Ordinance promotes clean business, says FinMin

The bankruptcy ordinance promulgated by the President last week will pave the way for clean business by putting a premium on integrity, a senior finance ministry official said on Tuesday. The official said the ordinance does not seek to provide any relief to loan defaulters, while on the other hand, it explicitly prohibits them and their associates from reclaiming assets under resolution at a discount. Observing that there were reports that some defaulting promoters were trying to buy assets at huge discounts in a clandestine manner, the official said it was a moral and ethical responsibility to prohibit entry of such misuse of public money.