As the federal government decided to set up Pakistan’s first corporate restructuring company, Prime Minister Khan took a further step towards economic development.
With the assistance of ten domestic banks and an original paid-up capital of Rs500 million, the new entity, Pakistan Corporate Restructuring Company Limited (PCRCL). The business seeks to create jobs through the reactivation of struggling organizations in the country.
The Corporate Restructuring Companies Act initiative will increase the rate of economic growth after PCRCL is introduced. The notification reads that the new entity ‘ acquires, manages, restructures, resolves financial institutions ‘ non-performing assets (NPAs) and reorganises and reanimates the companies which are commercially and financially affected.’
It further said that the domestic banks include Habib Bank Limited, National Bank of Pakistan, United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Bank Al-Falah limited, Bank Al-Habib Limited, Habib Metropolitan Bank Limited and Faysal Bank Limited.
PCRCL is being considered as a vibrant economic agent to revitalise the sustainable distressed entities and rehabilitation of sick industrial units
Remember here that in November last year, in order to pave the way for institutional arrangements and legal action under the Corporate Restructuring Companies Law of 2016, SECP has informed the enactment of Corporate Restructuring Companies Rules.