The National Assembly Finance Committee on Friday unanimously approved the draft of the Corporate Restructuring Companies Bill, 2016.
Member National Assembly Qaiser Ahmad Sheikh chaired the meeting. The bill is aimed at establishing a new business regime under which corporate restructuring companies are to be incorporated, licensed and regulated by the SECP to perform the business of acquisition, management, restructuring and resolution of non-performing assets of financial institutions and restructuring, reorganising, revival and liquidation of commercially or financially distressed companies and their business.
The bill will also provide basic set up for the rehabilitation mechanism of sick units in the country and to put the corpora…
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