in IT Services, process innovation and core process redesign, system and software up-gradation, maintenance of software and hardware, system integration, and much more. Outsourcing companies are also maintaining uninterrupted transmission channels for communicating with clients by providing high-speed bandwidth via satellite connectivity, submarine cables, and fibre-optic networks.
These are the reasons why more and more law firms and legal departments of blue-chip companies have picked India as a secure destination for outsourcing legal admin work.