ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has called for public feedback on a new accreditation framework aimed at regulating official liquidators, provisional managers, and insolvency professionals. The proposal seeks to enhance the management of corporate liquidation and rehabilitation processes in accordance with the Companies Act, 2017, and the Corporate Rehabilitation Act, 2018.

According to Securities and Exchange Commission of Pakistan, the initiative intends to develop a qualified pool of professionals to facilitate the orderly winding up of companies and aid in the recovery of financially troubled businesses. The proposed framework aims to increase efficiency and transparency in these proceedings, safeguard creditors’ interests, and assist viable companies in regaining stability.

The proposal mandates that practitioners aspiring to be official liquidators and insolvency experts, as well as those currently in these roles, obtain professional certification in insolvency practice from the Institute of Financial Markets of Pakistan (IFMP). This certification process would include written and oral examinations and require ongoing professional development annually.

Additionally, a code of conduct for official liquidators and provisional managers is included in the proposal. These measures address capacity issues highlighted in the World Bank’s 2022 Report on the Observance of Standards and Codes and incorporate practices from the United Kingdom, Singapore, Malaysia, and India.

The SECP has made the consultation paper available on its website and is inviting stakeholders to submit comments by October 16, 2026, via email at [email protected].