ISLAMABAD: The Senate on Tuesday passed the Corporate Rehabilitation Bill 2017 after a clause-by-clause reading.

The bill was tabled by Minister for Law and Justice Zahid Hamid.

The bill aims to provide for rehabilitation and reorganisation of distressed corporate entities.

According to statement of Objects and Reasons of the bill, the existing institutional arrangements and legal process for revival and rehabilitation of distressed companies is both inadequate and time consuming.

Efforts in the past have been made largely on creditor friendly recovery laws which resulted in imbalance of legal remedies for rehabilitation of debtors, it notes.

Therefore, a comprehensive legal framework is now urgently needed to rehabilitate the distressed companies and businesses in the country, it added.

Published in Dawn, September 13th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.