ISLAMABAD, Pakistan: The National Assembly Thursday passed the Corporate Restructuring Companies Bill, 2015 aimed at declaring the corporate restructuring as new form of business.
Parliamentary Secretary for Finance and Revenue Rana Afzal Ahmed on behalf of the Finance Minister moved bill in the House.
The Statement of Objects and Reasons of the bill says, the concept of Corporate Restructuring Company is non-existent in Pakistan so far.
The bill seeks to declare the corporate restructuring as new form of business under which companies can be formed in Pakistan for the purpose of transforming the financially distressed companies to financially and operationally viable companies.
The bill provides for the establishment, licensing and regulation of corporate restructuring companies and the manner in which they can carry on business.
