New bankruptcy law introduces one-year grace period for debtors

MG News | August 29, 2025 at 10:18 AM GMT+05:00

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August 29, 2025 (MLN): A new Bankruptcy Law has been proposed under the recently formulated Industrial Policy, that offers debtors a one-year grace period for repayment obligations.

This came during a meeting between Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar, and the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, accompanied by a delegation of the business community.

The delegation congratulated SAPM Haroon Akhtar on the successful preparation of the new Industrial Policy and held detailed discussions on its implementation and the resolution of industry-related challenges, according to a press release issued yesterday.

Sharing details of the policy framework, the SAPM said a committee comprising all stakeholders has been constituted to oversee its implementation, while eight sub-committees have been formed to facilitate infrastructure development.

He emphasized that the government is committed to creating a business-friendly environment and ensuring sustainable industrial growth in Pakistan.

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