OFFICE OF THE OFFICIAL ASSIGNEE
The post of the Official Assignee is created under the Act known as the Insolvency (Karachi Division) Act and operates within the limits of Karachi. Under this Act, the Administration of Insolvency Jurisdiction within the limits of the Karachi is to be exercised by the Official Assignee under the Superintendence of the High Court. It is the duty of the Official Assignee to investigate the cases of every person or the firm who/which is adjudicated insolvent in order to find out the causes of insolvency, the property, if any, which insolvent owns, the property, if any,which the insolvent may have transferred by sale, mortgage etc. prior to the insolvency and the reasons for such transfer and if the transfer appears to bebogus or mala fide, to take appropriate steps to have the said transfer set aside so that the property may be available for satisfying the claims of the Insolvent’s creditors, to examine the insolvent’s account books, if any, so as to find out if there has been any leakage of assets and if the books have been properly maintained, to recover the property of the insolvent, which may consist on the actionable claims such as debts due to insolvents, to invite creditors to file their claims and to examine such claims when filed, to distribute the assets of the insolvent amongst creditors, and to finally report to the Court on the entire case when an insolvent applies to be discharged as insolvent.
-
Barrister Murtaza Wahab
Advisor to CM for LAW
Dr. Mansoor Abbas Rizvi
Secretary Law,Parliamentary Affairs & Criminal Prosecution Department
-
Dr. Waseem Iqbal
Official Assignee
mission
The Office of Official Assignee serves the Judicial system while acting as Official Liquidator/ Administrator of the assets of Insolvent individuals and juridical entities. The asset management therefore has been the prime concern of the office more particularly the liquidation thereof warrants dedicated, intellectual, intelligent and an honest exposition of abilities. The advancements in technology has played a significant role to meet these objects in corporate understandings. We therefore, are striving to introduce all such refine structuring in our processes which would ensure public confidence and trust in our justice system.
vision
The 21st century has introduced more developed and scientific patterns to respond the legal issues arising out of human interaction and more particularly commercial disputes of individuals as well as juridical entities. We are envisioned to bring a comprehensive and consolidated approach to carry out the assignments of this office in order to ensure strict compliance of statutory requirement at the one hand and to introduce the scientific methodologies to bring more facilitation to all concerns including individuals, juridical entities and the courts on the other.
objectives
The office of Official Assignee started its operations in the year 1929 providing statutory service to the Insolvent individuals seeking rescue in their financial misadventure, as well as to pay creditors of such insolvents. With the passage of time, the role of Official Assignee has been expended since the office has been regularly given assignments by the High Court as well as Apex Court from time to time in the matters relating to liquidation of the companies and civil disputes. The academic and professional attributes of this office are well recognized by the Courts and we have made consistent endeavors for improvements in this regard. We are thus providing services with dedication, integrity, sophistication and transparency which are the fundamental objectives of this office.