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Title: Winding up of Companies by the Court: The Law and Practice in Pakistan
Authors: Ajmal, Muhammad
Keywords: Law and Legislature
Company Law
Issue Date: 2021
Publisher: University of South Asia, Lahore
Abstract: The efficient process of winding up of companies safeguards constructive corporate culture. The law of winding up of companies by the Court in Pakistan has been found less fruitful, cumbersome and time-consuming by Company Law Review Commission of Pakistan in 2006. Since the promulgation of the Companies Ordinance 1984, the corporate world changed a lot and identified countable deficiencies. The Companies Act 2017 has recently been introduced paying less heed to the issues of law of winding up of companies. The sub-issues include overlapping of laws and forums, non-codification of objectives, unfettered discretion of the court, the uncertainty of transactions and justification of the grounds. The prolonged procedure, multifariousness of remedies, less effective role of the Court, official liquidator and SECP, inadequate penalties, double jeopardy and repetition of offences are also important issues. The objectives are to examine all the issues, to identify the causes, to evaluate the impact of the issues and to find out and suggest the remedial steps. The research methodology is historical- tracing the development of the law in Pakistan, doctrinal-evaluating doctrines of commercial insolvency, good governance, just and equitable and comparative- evaluating statutory provisions of the company law and precedents of Superior Courts of Pakistan and India. The thesis has corporate, financial and legal impacts with consequences of expeditious and meritorious justice, reduced backlog, development of positive corporate culture and lessening the burden on public exchequer and boosting the trust of public at large upon the judiciary. The conclusion deduced is that the main issue exists. The solution is the reformation of the law. The concepts of company tribunals, the institution of official liquidators and valuers, consolidated law of winding up of companies in Pakistan and special procedure for winding up of companies are rich for future research.
Gov't Doc #: 24965
Appears in Collections:PhD Thesis of All Public / Private Sector Universities / DAIs.

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