Insolvency Bill Committee Meets Today at Gordon House

The Joint Select Committee (JSC) to review the Bankruptcy and Insolvency Bill is scheduled to have an all day meeting today at Gordon House, starting at 10:00 am, the Jamaica Observer reported. The committee was named last month after the Bill was tabled in the Senate by Minister of Justice, Senator Mark Golding. It is comprised of 14 members from both the House and the Senate, but is chaired by Minister of Industry, Investment and Commerce, Anthony Hylton. Today’s all-day meeting is indicative of the Government’s rush to have the bill gazetted before the end of this session, to meet IMF standards. Only one more meeting is likely after today, which raises doubts about its inclusiveness. The committee had an initial meeting on February 6, at which time plans were agreed to invite named stakeholders to submit their views, making it unlikely that the general public will be accommodated. The new Act will fill the need to consolidate laws relating to bankruptcy, insolvency, receiverships, provisional supervision, and winding up. It will also provide for corporate and individual insolvency, rehabilitation of an insolvent debtor and the repeal of the Bankruptcy Act. Read more.