SECP proposes professional qualification framework for official liquidators

Mettis Global reported that the Securities and Exchange Commission of Pakistan has proposed a broad set of professional standards for liquidators, interim administrators and insolvency specialists. The regulator's consultative paper notes that the country currently has 64 empanelled liquidators and nine approved insolvency experts. It also argues that the lack of a uniform performance and training system has weighed on court efficiency and creditor trust.

Under the draft rules, applicants would need a degree in law, business, finance or accounting, along with an Insolvency Professional Training Certificate from the Institute of Financial Markets of Pakistan (IFMP). Certification would run across three levels, Foundation, Practitioner and Advanced/Global, and would include written exams, oral assessments and case simulations. The syllabus covers domestic insolvency law, cross-border restructuring under UNCITRAL model laws, forensic accounting and valuation.

Certified members would have to complete 20 hours of Continuing Professional Development each year to stay on the panel. The draft also sets a code of conduct on conflicts of interest, independence and ethics, and bars SECP staff from acting as liquidators. Public and stakeholder comments are invited on the document, which is on the SECP website, until October 16, 2026.