Govt Proposes New Bankruptcy Law Under Industrial Policy

Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar, announced that the government has proposed a new Bankruptcy Law as part of the recently unveiled Industrial Policy. The proposed law aims to provide struggling businesses with a one-year grace period for repayment obligations, offering relief to debtors and encouraging business continuity. Akhtar shared the development during a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh and a delegation of business leaders. The delegation congratulated him on the successful formulation of the new Industrial Policy and discussed challenges faced by the business community. The SAPM said a stakeholder committee, supported by eight sub-committees, has been formed to oversee implementation of the policy and facilitate infrastructure development. He reaffirmed the government’s commitment to supporting the private sector and ensuring sustainable industrial growth.