In a large bowl, combine the eggs, milk, sugar, vanilla, cinnamon and nutmeg. Gently stir in the croissants, toffee bits, pecans and chips; let stand for 15 minutes or until croissants are softened.
Transfer to a greased 13-in. x 9-in. baking dish. Bake, uncovered, at 350° for 30-35 minutes or until a knife inserted near the center comes out clean.
For sauce, bring the sugar, cream and butter to a boil in a small saucepan. Reduce heat; simmer, uncovered, for 5 minutes. Remove from the heat; stir in vanilla. Serve with warm bread pudding. Yield: 12 servings (1-1/4 cups sauce).