Islamabad (GNP): The Securities and Exchange Commission of Pakistan (SECP) has invited public feedback on a proposed accreditation framework for official liquidators, provisional managers, and insolvency experts.
The framework outlines measures aimed at improving the handling of corporate liquidation and rehabilitation proceedings under the Companies Act 2017 and the Corporate Rehabilitation Act 2018, with the goal of building a pool of qualified professionals capable of managing company wind-ups and supporting the recovery of financially distressed businesses.
These measures are intended to make insolvency proceedings more efficient and transparent, safeguard creditors’ interests, and help viable companies recover.
Under the proposal, practitioners seeking to be empaneled as official liquidators or insolvency experts — as well as those already on the Commission’s panel — would be required to obtain professional certification in insolvency practice from the Institute of Financial Markets of Pakistan (IFMP). This would involve a three-stage program combining written and oral examinations with ongoing annual professional development requirements.
The proposal also introduces a code of conduct for official liquidators and provisional managers, who play interim roles during insolvency proceedings.
Also read: Maritime Minister Seeks Faster One-Window Port Centre
These measures aim to address capacity gaps identified in the World Bank’s 2022 Report on the Observance of Standards and Codes, drawing on practices from the United Kingdom, Singapore, Malaysia, and India. The full consultation paper is available on the SECP website.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
