Securities and Exchange Commission of Pakistan [“SECP”] notified Panel of Provisional Managers and Official Liquidators Regulations, 2019 [“Regulations”] vide S.R.O.1352(I)/2019 dated 11 November 2019 in terms of section 315 of Companies Act, 2017 [“Act”].
Provisional managers or official liquidators are appointed for winding up of companies by the Court and SECP is required to maintain a panel of persons from whom the Court can appoint provisional manager or official liquidator of a company which is ordered to be wound up. These Regulations deal with eligibility criteria and application procedure in order to be included in the said panel.
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