RegAlert2019-11-12
Added · Updated
Panel of Provisional Managers and Official Liquidators Regulations, 2019
The Securities and Exchange Commission of Pakistan establishes a Panel of provisional managers and official liquidators under the Companies Act, 2017, requiring applicants to hold specific educational qualifications and at least ten years of relevant experience. The regulations define strict eligibility criteria, including residency in Pakistan and professional membership, while listing ineligibility grounds such as insolvency, criminal conviction, or failure to file income tax returns. Applicants must submit Form-A with supporting documents to the Commission, which maintains a public register of empanelled professionals and retains the authority to remove names if eligibility conditions are no longer met.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 11th November 2019 NOTIFICATION S.R.O. 1352 (I)/2019.- In exercise of the powers conferred under sub-section (1) of
section 512, read with section 315 of the Companies Act, 2017 (XIX of 2017), the Securities
and Exchange Commission of Pakistan is pleased to make the following regulations, the same having been previously published vide S.R.O. 610 (I)/2019 dated 30th May, 2019 as required by proviso to sub-section (1) of the said section 512, namely:-
- Short title and commencement.- (1) These Regulations shall be called the
Panel of Provisional Managers and Official Liquidators Regulations, 2019. (2) They shall come into force at once. - Definitions.— (1) In these regulations unless there is anything repugnant in
the subject or context,-
(i) “Act” means the Companies Act, 2017 (XIX of 2017); (ii) “Form” means form appended to these regulations; (iii) “insolvency expert” shall have the same meaning as assigned to it in clause (i) of sub-section (1) of section 2 of the Corporate Rehabilitation Act, 2018 (Act No. IX of 2018); (iv) “Panel” means a panel of provisional managers and official liquidators maintained by the Commission under these regulations; and (v) “provisional manager or official liquidator” shall have the same meaning as assigned to it in section 315 of the Companies Act, 2017 (XIX of 2017). (2) Words and expressions used but not defined in these regulations shall have the same meanings as are assigned to them under the Companies Act, 2017 (XIX of 2017) or any administered legislation. - Panel of provisional managers and official liquidators.— (1) The Commission
shall maintain a Panel of provisional managers and official liquidators for the purposes of
section 315 of the Act in the manner as it may deem fit.
(2) Provisional manager or official liquidator, as the case may be, already appointed by the Court under the Act before coming into force of these regulations, shall be exempt from the requirement of this regulation to the extent of such case for which the appointment was made. - Eligibility Criteria for Panel.- Any person may apply to the Commission to be
included in the Panel subject to the requirements of the Act and the following criteria,-
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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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