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Pakistan’s New Corporate Rehabilitation Act 2018: A Critical Assessment
AbstractThis paper is designed to throw an insight into the legal frame work of corporate rescue prevailing in Pakistan for the companies which are at the brink of insolvency. While doing so this paper not only traces the roots of existing legal frame work of corporate rescue but also examine the relevant provisions of the law dealing with corporate rescue in our jurisdiction i.e Corporate Rehabilitation Act 2018. This paper apprised that, despite the fact that Corporate Rehabilitation Act 2018 is a result of continuous efforts of more than a decade, this Act is not entirely in accordance with the need of a financially distress company as well as with the socio economic condition of our jurisdiction rather it possess certain lacunas. By this analytical overview the paper aims to provide the reader with the instigation of thought for making possible improvements in our present law in order to make the same aligned with the need to protect the viable companies from collapse. It is concludes by proposing certain recommendations to overcome the shortcomings reflected by the existing legal framework for corporate rescue in Pakistan.
- Nuzhat Mahmood Khan
- Ph. D Scholar (Law), International Islamic University, Islamabad, Pakistan
- Dr. Samia Maqbool Niazi
- Assistant Professor (Law), International Islamic University, Islamabad, Pakistan