In Pakistan, the Companies Act, 2017 provides for certain “easy exit” regulations that allow companies to be dissolved and struck off the register in a simplified manner. These regulations apply to private limited companies and are intended to facilitate the dissolution and liquidation of companies that are no longer carrying on business or are not in compliance with the relevant laws and regulations.
Under the easy exit regulations, a private limited company in Pakistan can be dissolved and struck off the register by filing a petition with the Securities and Exchange Commission (SECP) and obtaining the approval of the relevant court. The petition must be filed by the company itself or by a creditor of the company, and must be accompanied by certain supporting documents, such as the company’s articles of association and financial statements.
Once the petition has been filed and the court has granted approval, the company will be dissolved and struck off the register. The company’s assets will be distributed to its creditors and shareholders, and any remaining assets will be forfeited to the government.
It’s worth noting that the easy exit regulations are intended to provide a simplified and expedited process for the dissolution and liquidation of private limited companies in Pakistan. However, the process can still be complex and may require the assistance of a legal professional. It is important for companies in Pakistan to comply with the relevant laws and regulations in order to avoid potential fines and penalties.