SECP concludes stakeholder consultation on insolvency, debt enforcement

December 09, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) concludes key consultation on insolvency reforms, featuring judicial insights and global expertise to strengthen Pakistan’s debt enforcement framework.

According to the press release, Justice Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court, closed the event on Saturday, underscored the importance of the judiciary's collaboration with regulatory bodies.

In his remarks, Justice Mansoor Ali Shah highlighted the pivotal role that mediation can play in resolving disputes related to debt and insolvency.

His statement emphasized the importance of alternative dispute resolution mechanisms in fostering quicker, fairer, and more effective resolutions to corporate conflicts.

The hon’ble judges provided valuable suggestions for much-needed reforms in the insolvency and debt enforcement regimes.

The event was further enriched by insightful presentations from representatives of the World Bank and International Monetary Fund (IMF).

These global institutions shared their expertise and international perspectives on best practices for insolvency and debt enforcement.

They offered critical recommendations for aligning Pakistan's legal framework with globally recognized standards.

The consultation was also attended by representatives from key regulatory authorities, prominent business leaders, and other stakeholders.

The sessions facilitated discussions among a diverse range of stakeholders, including the judiciary, SECP, and the banking industry.

They focused on increasing the efficiency of debt enforcement and identifying necessary improvements in the insolvency regime.

The consultation sessions included detailed discussions on reforms to the insolvency regime.

Attendees deliberated on the challenges facing businesses and creditors in the current economic climate and explored solutions to ensure timely and equitable debt resolution.

This event marks a milestone in SECP’s efforts to foster a collaborative approach to addressing critical economic challenges.

By bringing together judiciary leaders, regulators, global financial institutions, and business stakeholders, SECP aims to pave the way for a more resilient and efficient insolvency system in Pakistan.

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