The Securities and Exchange Commission of Pakistan (SECP) has proposed a new accreditation framework for official liquidators and insolvency experts as part of efforts to strengthen professional standards in corporate liquidation, restructuring and rehabilitation proceedings. The regulator issued a consultation paper on October 1, 2026, seeking feedback from stakeholders on the proposed accreditation criteria. The consultation is intended to establish a structured pathway for training, assessment, certification and continuing professional development of insolvency professionals operating under Pakistan’s corporate and rehabilitation laws. SECP has set October 16, 2026, as the last date for submission of comments on the consultation paper.
According to the consultation paper, SECP is responsible for developing professional accreditation programmes for provisional managers, official liquidators and insolvency experts under the Companies Act, 2017 and the Corporate Rehabilitation Act, 2018. The regulator stated that there are currently 64 official liquidators empanelled under Section 315 of the Companies Act, 2017, including professional accountants and lawyers. In addition, nine insolvency experts have been approved by the Commission, with most also registered as official liquidators. SECP noted that the existing framework does not provide a mechanism to ensure that insolvency professionals consistently perform their responsibilities in accordance with applicable laws and to the satisfaction of the relevant courts.
The proposed framework is intended to address these gaps through standardized training and certification. SECP said the accreditation system would focus on improving professional competence, strengthening accountability and bringing Pakistan’s insolvency practices closer to international standards. The regulator also identified the need for stronger training, continuing professional development and formal mechanisms through which practitioners can acquire the knowledge required to manage insolvency and corporate rehabilitation proceedings. The framework is designed to improve the quality, timeliness, efficiency and effectiveness of insolvency and restructuring proceedings while supporting greater confidence among creditors, investors and courts.
Under the proposal, individuals meeting the existing eligibility requirements for official liquidators and insolvency experts would have to obtain an Insolvency Professional Training Certificate after completing the prescribed levels of the programme. The certificate would become a mandatory requirement for empanelment as an insolvency professional under the relevant regulations. The certification course would be provided by the Institute of Financial Markets of Pakistan (IFMP), subject to prior approval from SECP. The curriculum would be jointly developed by SECP and IFMP, with emphasis on liquidation and insolvency proceedings, business turnaround and corporate rehabilitation. IFMP would also be required to obtain SECP approval for material changes to the programme and publish a continuing professional development calendar in advance.
The proposed programme would consist of three levels, with each level extending over at least three months. Level 1 would provide a Foundation Certificate covering Pakistan’s fundamental insolvency and restructuring laws and procedures and would include a written examination and case simulation. Level 2, described as the Practitioner or Intermediate Level, would cover administration, liquidation, restructuring frameworks, schemes of compromise and arrangement, amalgamations and practical workshops. It would include written and oral examinations and lead to an associateship credential. Level 3 would focus on advanced and global subjects, including International Financial Reporting Standards, financial analysis and valuation, cross-border insolvency, the United Nations Commission on International Trade Law Model Law, International Association of Insolvency Regulators-aligned content, forensic accounting and financial engineering techniques. This level would also involve written and oral examinations and lead to a fellowship credential.
SECP’s consultation paper also outlines assessment and continuing professional development requirements. An assessment would be required at the end of each level, with written examinations of at least two hours, case simulations and oral examinations of at least 30 minutes where applicable. Professionals would also need to complete 20 hours of continuing professional development each year to maintain their certification in good standing. The proposed curriculum assigns 15% each to business laws and regulations, case laws, and international trends and best practices, while mediation and arbitration laws would account for 5%, general laws for 10%, and finance and accounting for 10%. Case studies, assignments, role plays and practical issues faced during winding-up or other insolvency proceedings would account for the largest share at 30%. The proposed minimum passing score across assessments is 65%.
The framework draws on insolvency training and licensing structures used in several jurisdictions. SECP cited the United Kingdom, Singapore, Malaysia and India as examples where insolvency practitioners are subject to structured education, examinations, licensing or professional approval and continuing development requirements. The consultation paper also refers to international programmes offered by INSOL International, including the Global Insolvency Practice Course and a Foundation Certificate in International Insolvency Law. SECP said these international examples demonstrate the role of tiered training, examinations and continuing professional development in professional insolvency systems.
The proposed framework would also place additional responsibilities on IFMP. The institute would be expected to publish the names of approved insolvency professionals on its website and provide the information to SECP for publication on the regulator’s website. It would also be expected to support candidates seeking international certifications, provide appropriate instructional materials and develop Pakistan-focused case studies for the accreditation programme. SECP has further proposed that IFMP arrange research programmes, seminars, conferences and workshops to promote corporate restructuring practices, while online self-study options for continuing professional development may also be considered.
SECP has stated that the proposed accreditation programme may eventually be incorporated into the Panel of Provisional Managers and Official Liquidators Regulations, 2019 and the Corporate Rehabilitation Regulations, 2019 after finalization. The consultation paper includes proposed amendments to the relevant regulations, with the framework linked to SECP’s responsibilities under the Companies Act, 2017 and the Corporate Rehabilitation Act, 2018. Stakeholders have been invited to submit their comments to the Mergers & Restructuring Department within 15 days of the consultation paper’s issuance, either by email or post to SECP’s head office in Islamabad.
The consultation paper therefore places professional training, formal assessment and continuing development at the centre of SECP’s proposed approach to insolvency practice in Pakistan. If finalized, the framework would establish a defined certification route for professionals seeking empanelment as official liquidators and insolvency experts, while also introducing ongoing educational requirements for maintaining certification. The SECP document remains a consultation proposal at this stage, with stakeholder feedback expected to inform the final framework and any related regulatory amendments.
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