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.

An application by property developer Sean Dunne to end his US bankruptcy case will be heard by a Connecticut judge at trial in December, the Irish Times reported. Judge Alan Shiff set the trial date for December 3rd in a court filing yesterday. He had previous given parties until today to file objections to Mr Dunne’s bid not to seek a discharge from bankruptcy in the US in favour of proceeding with a single bankruptcy case in Ireland.

On Tuesday September 9 the United Nations General Assembly will meet to debate a new legal framework to serve as a guide for nations restructuring their debt, as is the current case with Argentina, teleSur reported. More than 130 developing countries have unanimously submitted a proposal to the United Nations calling for new legal rules to stop predatory financial speculators like vulture funds from undermining debt restructurings. If the motion is successful it could provide more efficient ways of dealing with government debt crisis.

An Italian court has upheld a ruling by a U.S. court for Italy's Parmalat to pay Citibank $431 million in damages in a case relating to the dairy group's bankruptcy more than 10 years ago, lawyers for the U.S. bank said on Thursday, Reuters reported. Parmalat collapsed in 2003 after the discovery of a 14 billion euro ($18 billion) hole in its accounts. At the time it was Europe's biggest bankruptcy and its demise wiped out the savings of more than 100,000 small investors.

Bond market heavyweights, backed by Washington, have come up with a plan they say should avoid a repeat of the sovereign debt meltdown between Argentina and its holdout creditors, the Financial Times reported. The International Capital Market Association, a group representing banks, lawyers, brokers and issuers from 53 countries, has published new terms for government bonds that Leland Goss, managing director, says should reduce the risk of future sovereign debt restructurings being disrupted by a few holdout creditors.

A group representing more than 400 of the world’s largest banks, investors and debt issuers has agreed a plan for dealing with financially stricken countries and their creditors, in a bid to prevent a repeat of the wrangling that has pushed Argentina into default, the Financial Times reported. After months of talks convened by the US Treasury in the wake of Greece’s restructuring, global debt experts will on Friday unveil a new framework that could transform the relationship between critically indebted nations and lenders.

Mexico is attracting record levels of foreign investment, boasts a stable economy, and is becoming an export powerhouse in areas like cars and aerospace. But when it comes to one economic measure—its minimum wage—the country lags behind only Haiti in the hemisphere, The Wall Street Journal reported. Pressure is rising on the federal government to change that.

Small base metals miner Mercator Minerals Ltd said on Tuesday it had filed for protection from its creditors in Canada and the United States, and the Toronto Stock Exchange suspended trading of its shares and began a delisting review, Reuters reported. The Vancouver-based company, which was hurt by a 2013 drop in copper and molybdenum prices and problems at its Mineral Park copper mine in Arizona, warned last week that it could be forced to file for creditor protection.

Argentina's default three weeks ago, and the ongoing legal battle that led up to it, raises practical, theoretical, and moral questions about the ad hoc process that ensues when a country doesn't repay its creditors, Foreign Policy reported. "We're at a moment where a lot of people have been stopped short and are asking: Is this really the way we want restructurings to go forward?" asked Mark Weidemaier, a sovereign-bond expert at the University of North Carolina at Chapel Hill.

Bust developer Sean Dunne is seeking to withdraw his application for bankruptcy protection in the US, Independent.ie reported. The dramatic and unexpected development came as the businessman claimed he no longer had the resources to fight efforts by NAMA to stop him emerging from the process debt free. Last year Dunne filed for bankruptcy in Connecticut, where he has lived since 2010, as creditors owed a total of €695m began to circle. However, Ulster Bank later moved to make Dunne bankrupt in Ireland and an unprecedented dual bankruptcy process has been taking place ever since.