January 6, 2020: The Securities and Exchange Commission of Pakistan (SECP) notified the Panel of Provisional Managers and Official Liquidators Regulations, 2019 laying down criteria for the appointment of panel of provisional managers and official liquidators.
For the purposes of winding up of companies by the Court, Section 315 of the Companies Act requires that the SECP shall maintain a panel of persons from whom the Court shall appoint a provisional manager or official liquidator of a company, ordered to be wound-up.
The regulations provide the eligibility criteria for inclusion in the panel of provisional managers and official liquidators. Qualified individuals may apply to the SECP under the Regulations on prescribed format and such application can be sent directly to the email address i.e., official.liquidators@secp.gov.pk.
The SECP has the right to refuse an application after providing hearing opportunity to the applicant if he does not meet the eligibility criteria and other requirements under the law.
Any provisional manager or official liquidator already appointed by the Court shall be exempt from the regulations to the extent of such case for which the appointment was made.
