Massive Overhaul Of Proposed Bankruptcy Act Insolvency Bill

The proposed changes to Jamaica’s bankruptcy and insolvency law has been overhauled after several deficiencies were pointed out by stakeholders, The Gleaner reported. The bill, which seeks to repeal the existing bankruptcy law and to create new provisions to govern the regulation of bankruptcy and insolvency in Jamaica, has been criticised by stakeholders, and Justice Minister Mark Golding told the Senate last Friday that given the large number of amendments proposed in the 113-page report, it was decided to prepare a new bill. The bill outlines the circumstances under which an act of bankruptcy is committed, the procedures for filing a bankruptcy petition and the procedures to be followed in respect of the administration of the estates of bankrupts. Read more.