The Securities and Exchange Commission of Pakistan (SECP) has taken a major step in reforming the insolvency and debt enforcement framework by successfully concluding a comprehensive stakeholder consultation. The consultation underscored the significance of strengthening Pakistan’s legal and regulatory systems to ensure efficient debt resolution and a robust insolvency regime.
Judicial Support for Debt Resolution
The consultation event was highlighted by the presence of Justice Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan. Justice Shah stressed the critical role of mediation in resolving debt and insolvency disputes.
Other distinguished members of the judiciary also attended the sessions. Judges from the Sindh High Court, Lahore High Court, Peshawar High Court, and Balochistan High Court, including Justices Mehmood A. Khan, Adnan Iqbal Chaudhary, Jawad Hassan, Arshad Ali, and Aamir Nawaz Rana, provided valuable insights. Their contributions emphasized the need for reforms to enhance the effectiveness of the insolvency and debt enforcement systems.
Global Expertise and Best Practices
They shared actionable recommendations for aligning Pakistan’s framework with globally accepted standards. Their insights offered critical benchmarks to modernize local laws and ensure alignment with international practices.
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Collaborative Discussions with Key Stakeholders
The event brought together a diverse range of stakeholders, including regulatory authorities, business leaders, banking sector representatives, and legal experts. The sessions encouraged open dialogue on challenges in the current insolvency and debt enforcement framework.
A Milestone in Reform Efforts
This consultation marks a major milestone in SECP’s ongoing efforts to create a more resilient and efficient insolvency system in Pakistan. By fostering collaboration among judiciary leaders, regulators, global financial institutions, and business stakeholders, the SECP aims to establish a comprehensive framework for addressing critical economic challenges.
Through these reforms, the SECP is laying the foundation for a stronger insolvency regime that not only supports businesses but also enhances economic stability in Pakistan. These initiatives reflect SECP’s commitment to building a regulatory environment that is modern, fair, and globally competitive.
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