ISLAMABAD: The Senate on Tuesday handed the Company Rehabilitation Invoice 2017 after a clause-by-clause studying.
The invoice was tabled by Minister for Regulation and Justice Zahid Hamid.
The invoice goals to offer for rehabilitation and reorganisation of distressed company entities.
In line with assertion of Objects and Causes of the invoice, the prevailing institutional preparations and authorized course of for revival and rehabilitation of distressed corporations is each insufficient and time consuming.
Efforts prior to now have been made largely on creditor pleasant restoration legal guidelines which resulted in imbalance of authorized cures for rehabilitation of debtors, it notes.
Subsequently, a complete authorized framework is now urgently wanted to rehabilitate the distressed corporations and companies within the nation, it added.
Revealed in Daybreak, September thirteenth, 2017
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