The government has introduced a new bankruptcy law under the recently approved Industrial Policy, offering debtors a one-year grace period to meet repayment obligations.
The development was shared during a meeting between Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar, and the President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, along with a delegation of business leaders.
The business community congratulated SAPM Haroon Akhtar on the successful formulation of the Industrial Policy and discussed its implementation and measures to resolve industry-related challenges, according to an official press release.
Providing details of the framework, the SAPM said that a dedicated committee with representation from all stakeholders has been established to oversee implementation of the Industrial Policy. Additionally, eight sub-committees have been set up to facilitate infrastructure development and ensure smoother execution.
Highlighting the government’s commitment, Haroon Akhtar stated that the proposed bankruptcy law, along with broader policy reforms, reflects a strong focus on creating a business-friendly environment and achieving sustainable industrial growth.