If it was necessary to sell or transfer assets (including a business) of an insolvent corporate borrower what, if any, are the major difficulties or problems associated with that process (for example restrictions on transfer or sale of land; providing for the transfer or welfare of employees on a sale or transfer of a going concern business)?

A company cannot dispose of its own assets as usual if it is under the insolvency proceedings. The major difficulty is to obtain the consent from the creditors meeting or interested parties meeting. Nevertheless, if the asset transfer is commercially favorable to all creditors, such consent will generally be obtained, and in such event, the court will not object.