August 1, 2002	Thursday	Jamadi-ul-Awwal 21,1423

KARACHI, July 31: The Banking Laws Review Commission has asked people to send their views/comments/suggestions on draft law for corporate rehabilitation by August 15 to Commission’s Secretary R. A. Chughtai.

The views/comments/suggestions should be sent to Chughtai who is also deputy governor of the State Bank directly at SBP head office or through fax number 021-9212414. These can also be emailed to ra.chughtai@sbp.org.pk.

The State Bank said in a press release that the draft of the Corporate Rehabilitation Ordinance is available on the websites of SBP and the Ministry of Finance.

It could be downloaded from or viewed on www.sbp.org.pk or www.finance.gov.pk.

“The objective of the legislation is to rehabilitate viable business facing the threat of insolvency while allowing smooth and expeditious liquidation where rehabilitation is not feasible,” says the press release.

“The draft law allows both the management of the company (debtor) and its creditors to file cases for rehabilitation.”

“The commencement of a case under this law shall operate as an autonomous stay. Depending upon the situation the court, through an order of relief, may allow the management of the company to continue in possession and control of the property of the company or remove the management and appoint an administrator.”